News

EUROPE - The European Central Bank lifted interest rates for the first time in almost three years in a bid to stem inflation.

UK - Barnet Council pension scheme is set to liquidate its £23m ($37.4m) real estate portfolio after integrating the fund's property strategy into a diversified growth fund.

US - Staff at the California Public Employees' Retirement System have proposed new portfolio benchmarks to reflect the risk-based asset allocation approved in December.

DENMARK/PORTUGAL - Denmark's second-biggest pension fund said it may snap up Portuguese bonds if they keep falling after the country became the third euro member to seek a bailout since Greece's fiscal woes triggered the sovereign debt crisis.

CANADA - Canadian private pension funds have hit a "tipping point" with more than half converting defined benefit plans to defined contributions for current or future employees, a Towers Watson survey found.

The restructure of the Royal Mail pension plan is essential to address its £8.4bn "huge and volatile" deficit but member protection remains "paramount", the government says.

Treasury plugs pensions tax loophole; Former BA pension trustee disappointed by Theresa May failing

A loophole which would have allowed people who have transferred their pension abroad to avoid paying UK taxes has been closed by the Treasury.

ASIA - Northern Trust has appointed Margaret Law as head of client services for its asset servicing business in North Asia (ex-China).

US - A $6.5bn increase in New York City's pension costs was largely due to poor market performance rather than overly generous benefits, a study has found.