News

UK - A strike at the Grangemouth oil refinery in Scotland is set to go ahead after discussions between petrochemical company INEOS and trade union Unite broke down yesterday.

No amount of sugar coating or spin by ministers can disguise the fact that local authorities have been let down badly over pension scheme changes.

US - Russell Read has unexpectedly quit as CIO of CalPERS, the largest US pension fund.

US - The California State Teachers' Retirement System (CalSTRS) has appointed Michael McCauley to guide its corporate governance program to a higher level of activism.

UK - The Pensions Regulator (TPR) has set out its goals for the next three years to include strengthening DB scheme funding, improving governance and reducing risk to DC scheme members.

Local authority employers have lambasted ministers for a "sad catalogue" of broken promises over changes to council pensions.

INCLUDING: Netherlands - ING IM Europe CIO announced; UK - Pearl Group appoints CEO; CYPRUS - Hewitt boosts Cyprus team

NETHERLANDS - Pensioenfonds Zorg en Welzijn (PZW) has reported losses of 2.9%, with returns on equities taking the biggest hit (-12.7%).

The Pensions Regulator must improve the regulation and governance of defined contribution schemes, a Committee of Public Accounts report says.

Delays in issuing regulations for the new-look Local Government Pension Scheme has increased implementation costs considerably, AquilaHeywood says.