News

NORWAY - EDB ErgoGroup ASA has agreed to costs totalling some NOK9m ($1.7m) per year to settle a pension dispute with employee unions over its decision to transfer some staffers from a defined benefit to a defined contribution plan.

DENMARK - Danish pension provider ATP recorded a profit of DKK8.1bn ($1.6bn) in the first six months of 2011 driven by high returns in commodities and inflation-related assets.

US - Employer contribution rates for the New York State and Local Retirement System will rise to nearly 19% from next year, comptroller Thomas DiNapoli has announced.

UK - The Debt Management Office is considering launching index-linked gilts with a maturity of 50 years in October after the idea of a new batch of ultra-long bonds was proposed to investors.

Phoenix group has closed its defined benefit pension schemes to future accrual to limit future costs and volatility relating to the funds' deficit.

Longevity swaps leave schemes open to the risk that younger members live twice as long in retirement than current pensioner members, Punter Southall warns.

NORWAY - The Ministry of Finance has confirmed that Martin Skancke has resigned his position as head of the department overseeing the Government Pension Fund Global.

European Union rules on the establishment of cross-border pensions must be simplified, Aon Hewitt believes.

Tommy Young has been appointed chief operating officer for Aegon UK's life and pensions business.

EUROPE - EU rules on the establishment of cross border pensions must be simplified, Aon Hewitt believes.