US - Pyramis Global Advisors risks losing an international equity mandate worth US$1bn from the Illinois Teachers' Retirement System (TRS) after it was placed on the fund's watch list for organisational reasons.
Payden & Rygel's $659m fixed income core plus mandate was also in jeopardy after it was place on the watch list for performance reasons, and INVESCO, which manages $1bn in international equity, remained on the list for performance reasons.
The fund also tendered for an international equity investment manager, and said funding would be determined by the results of an asset allocation study to be presented in December.
TRS authorised an RFP for a private equity distribution manager to assist in the liquidation of securities received from the fund’s private markets investment managers.
The fund announced that its funded status had increased slightly from 60.8% to 62% during the fiscal year ending June 30, although its unfunded liability now exceeds $22bn.
TRS earned 12.2% gross of fees on its investments during fiscal year 2006, beating its benchmark of 11.3%.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.
An independent expert panel will be commissioned to review how the £6.1bn funding deficit figure for the Universities Superannuation Scheme (USS) was reached, Universities UK (UUK) has announced.