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.
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.