News

UK - Almost every defined benefit plan in the UK has plans to reduce or axe current provisions in the future, a PricewaterhouseCoopers survey revealed.

People facing massive tax charges for switching their drawdown provider because of minimum pension age changes have been given a reprieve.

NETHERLANDS - Cavenagh Capital, set up last year by former Morgan Stanley and DBS Holdings Ltd. managers in Singapore, will start a new macro hedge fund in July after getting money from the biggest Dutch pension fund.

Resolution Group, the consolidation vehicle which bought Friends Provident last year, is in talks to buy AXA UK's annuity, protection and group pensions business for £2.75bn.

UK - Resolution Group, the consolidation vehicle which bought Friends Provident last year, is in talks to buy AXA UK's annuity, protection and group pensions business for £2.75bn (US$4bn).

BP is considering plans to defer payment of its next dividend to shareholders by placing the money in an escrow account until the full scale of the company's liabilities from the Gulf of Mexico disaster can be determined, sources claim.

US - The credit ratings agency Fitch has warned that the potential for steep pension funding increases over the next two to three years could be crippling for US sponsors with underfunded plans.

NETHERLANDS - ABP's coverage ratio dropped six basis points during the month of May to 96%, confirmed spokeswoman Jos Van Dyk.

GP invites readers to attend the Global Pensions Transition Management Forum London on September 8. Attendees will be informed on the latest transition management trends and the state of the ever-changing TM industry.

CHILE - Volatile markets impacted the profitability of four out the five second pillar pension funds, which posted negative results for the month of May, data from regulator Superintendencia de Pensiones revealed.