US - Royal Dutch Shell faces a US$8.3bn pension fund deficit as a result of market volatility and falls in asset values, and will make "significant" cash contributions to its schemes as a result.
The filing continued: "In 2008, the value of the assets in our pension plans decreased and at year end the present value of pension obligations exceeded plan assets by $8.3 billion."
Shell said "sharply lower government bond yields and equity values" combined with market illiquidity and the wider effects of the global recession impacted the value of the firm's pension fund.
It added it expected to make "significant cash contributions" in the range of $5-6bn to its pension schemes, in addition to the regular $1-2bn contributions it had made over the past few years.
The exact details of these additional contributions, including the level and timing of payments, would be dependent on local and regional agreements with regulators and the trustees of the schemes.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.