CANADA - The union oversight committee of Canada's Prince Edward Island (PEI) government employee pension fund has been reduced from three members to one by the province's government.
Shelly Ward, president, PEIUPSE, said: "I certainly don't want to see our fund being invested in infrastructure where we don't know what the return rates are going to be."
She said the oversight committee had been effective in providing checks and balances on the way the fund was run and the union had concerns about the return profile of the proposed investments.
A spokesperson from the PEI fund was unavailable as we went to press.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.