News

US - The City of Evanston, Illinois, will have to go back to the drawing board to find ways to plug unfunded liabilities of US$140m in its police and fire pension funds, after residents voted against raising real estate transfer taxes.

The Metal Box Pension Scheme trustee board has been reduced from 10 to six to comply with member-nominated trustee legislation.

NETHERLANDS - Stichting Pensioenfonds OPG has appointed BNY Mellon Asset Servicing to provide global custodian services for assets worth €219m.

A bus driver who suffered two strokes won a discrimination claim against his employer because he was not offered retirement on the grounds of ill-heath.

Prudential scrapped price inflation linked increases for its pensioners despite actuarial assurances that agreed additional funding would cover them, the scheme's retired manager claims.

ICELAND - The real returns of Icelandic pension funds are expected to be as low as 0% to 1% for 2007 because of poor performing domestic equities, but experts remain unconcerned about the long term health of the funds.

THE Pensions Action Group has won its judicial review case against the government, however, the department for work and pensions plans to appeal the case.

An ombudsman decision giving members the legal right to claim misquoted benefits has been overturned by the High Court.

Including: NETHERLANDS - Sustainability specialist appointed, UK - Chair change at PPI, UK - HSBC Multimanager appointment

New guidance for firms offering defined contribution schemes is a "significant step" towards improving governance standards, Watson Wyatt says.