News

US - Retailer J.C. Penney has closed a US$400m debt offering, most of which will be used to make a voluntary cash contribution to its pension plan.

FRANCE - President Nicolas Sarkozy's party Union pour un Mouvement Populaire (UMP) confirmed its plans to increase retirement age and the years of contribution needed to qualify for a pension in France.

De La Rue will close its final salary scheme to future accrual in three years because of its escalating pension deficit.

The defined benefit section of the recently formed Cable & Wireless Worldwide Retirement Plan has £136m deficit, end of year results show.

UK/GLOBAL - The defined benefit section of the recently formed Cable & Wireless Worldwide Retirement Plan has £136m (US$195.8m) deficit, end of year results show.

Even more industry figures have backed the call for the new coalition government to form a steering group to set out the terms for a permanent pensions commission.

The Nationwide Building Society has revealed a net £508m IAS19 pension deficit, a £177m increase over the year.

Legal & General chief executive Tim Breedon will replace Archie Kane as chairman of the Association of British Insurers in July, the trade association says.

Final salary pension schemes are now ranked as the second biggest threat facing corporates, Aon Consulting says.

UK - Final salary pension schemes are now ranked as the second biggest threat facing corporates, Aon Consulting said.