News

US - The retirement age must be raised sooner rather than later if the country is to stave off an impending pension crisis, the American Academy of Actuaries (AAA) has warned.

US - The US$153.9bn New York State Common Retirement Fund has realised a positive return of 2.56% for the last fiscal year, following losses announced by other major US pension funds.

UK - Legal & General has reported an increase in operating profits of 6% to £626m, first half year figures reveal, with its buyout business a strong factor in its success.

THE economic downturn has wiped around £61bn off the value of FTSE 350 pension schemes, a Mercer report reveals.

GLOBAL - The Organisation for Economic Co-operation and Development (OECD) has released revised guidelines on pension fund governance, which will be open for public consultation until 1 October.

UK - Talks between beleaguered bank Northern Rock and the trustees of its pension scheme have broken down amid "fundamentally different" views of how the scheme should be invested.

NEWTON Investment Management has won two local authority global equity mandates totalling £371m.

UK - "Fictitious surpluses" to boost government funds from two of the UK's largest pension funds were calculated by a heavily criticised government actuary, an independent consultant claims.

Some 40pc of senior executives enjoy a 1/45th accrual rate, Xafinity Consulting research shows.

TALKS between Northern Rock and the trustees of its pension scheme have stalled after "fundamental differences" on investment strategy failed to be resolved.