US - New York State Comptroller Alan Hevesi - responsible for managing the state's pension funds - could be removed from office after he was accused of using a state employee to chauffeur his wife for over three years.
The New York State Ethics Commission stated this week that Hevesi was in violation of public officers law over the alleged incident, and media reports have claimed that governor George Pataki was considering calling the state senate together for a special session to discuss Hevesi's possible removal from office.
The news is the latest blow to Hevesi, who just two months ago was forced to refute claims that the New York State Pension Fund was on its way to a US$40bn hole due to equity investments.
That claim was made by Edmund McMahon, director of the Empire Center for New York State Policy, who added that exposing the fund to more risk and volatility could result in tens of billions in deficit - even for well funded public retirement systems like the New York fund.
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.