FRANCE - Alcatel-Lucent reported a pension and other post employment benefit (OPEB) deficit of €1.2bn ($1.7bn) in the third quarter down from an overfunding of €49m at the end of June.
The firm said the deficit was driven by a drop in the discount rate of 70 basis points which led to an increase in obligations of €1.9bn, which was offset in part by an increase in plan assets of €902m, the company said in its third quarter report.
However, the deficit is slightly better than the €1.4bn hole recorded at the end of September 2010.
Total assets are €27.9bn down from €27.4bn last year.
Alcatel-Lucent also said it planned to transfer 10,300 members from its US occupations pension plan to its US management pension plan, which would improve the funded status of the mnagement plan by $340m.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.