News

US - The unfunded liability of the Teachers' Pension and Annuity Fund in New Jersey (TPAF) has increased by £3bn to $15.09bn as of June 30 2008, according to its annual valuation report.

FRANCE- The Fonds de réserve pour les retraites (FRR) has doled out €1.1bn (US$1.5bn) in equity mandates to seven managers, though the appointments are a scaled-down version of what the scheme had proposed last year.

The government should set up an independent authority to overhaul the state pension and both public and private occupational provision, an expert believes.

SWITZERLAND - The CHF305m (US$269.1m) BVG-Stiftung der Marti-Unternehmungen - the Swiss construction firm's pension fund - has decided not to move from mandates to investment foundations and will instead switch existing mandates from active to passive...

CANADA - The Ontario Teachers' Pension Plan (OTPP) and the Ontario Municipal Employees' Retirement System (OMERS) posted significant losses through 2008, the schemes' annual reports reveal.

JAPAN - Japanese corporate pension funds lost an average of 17.1% in the year ended March 31, the worst losses in over a decade, according to data by Watson Wyatt.

US - The Illinois government has passed a bill that overhauls the management of the state's four pension boards and removes Jon Bauman the executive director at the Teachers' Retirement System of the State of Illinois (TRS).

NORWAY - The US$329bn Government Pension Fund - Global has unveiled sweeping changes to its ethical investment policy, and will make more than US$3bn available for environmental investments.

AUSTRALIA - The Australian opposition's A$5bn (US$3.6bn) super policy is a "poorly targeted piece of policy on-the-run" that could potentially stifle job creation, minister for superannuation and corporate law Senator Nick Sherry says.

Including: US - CalSTRS re-elects Dillon; AUSTRALIA - Qantas boosts Super pot; UK - OSPARA teams up with PGD;