News

BT Group suffers rating cut amid fears over pension deficit; Pension fight in prospect at Cadbury

CHILE - Chile's private pension funds, the country's biggest stock investors, probably will continue selling local equities after a region-beating rally took their holdings to maximum-allowed levels, Banco Santander SA wrote.

GLOBAL - Despite closure after closure of defined benefit pension funds around the world, some investment managers think hybrid versions of these schemes will continue to emerge.

NETHERLANDS/US - The deficit of Dutch chemical company AkzoNobel's defined benefit plan almost doubled during 2009 reaching €1.9bn (US$2.6bn) despite improving market conditions since March last year.

US - The California State Teachers' Retirement System is allocating an additional US$100m to inner-city and rural markets through the Banc of America Merrill Lynch Capital Access Fund.

Future retirees saw £17bn slashed from their defined contribution pension pot in January and February as stock market losses and tumbling annuity rates hit.

The John Lewis pension fund will be the biggest beneficiary if the proposed initial public offering of Ocado goes ahead, Lane Clark & Peacock says.

L&G prepares to offer funds ‘longevity insurance'; Reader's Digest UK files for administration

Firms operating short-term local authority contracts could face crippling pension bills following the Local Government Pension Scheme's triennial funding valuation at the end of March, Eversheds warns.

UK - Trustees who breach tough new data protection powers could face fines of up to half a million pounds, lawyers warned.