News

UK - The liability risk-hedging market in the UK surpassed £40bn (US$62.5bn) in 2009, smashing the previous record of £35bn set in 2007, Towers Watson said.

Financial Services Authority chief executive Hector Sants will step down in the summer after three years in the role.

EUROPE - The vast majority of European investment funds are not using the International Financial Reporting Standards (IFRS) in their accounting and reporting, a survey by Ernst & Young revealed.

The basic pension contribution allowance could be the next target in the Government's plans to cut pension relief, according to Tom McPhail.

GLOBAL - The relationship between pension funds and their consultants is changing with scheme managers often asking their advisers to be more proactive with their investment advice, industry experts said.

GLOBAL - Pension funds have been returning to the UK property market in the wake of improving returns after the asset class lost almost half of its value in two years, industry figures said.

US - The board of the Fresno County Employees Retirement Association (FCERA) approved a search for a US large-cap growth manager after it terminated INTECH and a search for a US small-cap active equity manager to replace Brandywine.

Trustees of the EMI Group Pension Fund and Maltby Capital - the owner of EMI Music and EMI Music Publishing - have called in The Pensions Regulator to help resolve a dispute over funding and strategy.

Pension funds have been returning to the UK commercial property market in the wake of improving returns after the asset class lost almost half of its value, industry figures say.

Premier Foods is the latest company to be linked with a big-money longevity swap deal as it seeks to offload £2bn of longevity risk from its Rank Hovis McDougall pension scheme.