News

NETHERLANDS - Royal Dutch Shell has confirmed the funding ratio for its pension scheme slumped to 85% at the end of November but stressed there would be no changes to existing pension provision.

GLOBAL - Irish pension funds were hit by the worst investment returns of the OECD area in the period from January to October 2008, with a -30% loss in nominal terms, figures released by the Organisation for Economic Co-operation and Development (OECD)...

US - The New Jersey Senate budget committee approved a bill permitting the state's 566 towns and cities to delay US$540m in payments into public pension funds to avoid tax increases.

US - The Securities and Exchange Commission (SEC) has finalised settlements with Citigroup Global Markets, Inc., UBS Securities LLC and UBS Financial Services, Inc. that will provide nearly $30bn to investors who bought auction rate securities (ARS) before...

NEW ZEALAND - The New Zealand Superannuation Fund is to divest NZ$37m from companies associated with the manufacture of cluster munitions or involved in the simulated testing of nuclear explosive devices, following the government's signing of an international...

UK - Administrators for failed high street retailer Woolworths have notified the Pension Protection Fund (PPF) of its collapse and expect member benefits will be rescued.

US - Eastman Kodak has announced it will not match its US employee's 401(k) contributions next year in response to the firm's financial problems.

Measures that could make it easier to introduce shared risk pension schemes will be considered by the government and industry in the New Year, Lord McKenzie reveals.

Goldman changes retirement rule; ECI beats buyout gloom to raise £430m; Justice for pensioners; Pensioners must be given tax cut on savings; Buyers terminate C$34.8bn BCE buyout

The department for work and pensions has conducted a third informal consultation on possible changes to occupational pension rules.