UK/US/CANADA - The Pensions Regulator is expected to argue in the High Court today that a liability that flows from a financial support direction should be treated as an administration expense.
The regulator's counsel is due to say that if Nortel Networks and Lehman Brothers comply with the FSD by paying a liability to their respective stricken pension schemes then that constitutes administration...
UK - Government plans to cut a subsidy boosting the appeal of solar panel infrastructure investments could scupper scheme plans to use these investments as part of their liability matching strategies, fund managers say.
US - The Teacher Retirement System of Texas has agreed to issue $6bn combined to Kohlberg Kravis Roberts and Apollo Global Management expanding its strategic partnership programme to the private markets.
US - All US institutional investors performed negatively in the third quarter of 2011 with the median public, corporate and multi-employer funds down 8.94%, 7.94% and 9.03% respectively, Wilshire Trust Universe Comparison Service (Wilshire TUCS) results...
UK - Aegon is to close its defined benefit pension scheme to future accrual in March 2013 as part of its restructure and cost saving programme.
US - The California State Teachers' Retirement System (CalSTRS) has adopted a policy which puts pressure on company management teams to disclose their political contributions.