News

GLOBAL - Asian shares rose for a third day but closed lower than expected as European leaders failed to reveal specific plans to tackle the debt crisis after a meeting yesterday.

UK - Recent market turmoil could force companies to pay significantly higher contributions or increase the length of deficit repayment periods, Towers Watson warns.

US - The New Mexico Educational Retirement Board has reaped second quarter returns of 1.2%, outlined commitments worth $675m made in Q2 and provided details of search activity going forward.

Trade union Unison has further rebuked a government plan to cut local government pension costs, labelling it a "dangerous financial gamble" for UK equity markets.

Government pension reform and the rising cost of defined benefit schemes is leading to increased centralisation and renewed focus on employee benefits by multinational firms, a study shows.

Cross-border schemes are unlikely to make more than "very limited" progress because of the tax differences between member states in the EU, the Society of Pension Consultants says.

GLOBAL - The increasing visibility of retirement and benefit programmes at senior level within multinational companies has started a trend towards global oversight, said Mercer.

Pensioners hardest hit as inflation rate closes in on 5%

NETHERLANDS - Members of the Dutch union FNV Bondgenoten have voted against government pension proposals which they claim would shift risk from the employer entirely to the employee, claiming they would lead to a "casino retirement".

Huge variations in the design and take-up of enhanced transfer value offers have been revealed by KPMG research.