US - General Motors is looking to completely de-risk its US pension fund which currently touts a $10.8bn deficit, vice chairman Steve Girsky said yesterday.
Speaking at the Credit Suisse 2011 Automotive and Transportation Conference, he said, "We want to take pension risk off the table... We don't have to put a penny into this until 2015 and there's a long runway from here to there. That said, we think it's a risk and the plan is to de-risk the company."
The nearly $11bn hole in funding status as of June 30, does not include a $2bn voluntary contribution made in January 2011.
The company made contributions totalling $4bn in 2010.
Girsky was tight-lipped when asked about the state of conversations with the United Autoworkers Union about de-risking the pension fund.
He said: "There is zero upside for me to talk about where we are with labour discussions."
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.