US - Defence contractor Lockheed Martin warned 2012 profits could be hurt by unexpectedly high pension costs.
In its third quarter results, the firm said lower discount rates and the delay in the recovery of pension expense under government cost accounting standards has increased the expected pension expense adjustment for 2012 to $925m.
Net sales will be "flattish" in 2012 if the additional pension costs come to fruition and if the government approves, in a timely manner, the proposed 2012 defence budget and continues to support certain programmes.
The firm already contributed $1.3bn to its pensions in the first three quarters of the year.
A "substantial" parliamentary bill acting as a "roadmap" for the long-term future of private pensions will lead to a "significant period of calm", Guy Opperman has promised.
The Department for Work and Pensions (DWP) has completed its appointment process for the Single Financial Guidance Body's (SFGB) board, naming three non-executive directors.
Pensions and financial inclusion minister Guy Opperman has launched a simplified two-page annual statement in a bid to provide a best practice template for the industry.
Some 70% of defined contribution (DC) members want to know their scheme is personalised and tailored to their needs, an Invesco language study reveals.