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.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.