News

CANADA - Nova Scotia's finance minister Michael Baker said pension benefits for plan members eligible to retire in the next five years would not change.

GERMANY - Pension funds shifted out of equities and alternatives and into cash and bonds before the worst effects of the credit crunch hit, according to research by Greenwich Associates.

Standard Life increases penalty on early exits; Old Mutual makes good showing on recovery hope; US firms face $100bn pension gap

Trustees may ask sponsors for an additional £45bn a year for the next five years to fill in gaping holes in scheme funding levels, Aon Consulting warns.

Gissings has launched its own "streamlined" online defined contribution pension arrangement for clients.

The London Borough of Waltham Forest is looking to appoint an administrator to its pension scheme.

Punter Southall has promoted Alan Wilkes and Neil Lalley to the position of principal for the Wokingham and Guildford offices respectively.

It has been a "horrific" month for the London Pensions Fund Authority which has suffered a 20pc drop in assets, chief executive Mike Taylor has told PP .

Three trustees were ordered to repay £411,000 after loaning half of the scheme's assets to the failing sponsor and making questionable investments in US property.

CANADA - The Canadian government is looking at ways to ease pension funding obligations, following calls from the industry to protect Canadians from the consequences of the recent meltdown of global financial markets.