US - The Pension Benefit Guaranty Corp (PBGC), the US corporate pension lifeboat fund, has assumed responsibility for 88 members of the East River Management Corp. after the scheme lost all its assets in the Madoff scandal.
The PBGC said it would assume about $2m of benefits liabilities, but this would have "no material effect" on its financial statements.
Bernard Madoff has also been indicted by the US government and FBI, and faces 11 felony charges, including securities fraud, investment advisor fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefits plan.
If convicted on all counts, the disgraced investor would face a statutory minimum sentence of 150 years' in jail.
Although Madoff has not yet filed a plea, many expect him to plead guilty to some or all of the charges.
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
Jupiter Asset Management's Abbie Llewellyn-Waters, manager of the Jupiter Global Sustainable Equity strategy, explains why firms need to integrate ESG into their business model