News

LONMIN has bought out its pension scheme in a deal with Paternoster.

Increases in the mortality assumptions used by pension schemes have raised the liabilities of the UK's biggest firms by £8bn, latest research by Mercer shows.

AUSTRALIA - The government has pledged Aus$3.9bn to the Future Fund and a clearing house to help smaller businesses meet their superannuation choice requirements in today's budget.

GLOBAL - Over a third of savers think governments should do more to enforce private savings for retirement, while a quarter feel working longer is the key, according to research by HSBC and the University of Oxford.

SMALL employers must not be left to shoulder the burden of advising workers about personal accounts, delegates heard.

UK - Pension funds have recorded the first surplus of 2008 but funding levels are still below last year, according to data released by the Pension Protection Fund (PPF).

EDF Energy has appointed software administrator eShare to provide its trustee board with tools to meet their trustee knowledge and understanding requirements.

US - Trustees of the Cleveland Sheet Metal Workers Local 33 Pension Plan have been ordered to return US$625,000 to the scheme and pay a $125,000 fine by the US Department of Labor.

AUSTRALIA/UK - QIC has appointed Brad Bowton and Lyn Gearing to its board bringing the membership to ten.

PERSONAL accounts must remain as simple as possible to ensure the scheme works for the target market, delegates heard.