CHINA - Following China's pension embezzlement scandal last year, a new firm to manage around US$1.3bn in pension and social security funds will be set up in Shanghai.
Vice president of Shanghai Pudong Development Bank Ma Li has been appointed by the city government as chief coordinator of the new Yangtze Pension Insurance Co Ltd.
More than Y10bn (US$1.29) would be transferred from the Labour and Social Security bureau in stages.
The bureau would retain a regulatory role.
The firm is awaiting final regional and state approval.
The Centre for Social Justice is calling for the state pension age to be raised to 70 by 2028 and to 75 by 2035, a much faster rise than currently planned.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.