News

CANADA - The Ontario Municipal Employees Retirement System (OMERS) has appointed Michael Latimer as the pension funds' executive vice president and chief investment officer.

JAPAN - Sumitomo Trust and Banking Co. has announced plans to buy Citigroup's Japanese asset management arm, Nikko Asset Management, for JPY112.4bn (US$1.2bn).

UK - British Telecom pension scheme deficit grew by £3bn (US$5bn) over the last quarter after the telecoms giant reviewed its accounting assumptions.

UK - A High Court test case involving the Ilford Pension Scheme will determine if trustees owe any duties to the Pension Protection Fund, lawyers said.

US - The Pension Benefit Guaranty Corp. has terminated the combined US$2.5bn mandates awarded to BlackRock, Goldman Sachs Asset Management and JPMorgan, but denies the move is a result of controversy surrounding the appointments.

The Pension Protection Fund has announced that it will be establishing a group of senior business figures and others to help develop further its proposals for the long-term future of its pension protection levy.

The work and pensions select committee has branded the level of pensioner poverty as "unacceptable" - and urged the government to abolish the default retirement age.

Deputy pensions ombudsman Charlie Gordon is to leave his role at the office when his fixed term contract comes to an end.

British Telecom pension scheme deficit grew by £3bn over the last quarter after the telecoms giant reviewed its accounting assumptions.

MPs seek end to retire at 65 rule; Institutional investors ready to bypass banks in protest at rights-issue fees; Benefits system has failed poor pensioners