SWEDEN - The government reported a higher than expected deficit of SEK85bn (US$13.2bn) in the central government budget in December while the Premium Pension Authority (PPM) posted disappointing returns.
This deficit was SEK12bn higher than expected and the government said it had generated lower that expected tax revenues.
At the same time, the PPM stated 2007 returns from its investments fell by half compared to the previous year.
PPM acknowledged this poor result was due in part to its overweighting in Swedish stocks which accounted for 30% of the fund. Last year, the Swedish all-share index fell by 6%.
The Pension Protection Fund (PPF) has published contingency planning guidance for trustees to help them manage risk.
The trustees of the Autoenrolment.co.uk and Moore Stephens master trusts have been fined for "deficient" chair's statements after failed court action against The Pensions Regulator (TPR).
Henry Tapper shares his thoughts on how IGCs could provide value for money statements that people wanted to read