News

ITALY - The government is eyeing the creation of a "super welfare entity" by merging state pension body INPS with three sector pension institutes and insurance body INAIL in a bid to recoup around €3bn.

US - The Department of Labor (DoL) has sued Macristy Industries and company president Jeffrey Barlow over the alleged misuse of more than $1.8m in assets from the firm's cash balance plan.

SALARIES for top pensions professionals rose by up to 8pc last year and many senior staff took home more than £100,000, new research reveals. But only 40pc of staff working in the industry are members of a defined benefit scheme.

GLOBAL - Legg Mason saw its assets under management increase 6% during Q3 to reach a record $944.8bn as at end December 2006, of which $30.9bn was attributable to market appreciation.

US - The Bank of New York has exceeded $100bn in hedge fund assets under administration, growing 41% in the last year alone.

Sunderland Homecare Associates is offering its 170 employees a healthcare cash plan through specialist provider HealthSure.

The European Court of Justice has ruled that the UK's pension protection provision failed to safeguard thousands of Allied Steel and Wire workers.

US - The House has unanimously approved a bill that would prevent convicted lawmakers claiming pensions, with a vote of 431 to zero.

FRANCE - The €31.1bn French Pension Reserve Fund (FRR) continued its comeback from the "brutal" mid-year market correction as it increased assets under management by €1bn in Q4.

AUSTRALIA - Crédit Agricole Asset Management will be strengthening its Australia and New Zealand focus by opening an office in Sydney to target the pension fund markets in the both countries.