CHINA - China's former finance minister Xiang Huaicheng has been appointed chairman of China's Rmb124bn (US$15bn) National Security Fund Council, according to reports.
Former deputy head of the China Securities Regulatory Commission, Gao Xiqing, has also been hired deputy head of the fund.
The Financial Times says both Xiang and Gao will now focus on tackling China's huge pensions deficit with the country's unfunded pension liabilities estimated at more than 50% of GDP. It is hoped they will help reduce the state sector debt burden. The fund is expected to strengthen donations from the sales of state-owned company assets and diversifying its portfolio to international stock investments. Asset sales are expected receive a boost once the new State Asset Management Commission gets running.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.
Labour Party plans to renationalise core industries and require the largest listed companies to hand 10% of shares to employees would be a "double whammy" for pensions, business leaders have warned.
A handful of industry heavyweights have begun trialling a so-called 'mid-life MOT', with positive initial results reported by all those involved.