INDIA - The Employee's Provident Fund Organisation (EPFO) announced a 7% increase in assets in the nine months to the end of 2006, totalling R967.7bn (US$23.4bn).
A spokesman for India’s largest fund whose members numbered almost 43 million in 2006, said the fund had benefited from increasing levels of employment by steel makers to meet industry needs.
In terms of the portfolio breakdown, the fund invested 54% of assets in a domestic special deposit scheme, 18% in state-run company bonds, and around 26% in central and state government bonds, according to the government.
In January the member return rate of 9.5%, which had been held over three years, was also reduced to 8.5% by the government.
It explained this move was needed as returns would not be enough to cover liabilities.
This month, the fund's board of trustees are scheduled to set return rates for the next fiscal year.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.