Including: US - Raytheon contributes $660m to pension scheme; NETHERLANDS - Investment funds fall 5% in fourth quarter of 2008; US - PBGC joins IFPTE union
Defence company Raytheon reported in its end of year results it made a discretionary cash contribution of US$660m to its pension scheme, compared to $900m in 2007.
The company reported an "excellent operating cash flow" for 2008 of $2.0bn, compared to $1.2bn in 2007. It said the increase in cash flow was a result of reductions in working capital items, lower net cash tax payments and lower discretionary cash contributions made to the company's pension plans.
NETHERLANDS - Investment funds fall 5% in fourth quarter of 2008
The Dutch central bank De Nederlandsche Bank (DNB) said the net asset value of Dutch investment funds fell 5% to €172bn (US$220bn) during the fourth quarter of 2008.
The DNB said the decline was primarily caused by the capital loss on shares, which made up approximately a third of investments. The DNB added, as a rough estimate, Dutch investment funds lost almost 30% of their net asset value since the credit crunch hit 18 months ago.
US - PBGC joins IFPTE union
Federal workers at the Pension Benefit Guarantee Corporation (PBGC) voted overwhelmingly by a margin of 242 to 7 to join the International Federation of Professional and Technical Engineers (IFPTE).
IFPTE also represents Boeing engineers, as well as engineers at companies like United Airlines and General Electric, and NASA scientists. It said last year, more than 70% of the Government Accountability Office's (GAO's) 1,800 analysts voted to affiliate with the union.
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.
Over two years since the collapse of the high street giant, BHS pension scheme members will be able to put their anxieties to rest thanks to a bulk annuity deal. James Phillips explores the detail.