News

The aggregate funding position - total assets minus total liabilities - of defined benefit schemes improved by over £40bn over the last month, the Pension Protection Fund says.

Friends Provident has signed a contract with technology provider FNZ to provide an enhanced workplace platform to be delivered during 2010.

Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.

CANADA - The Supreme Court of Canada has ruled food maker Kerry Inc. can use the surpluses from its defined benefit (DB) scheme to pay pension expenses and contributions into its defined contribution (DC) scheme.

UK - More than nine-tenths of senior industry figures expect "unsustainable" defined benefit schemes to continue to close to existing members because of cost pressures on sponsoring employers, latest Penrose Financial research revealed.

FRANCE - Jean-Pierre Mustier, a 22-year veteran at Société Générale (SocGen), and head of the firm's asset management and private banking arms, has resigned amid allegations of insider trading.

CHINA - The China Investment Corp. (CIC) announced returns on its global portfolio of -2.1% in 2008 in the sovereign wealth fund's first publicly reported annual report since its inception.

Warning over retirement age raise; Long-only struggles for survival; Pension veteran predicts the return of DB schemes

More than nine-tenths of senior industry figures expect "unsustainable" defined benefit schemes to continue to close to existing members because of cost pressures on sponsoring employers, latest Penrose Financial research reveals.

Government plans to gradually raise the retirement age to 68 may be increased to 70, David Norgrove predicts.