News

A "sizeable" number of firms are switching to the use of more conservative mortality assumptions, Punter Southall reveals.

THE government's decision to cut value added tax and then put it up again could add around £3bn to defined benefit pension liabilities, Watson Wyatt warns.

US - The State of Illinois Teachers' Retirement System (TRS) has terminated a fixed income enhanced index mandate held by Neuberger Investment Management, blaming performance and organisational concerns.

AUSTRALIA - Superannuation funds are struggling with liquidity issues as members flock to safety, according to QIC Capital Markets.

Including: AUSTRALIA - Minister highlights lost accounts; UK/IRELAND - Hewitt hires UK and Ireland managing director; GLOBAL - T. Rowe Price appoints global equity specialist

Hewitt Associates has appointed Andy Cox as managing director for the UK and Ireland.

AUSTRALIA - The Australian government has asked a panel looking into the future of its tax system to bring forward work on the retirement income system and report by the end of March 2009.

UK - The aggregate funding position of the 7800 defined benefit (DB) funds monitored by the Pension Protection Fund worsened to £136bn (US$202bn) in November.

SALES of small self-administered schemes have rocketed as business owners seek out cost-effective ways to raise capital, Hornbuckle Mitchell says.

UK - The Financial Reporting Council (FRC) has urged trustees to be more vigilant over the actuarial assumptions they use.