News

Scheme members could see fees increase if plans to slash the Financial Services Compensation Scheme's £20bn deficit go ahead, a consultant warns.

Schemes that have pushed forward valuation results or put overly ambitious return objectives in place to make plans work could regret it, Pan Governance says.

Marks & Spencer Group and its scheme trustees have agreed an £800m funding plan for the company's pension scheme.

Conservative party chairman Eric Pickles has been appointed to the cabinet as communities and local government secretary.

An independent commission investigating the viability of public sector pensions is to be established as part of the Liberal Democrat/Conservative coalition government.

US - The California Public Employees' Retirement System (CalPERS) will review forecasts of capital market returns in preparation for the adoption of a new three-year asset allocation policy in December.

NETHERLANDS - Stichting Pensioenfonds ABP has posted a record €220bn (US$278bn) in assets, but low interest rates are keeping the pension fund manager from hitting its target solvency level of 105%, ABP said.

US - New York state attorney general Andrew Cuomo sued Bank of New York Mellon's investment advisory unit Ivy Asset Management for allegedly misleading clients about investments tied to Bernard Madoff.

SPAIN - The Spanish government is set to freeze state pensions for 2011 as part of a package of measures aimed at reducing the country's ballooning deficit and send a positive signal to markets.

US - BP Plc's board was sued by Louisiana's pension fund for police officers over the Gulf of Mexico oil spill on behalf of shareholders and the company.