US - AK Steel Holding Corporation has posted a record net loss of US$430.6m in Q4 of 2008 - including a $699.5m non-cash charge related to the company's pension plan.
Last year the company posted a net income of $106.7m in Q4. Despite the Q4 pension charges AK Steel posted a net income of $4m for 2008, compared to $387.7m for 2007.
In addition, the company said its board of directors had authorized the company to make an early $50m contribution to its pension trust fund. The contribution will be made during the first quarter and will reduce the company's future funding requirements.
It added, following the contribution, AK Steel will have made $884m in pension fund contributions since January 2005.
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.