INCLUDING: UK - Ex-HSBC chief joins Morley, UK - Better deal for bankrupt funds, CANADA - More OTPP purchases, US - Continental sinks in $75m
UK – Ex-HSBC chief joins Morley
Morley has appointed ex-HSBC investment chief Alain Dromer to its helm with a mandate to grow its global asset management business.
The post had been empty since the departure of Keith Jones at the end of 2006 and the untimely death of Chris Phillips, who would have taken on the role in April this year.
UK – Better deal for bankrupt funds
Prime minister Gordon Brown said he hoped that very soon those who lost money before the Pension Protection Fund came into effect could be guarantee nearer to 90% than the current 80% of losses offer.
An imminent report from the government actuarial department looks set to outline how unclaimed pensions might be used in this initiative.
CANADA – More OTPP purchases
Ontario Teacher Pension Plan (OTPP) has purchased Dynea North America from its Finnish parent company for an undisclosed amount.
The resin and paper overlay company will now be renamed Arclin.
The company has an annual turnover of $650m and over 750 employees in the US, Canada and Mexico.
US – Continental sinks in $75m
Continental Airlines has contributed a further $75m into its defined benefit (DB) pension plans.
This brought its total year to date input to $203m, exceeding its $187m yearly target.
The airline said it also expected to contribute $328m before the end of 2007.
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
In this week's Pensions Buzz, we want to know whether bosses should have to pay into the same staff DB scheme as their workers rather than their own executive pension fund.
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.