US - The US Department of Labor and Delphi Corp., have received permission for the government to recover more than US$2.2m of plan assets for the Delphi Personal Savings Plan for Hourly Employees.
The company wrongly invested dividends in General Motors between 2000 and 2003, when under the terms of the plan these should have been made to an income fund.
Elaine L Chao, secretary of labor, said: "This settlement will ensure that assets are available to pay future retirement benefits for those workers."
As Global Pensions reported in May (globalpensions.com: 12 May 2008) Delphi moved some of its unfunded pension liabilities to parent company General Motors (GM) and did not apply to the Pension Benefit Guaranty Corp (PBGC) to increase pension funding waivers in order to "fund and freeze" its pension plans.
A suite of liability driven investment (LDI) indices has been launched by STOXX and RiskFirst to aid trustees and consultants select, monitor and challenge managers.
British Airways and the trustees of one of its pension schemes are set to argue over the purpose of a pension scheme, leading to an impactful judgment for DB pensions. James Phillips explores the issue
Bank of England governor Mark Carney has said there is still a lot of data to consider before the Monetary Policy Committee (MPC) can decide when to next hike interest rates.
Savers are not squandering their tax-free lump sums under Freedom and Choice but are taking a more cautious approach to retirement, according to Prudential research.