News

UK - M&G, the asset management arm of insurer Prudential, saw profits rise 39% in the first half of 2011 despite a sharp decline in inflows.

Bookmaker William Hill has halved its £30m defined benefit deficit since the start of the year after ceasing future accrual in March, its interim results reveal.

AUSTRALIA - The A$2.4bn (US$2.5bn)StatewideSuper and A$1.7bn Local Super have argreed to merge, creating one of the largest superannuation funds in South Australia.

US - The San Diego County Employees Retirement Association (SDCER) said it will not appeal a court order to release the names and benefit amounts for retired county employees who receive more than $100,000 a year in pension benefits.

Government minister David Willetts has been confirmed as the speaker at the Society of Pension Consultants annual dinner in November.

GLOBAL - Markets across the globe have fallen further this morning after a rout on major indices yesterday sparked fears of another recession.

Trustees of the £20m IM Group, the UK-based motor vehicle importer and distributor, pension scheme have appointed Barnett Waddingham to provide actuarial services to the defined benefit scheme.

Prudential saw a first-half boost in sales thanks largely to a 20% jump in corporate pensions new business, but inflows at the group's investment business fell sharply.

Updated: The FTSE dropped more than 3% in the first six minutes of trade on Friday as it tracked US and Asian markets sharply lower amid the ongoing global sell-off.

Schemes up to £150m facing wind-up are increasingly appointing sole trustees because of difficulties finding member-nominated trustees, Independent Trustee Services says.