News

Employers and unions are at loggerheads over proposals to reform the Universities Superannuation Scheme.

The FTSE 100 is losing some of yesterday's gains in as Gordon Brown's resignation and the prospect of further political uncertainty sends jitters through the markets.

Number 10 defends Gordon Brown's gold-plated pension; Aviva shores up pension fund after sales increase

A government auction of £2.25bn of gilts was two-and-a-half times oversubscribed despite uncertainty over the result of the election.

The aggregate funding position of the 7400 defined benefit pension schemes monitored by the Pension Protection Fund worsened to a deficit of £2.2bn last month.

Gordon Brown will quit as Labour Party leader before the party conference in September.

The Professional Pensions Investment Conference 2010 - to be held at London's Business Design Centre on June 2 and 3 - has had a strong response from pension funds and their advisers with several sessions now approaching capacity.

CANADA - The Canada Pension Plan Investment Board (CPPIB) has bought a minority stake in the 50-storey McGraw-Hill building in the heart of Manhattan for US$576m, including debt and working capital.

US - The New York State Common Retirement Fund (CRF) and the five New York City public pension funds have reached a preliminary class action settlement agreement for US$624m with Countrywide Financial Corporation.

EUROPE - The €750bn (US$970bn) European rescue package is a positive short-term fix, but does not provide the structural changes needed to make pension funds and other investors fully comfortable with European sovereign credit, asset managers said.