News

Freedom SIPP, owned by high-profile pensions lawyer John Quarrell, has been wound up by the High Court for non-payment of tax.

Final salary schemes in the manufacturing sector have reached the "end game", employers say.

NORWAY - The Norwegian government plans to spend NOK148.5bn (US$26.7bn) of the Government Pension Fund - Global's assets to help spur economic growth, the Ministry of Finance said as it unveiled its proposed 2010 budget yesterday.

AUSTRALIA - The Australian government will mull increasing the mandatory contribution rate from the current level of 9%.

CHILE - Chilean pension funds were up 15% for the year ended September 30, with assets reaching US$106.5bn, according to data released by the Superintendencia de Pensiones, the national pension watchdog.

UK - A Conservative government will investigate early auto-enrolment proposals "as a priority," shadow secretary of state for work and pensions Theresa May said.

EUROPE - Improving investor confidence sparked €143bn (US$213.1bn) of net inflows to European funds in the first eight months of 2009, with €128bn going into UCITS, research showed.

Defined contribution schemes should focus on asset allocation rather than searching for skilled active managers, Watson Wyatt says.

Xafinity Paymaster and JLT Benefit Solutions are the latest pension firms to adopt straight through processing for clients and members.

Capita Fiduciary Group has appointed David Harris as a senior member in its pension trustee team.