News

Hewitt Associates has promoted five consultants to the position of principal consultant.

Sacker & Partners lawyer Pauline Sibbit has been elected chairman of the Association of Pension Lawyers for the next two years.

Trinity Mirror has announced it is entering a two month consultation period with employees over its proposal to close its defined benefit pension schemes to future accrual.

SWITZERLAND - The Pension Fund of UBS has hired Urs Schaffner as its new chief executive officer, and plans to review the organisational structure of the team, according to an internal memo.

UK - The Universities Superannuation Scheme has bought an industrial park in West London for £110.4m (US$182.3m).

NEW ZEALAND - Legislation allowing new Zealanders working in Australia to move their retirement savings back to their home country will be introduced into Parliament in the next two weeks, said minister of finance Bill English.

EMERGING MARKETS - Institutional investors have been flooding into emerging markets this year, lured by the sector's long-term prospects as leaders of global growth, Schroders said.

UK - British Airways saw its net pensions deficit increase from £307m (US$509m) to £2.6bn following an interim valuation.

US - AA bond yields helped buoy the funded status of US pension plans in October despite dropping equity markets.

British Airways makes record loss of £292m; Aviva throws its hat into the ring for ING assets