US - A full audit into the financial dealings of the State of Florida and the Florida Retirement System (FRS) has been launched after panic over sub-prime backed assets caused a US$13bn run on the State's money market fund.
Fiduciary responsibility for overseeing both the pool and the FRS falls to the State Board of Administration. An investigation has been launched into the FRS on the principle of a full and frank examination of the State's finances.
However, in a statement, Bill McCollum, Florida attorney general, said the investment pool at the centre of the controversy was in no way comparable to the assets of the main FRS fund. He said the pool that recently experienced heavy withdrawals contained at-risk assets, but they were "specifically intended" for structured diversification.
He also denied that the main FRS fund had any assets backed by sub-prime mortgages, adding that any such investments were supported by "collateral consisting of prime and near-prime mortgages". Additionally, within the $138bn FRS fund, only $756m - equivalent to just over 0.5% - was comprised of "lower grade investments".
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.
UK inflation fell from 2.3% to 2.1% in December, approaching its lowest rate for two years, according to the Office for National Statistics (ONS).