News

GLOBAL - High level pension fund professionals from across the globe have urged the Organisation for Economic Cooperation and Development (OECD) to take action to strengthen pension fund governance.

INCLUDING: EUROPE - Pan-European pension for EU researchers; US - Natixis launches HF replicator; NIM acquires pension fund administrator; US - Class action on ERISA breach

EUROPE - Proposals to suspend fair value accounting, aimed at improving market stability, have triggered a mixed reaction from the pension fund and asset management industry.

SOUTH AFRICA - The Federation of Unions of South Africa (FEDUSA) has declared its support for a lawsuit against Investec Employee Benefits (IEB), in which the South African Equity Workers Association (SAEWU) is seeking R4bn (US$470m) over allegations...

UK - Employee confidence in pensions as a way of saving for retirement has improved from 3% to 22% during 2008, a survey by the National Association of Pension Funds (NAPF) has found.

EUROPE - The Eurozone has officially entered into recession, with two consecutive quarters of negative growth, according to France's National Institute for Statistics and Economic Studies (Insee).

SWEDEN - The SEK13.6bn (US$1.9bn) corporate pension fund Postens Pensionsstiftelse has increased its infrastructure and property investments by SEK259m since the end of last year, MandateWire has learnt.

US - The Teacher Retirement System of Texas has switched its platform for hedge fund investments a week after writedowns rocked Wall Street and the state's largest pension fund lost US$145m in Lehman Brothers stock.

COMPANIES with defined contribution pension schemes must act now to ensure their default funds are properly diversified, Fidelity International urges.

Policy makers must act now to halt the "pensions pinch" because half the population do not have any retirement savings, the Life Trust Foundation warns.