News

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.

UK - pension funds are failing to protect themselves adequately against the effects of a European debt and economic crisis, Cardano believes.

Lothian Pension Fund is tendering for new global equity managers following the appointment of Invesco Perpetual and Baillie Gifford to run its separate Pan Asia Pacific equity mandates.