News

EUROPE/GERMANY - The European Commission asked Germany to amend its legislation on taxation of dividends paid to German pension funds, arguing the higher tax paid by foreign investors is discriminatory against non-German pension funds.

UK - Two-thirds of pension managers believe schemes need to play a more active role in investment governance.

US - The Illinois State Teachers Retirement System (TRS) plans to search for an absolute return consultant and large cap core managers.

US - The Florida Retirement System Trust Fund (FRSTF) is set to divest from two more companies with business operations in Iran.

NETHERLANDS - Royal Dutch Shell will contribute US$5bn to its pension funds in 2009, shaving up to $3bn from previous estimates.

Royal London has gained over £1.8bn in new life and pensions business, marking an increase of 8% in the nine months at the end of September.

Standard Life suffers 15% fall in pension sales

Nine out of 10 employers say member communication is important to the success of their pension schemes, according to Friends Provident.

Daily Mail and General Trust is to launch an in-house financial awareness programme next year.

Two-thirds of pension managers believe schemes need to play a more active role in investment governance.