News

G4S has closed its three UK defined benefit schemes to future accrual to limit the future growth of liabilities.

SL Investment Management has appointed Louise Witts as a senior actuary within its product and proposition development team.

US - President Barack Obama has appointed Michael Kennedy as chairman of The Federal Retirement Thrift Investment Board (FRTIB).

The Society of Pension Consultants has urged government to pass legislation defining money purchase benefits immediately, or risk schemes not operating correctly.

Persimmon has halved its pension fund deficit after switching from RPI to CPI to revalue benefits for deferred and pensioner members.

AUSTRALIA - The growing trend for mergers between industry superannuation funds may not be serving the best interests of members, research by Russell Investments warns.

AUSTRALIA - The median growth superannuation fund (61 to 80% growth assets) fell 1.5% in July on the back of weak share markets, research from Chant West shows.

UK/EUROPE - The £4bn ($6.6bn) Merseyside Pension Fund has made an infrastructure allocation to AMP Capital's Strategic Infrastructure Trust of Europe.

UK - The ITV pension scheme has entered into a £1.7bn ($2.8bn) longevity swap with Credit Suisse to fully hedge the longevity risk for 12,000 of its pensioner members.

CANADA - The Caisse de dépôt et placement du Québec has returned 3.6% in the first half of the year bringing total assets to C$157.9bn ($160.6bn), but officials showed caution over the state of the economy going forward.