News

AUSTRALIA - The A$13bn (US$9bn) Sunsuper has selected SunGard to provide bookkeeping and administrative services, as the superannuation fund presses ahead with the in-house integration of its recently purchased outsourced administrator.

CANADA - The Ontario government has proposed a law to give temporary solvency relief to pension funds in the province.

JAPAN - A move by the Japanese government to allow employees to match employer contributions in defined contribution (DC) plans will accelerate the growth of the retirement savings vehicles, according to Towers Perrin.

UK - Another defined benefit pension scheme entered into the Pension Protection Fund (PPF) in November resulting in an additional 402 people receiving compensation.

US - Companies have not done enough to adapt their pension funds to the risks of the current economic climate, Hewitt has warned.

UK - The Dairy Crest Group Pension Fund has purchased a £150m (US$231m) bulk annuity policy from Legal & General Assurance Society.

FRANCE - State pension fund Fonds de Réserve pour les Retraites (FRR) has selected EIRIS to provide extra-financial risk analysis services for its €34bn (US$54bn) global equity portfolio.

THE Dairy Crest Group Pension Fund has purchased a £150m bulk annuity policy from Legal & General Assurance Society.

NORWAY - Norges Bank Investment Management (NBIM) has filed a lawsuit in the US to try to block a vote next week on the takeover of Constellation Energy Group.

GLOBAL - The US Securities and Exchange Commission missed repeated opportunities to discover what may be the largest financial fraud in history, its chairman says.