News

US - The California Public Employees' Retirement System (CalPERS) generated $963m in cost savings in 2010 by increasing operational efficiency while reducing waste and redundancy, according to a staff report.

EUROPE - European investors' enthusiasm for high-yield assets declined in the second quarter of this year, though they remain favourites, according to Fitch's latest European senior fixed income investor survey.

The Department for Work and Pensions has issued non-regulatory guidance on offering a default fund for auto-enrolment defined contribution schemes.

UK - Pension schemes are expected to shift a further £20bn ($32bn) of liabilities to insurance companies and banks over the next 18 months, according to Hymans Robertson.

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Marks & Spencer's pension scheme has moved into surplus after boosting its funding position by more than £500m over the last year.

Current lifestyle funds could lead to defined contribution scheme members losing as much as 20% of their pension pot at retirement, PwC says.

The Pensions Administration Standards Authority is calling for candidates who can "breathe new life into the organisation" to stand for election to its board.

Senior local government officials have written to government minister Eric Pickles warning him maintaining a final salary link for past service in LGPS is unfair to local council taxpayers.

The open market option could be reformed "within the year" if government and industry get behind the process, the Pension Income Choice Association says.