News

Pension schemes are being urged to ensure their fund managers have put in protective claims with HMRC for the recovery of VAT potentially "erroneously" overcharged over the last four years.

Aga Rangemaster has seen its pension scheme surplus rise by £15.6m on an IAS19 basis in the six months from January to June.

Commentary suggesting pension funds should avoid certain investments based on members' ethical consideration goes too far and contradicts case law, a lawyer warns.

EUROPE - The European Federation for Retirement Provision (EFRP) has appointed Matti Leppälä to succeed Chris Verhaegen as secretary general.

GLOBAL - Have you missed the biggest stories in pensions this week? Find out below, as we list the top 10 most popular stories on www.globalpensions.com over the past seven.

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.