Including: UK - Sainsbury's looks to de-risk scheme; CHINA - HSBC and BoCom agree pension joint venture; US - Academy of Actuaries appoints senior pension fellow; Europe - Western Europe set to follow Eastern European countries
The Sainsbury's pension plan has reportedly decided to cut its allocation to equities and boost its bond holdings in an attempt to reduce the risk the scheme faces, according to the Wall Street Journal.
The newspaper stated the fund has also implemented interest-rate swaps with several investment banks in order to reduce the risks of assets not covering liabilities. Sainsbury's declined to comment to Global Pensions.
CHINA - HSBC and BoCom agree pension joint venture
HSBC and the Bank of Communications (BoCom) have agreed to set up a pensions joint venture, Reuters has reported. The deal was announced by the chairman of BoCom after a press conference.
HSBC holds a 19% share in BoCom and will hold 20% of the new venture.
US - Academy of Actuaries appoints senior pension fellow
The American Academy of Actuaries has appointed Frank Todisco as a new senior pension fellow. He will be the profession's chief policy liaison with industry and provide independent advice and assistance to government and public policy makers.
Todisco was formerly a principal with Mercer and has been a member of the academy for over 20 years.
Europe - Western Europe set to follow Eastern European countries
Watson Wyatt has published the latest editions of its annual reports on employee benefits and employment terms and conditions for Western Europe.
As reported by Global Pensions in June, the report highlights the fact more Western European countries are likely to move into multi-pillar pension systems as already exists in Eastern Europe (www.globalpensions.com; 13 June 2008).
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.