News

The coalition government has issued an ultimatum to the Association of British Insurers over its opposition to the open market option, PP understands.

The Shop Direct Group is consulting with staff on proposals to close the Littlewoods Pension Scheme to future accrual from 31 December this year.

The Treasury's pensions tax reform proposals must target defined benefit schemes to raise the £3bn-£4bn a year it needs, Standard Life says.

UK - The Department for Work and Pensions' proposal to abolish transfers of contracted out rights from DB schemes could see the end of the enhanced transfer value market, industry experts say.

US - Illinois's Teachers Retirement System may sell $3bn of investments to pay for benefits this year because the state can't make its contributions to the fund, a spokesman said.

GLOBAL - Just 16% of multinational companies feel their existing benefit plan governance structures are sufficient to meet current and anticipated future needs, research by Mercer shows.

CANADA - Ontario is to toughen pension funding requirements for companies and will strengthen its guarantee fund as part of a raft of reforms aimed at bolstering its pensions system.

Treasury tax reform proposals will have "severe financial implications" for the UK's working middle class, a consultant warns.

Employees at AstraZeneca will strike on three dates in September in a row over cuts to the pension scheme, GMB says.

UK - The Pension Protection Fund has unveiled details of a long-term funding strategy which will make it financially self-sufficient by 2030.