News

UK - The Merchant Navy Officers Pension Fund has insured around £500m (US$799m) of its pension liabilities through a bulk annuity buy-in deal with Lucida.

SWITZERLAND - Martin Currie Investment Management has tapped Dominik Issler, chief executive of Fortis Investments/ABN Amro Asset Management, Switzerland, to lead its expansion into the country.

The Pension Protection Fund will reduce the cap on its risk-based levy to 0.5% of liabilities.

AUSTRALIA - A new report by the Australia Institute called for the creation of a government-backed universal default fund option that would cap fees at 1% of total assets managed.

BlackRock has won its first full fiduciary mandate in the UK, having been appointed to run the £410m PA Consulting Group Pension Scheme.

Paternoster founder steps back to cut costs; Dairy Crest to close final salary scheme; Insurer Lucida's £500m deal with Merchant Navy Officers' Pension Fund

Workers have been urged to start saving as soon as possible for their retirement in order to avoid unaffordable levels.

The combined deficit of UK pension schemes at the end of the third quarter is set to be £100bn higher than at the start of the year, KPMG data reveals.

Personal accounts are a "scandal waiting to happen" should the government not reassess the means testing regime, Friends Provident chief executive Trevor Matthews says.

SINGAPORE - The Government of Singapore Investment Corp. (GIC) reported losses of 20% on its investments today for the year ended March 31, but said it has since recovered half of the year's losses on the back of rising equity markets.