News

AUSTRALIA - A multi-billion dollar overhaul of Australia's military defined benefit (DB) superannuation scheme is needed in order to contribute towards recruitment and retention of personnel, an independent review has found.

UK - Pension Corporation has doubled its stake to over 20% in cooker manufacturer Aga Foodservice, a move rumoured to be the start of a full takeover of the company's healthy pension scheme.

UK - Lower gilt yields were to blame for the surge in pension fund deficits during December 2007, which raised liabilities and took 117 schemes back into the red, according to the Pension Protection Fund (PPF).

NEW ZEALAND - The national Superannuation Fund experienced its worst monthly performance of the fiscal year in November 2007, with a negative -3.52% return.

A Flexible Income Pension Plan giving retirees taking their pension through income drawdown the ability to tailor benefits more closely to their own circumstances has been launched by Hornbuckle Mitchell.

Hewitt Associates has hired Andrew Sweeney as leader of the corporate pension consulting team in its Leeds office after 28 years with Mercer.

US - The US$5.6bn New Hampshire Retirement System (NHRS) has urged the state attorney general to review a recent Alaskan lawsuit to see if there could be a case to be made against its own past actuarial advisers.

ITALY - Consultants have slammed "watered down" pension reforms approved as part of the 2008 Budget, claiming they will do little to resolve the huge financial burden and inequities of the system.

FTSE350 pension schemes have seen their deficits drop to £13bn from £50bn in December 2006 with an aggregate funding level of 97pc, research by Mercer shows.

Tories call on Hain to explain think-tank; Private equity ‘has a year' to prove itself on disclosure; No end in sight for commodities rush; Absolute return fund struggling but surviving; Pension schemes return to surplus; Pensions "guru" launches co-op;...