News

Economists call for pensions at 70; Hidden charges ate up 16 years of pension profit

US - California attorney general Edmund Brown has sued State Street for US$200m for allegedly overcharging the nation's two largest pension funds for currency trades.

US - BlackRock reported assets under management of US$1.43trn as of September 30, a jump of over $61bn during the third quarter, the firm said in an earnings release today.

AUSTRALIA - Australia's A$64.3bn (US$60bn) Future Fund reported returns of 5.6% in the quarter ending September 30.

EUROPE - The European Commission is planning a clamp down on derivatives trading by introducing restrictive measures in the European Union.

US - Morgan Stanley will sell its retail business, including Van Kampen Investments, to Invesco for $1.5bn as the firm increases its focus on the institutional market.

UK - The Chartered Institute of Personnel and Development is to close its defined benefit pension scheme to new members from January.

A boom in the pensioner population to 15 million will create a huge underclass unless changes are made to retirement options, an industry body says.

Hymans Robertson has expanded its public sector pensions team with two consultant hires.

Scheme members should not play "retirement age bingo" with their pension savings, AWD Chase de Vere Consulting urges.