US - The US Pension Benefit Guaranty Corporation (PBGC), which acts as a safeguard for underfunded and failing pension funds, has released its strategic plan for the fiscal period 2008-11.
In it, the body has outlined the key areas it needs to address and has committed itself to increase “transparency into its business operations” and “close the deficit and control exposure to future losses”.
Among its goals, the PBGC has committed itself to “obtain[ing] enhanced recoveries from bankrupt plan sponsors that emerge from reorganisation; and interven[ing] in corporate transactions to mitigate loss” to the body.
The PBGC has also stated that it intends to improve its risk monitoring and early warning activities to avoid being hit by unexpected future market downturns, such as the current market unease caused by the US sub-prime fiasco.
As Global Pensions has previously reported, the PBGC ended the 2006 fiscal year with deficits of over US$18bn.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.