News

UK/BELGIUM - The Pensions Regulator has issued a £5m (US$7.5m) contribution notice to the Bonas Group Pension Scheme.

UK - The BBC is set to close its final salary scheme to new members after its deficit surged to £2bn (US$3bn).

AUSTRALIA - Deputy prime minister and treasurer Wayne Swan said the door is open to negotiations with the mining industry over the introduction of a controversial mining tax meant to bolster superannuation funds.

BT has reduced its pension scheme deficit by £1.4bn after it increased assets by £2.7bn last year.

Two unnamed firms have been referred to the FSA's enforcement division for further investigation following a review of the £330bn with-profits sector.

GLOBAL - PIMCO has warned the global economy faces the threat of rising inflation, driven partly by central banks using it as a solution to fiscal deficits.

AFRICA - Investec Asset Management, the South African money manager with $70 billion in assets, said its investments in Africa, excluding South Africa, may triple in the next two to five years as investors seek growth markets.

Employers who thought they were free of funding obligations might still be "on the hook" for paying liabilities, following a High Court ruling yesterday.

UK - Employers who thought they were free of funding obligations might still be "on the hook" for paying liabilities, following a High Court ruling yesterday.

The BBC is set to close its final salary scheme to new members after its deficit surged to £2bn.