News

UK - The Pension Protection Fund (PPF) has tendered for a consultant to work on the risk based levy to be applied to schemes from 2010 onwards.

US - The US$174bn California State Teachers Retirement System (CalSTRS) has announced it is actively seeking to appoint an independent fiduciary advisor for its $14.7bn Private Equity Proactive Portfolio.

IRELAND - Pension funds could face fee increases of up to 2400% if The Pensions Board goes ahead with plans to demand higher charges from members to cover higher staffing costs in 2009.

THE INSTITUTE of Actuaries has confirmed Nigel Masters as its president elect following a special institute council meeting on December 17.

HERMES Pensions Management head of investment management in real estate Fiona Sweeney has resigned to "pursue new interests".

SWEDEN - Poul Winslow, chief investment officer at the Second Swedish National Pension Fund (AP2), is to leave his role by April 2008.

US - The International Brotherhood of Teamsters Union has extended its pensions agreement with shipping and delivery company UPS for a further five years, following ratification by members.

FINLAND - Nokia Pension Fund is to transfer the statutory pension liability of Nokia and Nokia Siemens networks in Finland to the pension insurance companies Ilmarinen and Varma in March 2008.

NETHERLANDS - The Bank of New York (BNY) Mellon Corporation has received approval from the Dutch regulator to complete its acquisition of ABN AMRO Mellon Global Securities Services BV.

UK - The Government has reneged on a promise to grant equal pension rights to working mothers with National Insurance contribution gaps, by allowing them to purchase up to nine years worth of 'top-up' contributions.