News

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.

US - New compliance requirements under Financial Accounting Standards No.87 (FAS 87) and funding rules will require pension fund plan sponsors to make prudent assumptions when selecting discount rates and expected return on asset (ROA) valuations, according...

Trinity reduces pension deficit; State pension proposal rejected; Resolution Life's founder to new £145m from sale; Barclays sues Bear Stearns over collapsed hedge funds

XEROX FUNDXTRA and Smiths TI Group Pension Scheme have won awards from the Pensions Research Accountants Group for the quality of their schemes' summary reports.

THE BANK of New York Mellon has completed its acquisition of ABN Amro Mellon Global Securities Services.

CANADA - The Canadian Pension Plan (CPP) Investment Board has defended its decision to invest in asset backed commercial paper (ABCP) and cited market confusion as an opportunity to make money.

ROLLS-ROYCE has made a £500m lump sum payment across its three main UK defined benefit schemes as part of a strategy to reduce its overall deficit.