News

NEW ZEALAND - The opposition National Party has proposed a plan to finance cuts in personal tax payments by reducing contributions to the government's KiwiSaver pension fund.

US - The American Academy of Actuaries (AAA) has asked the Actuarial Standards Board to develop standards to consistently measure the economic value of public pension fund assets and liabilities.

INCLUDING: GLOBAL - IASC support for IASB's credit crisis response; UK - Jeannie Drake named acting chairman of PADA; US - CalPERS officially launches search for CEO

THE government's plan to shore up the battered UK banking sector with a £50bn emergency share capital package and a further £450bn of loans and guarantees to boost liquidity has been well-received by the pensions industry.

Trustees who believe they have complied with conflict of interest requirements under the Companies Act could remain in breach of the law, Allen & Overy warns.

BA shares hit turbulence over pension fund worries; Bank shares rocked as nationalisation rumours rampage through markets; Pensions: Downturn has wiped one fifth off retirement funds; House price falls spur comeback for pension savings; Defined benefit...

A FURTHER 3pc of private sector defined benefit pension schemes closed to new members in the past year, latest National Association of Pension Funds research reveals.

The Pension Protection Fund transferred another four collapsed pension schemes to its control last month.

Trustee boards are struggling to meet their legal obligation to be one-third member-nominated, Trustee GAAPS says.

The government is to establish an Investment Governance Group to implement the updated and simplified Myners principles.