News

The net cost of buyout for pension schemes which remained heavily exposed to equities became 13% more expensive during 2008, latest figures by Paternoster reveal.

GLOBAL - AIG Global Real Estate has put its fund management business for sale - a move that follows a US$85bn loan agreed with the US government in September 2008.

US - AK Steel Holding Corporation has posted a record net loss of US$430.6m in Q4 of 2008 - including a $699.5m non-cash charge related to the company's pension plan.

UK SCHEMES are set to receive a refund of over €100m (£93m) following a legal challenge against the Dutch tax authorities by the Strathclyde Pension Fund

UK - The net cost of buyout for pension schemes which remained heavily exposed to equities became 13% more expensive during 2008, latest figures by Paternoster reveal.

Cardano has hired Richard Urban and Pushkin Singh Akhawat to its London-based investment management team.

CANADA - The current operating environment for pension funds has discouraged the creation and continuation of defined benefit (DB) schemes, according to a high level report by the Nova Scotia government on the future of the pension system.

Civil servants are expected to claim their pension benefits for 29 years - two years longer than previously expected, latest accounts show.

Shoe retailer Stylo has restructured its business to avoid going into complete administration saving its pension scheme from falling to the Pension Protection Fund.

Trustees of the Home Retail Group Pension Scheme have appointed KPMG to act as its investment adviser.