Partha Dasgupta, chief executive of the Pension Protection Fund (PPF), will stand down in June next year.

I haven’t watched Big Brother this summer, so this will officially be the first year I’ve gone without. I’d like to say I’d been leafing through Tolstoy’s Anna Karenina in the original Russian and enjoying it, but I’d be lying.

The funding position of the £2.4bn Telent pension scheme deteriorated last year after “serious underperformance” in part of its portfolio.

Pension schemes hunting for bargains are snapping up leveraged loans after the credit crunch depressed prices.

The Pensions Regulator’s involvement in the investigation into independent trustee firm GP Noble has received praise from the industry.

The government has broken off discussions with a cross-industry group tasked with developing a quality test for pensions schemes.

AP Information Services has launched an updated edition of its listings of pension industry firms and schemes.

The £2.9bn Imperial Tobacco pension scheme is fully funded on a winding-up basis after obtaining a guarantee from a group of banks.

Near-extinct final salary schemes have become prized assets in the fight to retain employees, according to research from Aon Consulting.

The £30bn Universities Superannuation Scheme (USS) and three institutional investors have taken part in a sale and leaseback deal with Tesco.

The number of employees in pension schemes where liabilities have been offloaded to an insurer could jump to almost 200,000 by the year’s end.

The government is expected to fail to introduce legislation making it easier to establish risk-sharing pension schemes before the next general election.

The Pensions Regulator has published draft guidance on calculating cash-equivalent transfer values for members of DB schemes.

Scheme sponsors and trustees must set clear objectives for derisking strategies to avoid costly errors, a pensions consultant has warned.

The deputy pensions ombudsman (DPO) has found the trustees of the Greenup and Thompson pension scheme jointly liable for hundreds of thousands of pounds.

The £552m Bradford and Bingley (B&B) pension scheme is keeping a close eye on its employer covenant after the lender’s recent beleaguered financial performance.

Scheme trustees must switch their risk focus from assets to funding ratios to exploit investment opportunities in the market, according to a fund manager.

Regulatory changes in the US could lead to corporate bonds being downgraded, dealing a blow to pension scheme returns, according to Aon Consulting.

Standard Life Investment’s Global Absolute Return Strategies Fund now has more than £600m assets under management.

PROFILE: Baroness Noakes has always been outspoken about the state of UK pensions, but the government’s decision to award greater clout to regulators and industry bodies has infuriated the Lords’ shadow Treasury minister. She talks to Tom Willetts.

The function of financial markets is to bring together providers of capital, ie savers, with the users of capital, ie corporations and governments.

It does beg the question of how long a monopoly for one product type should be allowed to remain, and whether it is time to offer greater choice to consumers. By Mona Patel.

Scheme mergers can be an effective cost-reducing exercise, but there are many rules to be aware of before pushing ahead. By Michael Hayles & Joseph Webster.

Directors who accept blame for company downturns could fare better than those who pass the buck, says Tom Powdrill.

NAPF annual conference & exhibition 2008

Better knowledge for better pensions

October 8-10, Scottish Exhibition & Conference Centre, Glasgow

Strikes

This week, I was going to tell you about two recent cases requiring individual trustees to write out personal cheques (totalling £216,000). However, Clive Gilchrist got there first. I commend to you his article on the subject in the last issue of PW.

The fallout of the subprime crisis has left investors with attractive valuations across various asset classes. One interesting investment found in the fixed-income markets is credit.

Liability-driven investment (LDI) strategies are no longer seen as the investment panacea of the noughties. Managers recognise that lesser potential returns are the price to pay for a reduced range of future incomes. But in today’s tough economic climate, can strategists afford to accept these lower returns?

LDI is the perfect vehicle for derisking during economic turmoil, but the pace at which schemes are adopting the strategy is too slow for them to take advantage of the benefits, says Gill Wadsworth.

Despite the ability of LDI strategies to protect schemes from exposure to credit risk, misconceptions remain to dissuade schemes from implementing such an approach. Michelle Williams seeks to dispel the myths.

Background

Legal & General Investment Management (LGIM) is one of the leading fund management groups in the UK, offering a full range of funds and services from index and active equities to bonds, property and cash through to transition management and cash flow matching.

HSBC Actuaries and Consultants (HACL) has strengthened its investment consultancy practice with two senior appointments and a string of promotions.

Alex Weiland (pic) joins as a senior investment consultant from Gissings, where he was head of investment.

Alexander Forbes Trustee Services has promoted Darren Toms (pic) to associate director to develop its defined contribution (DC) services for trustees.

Buck Consultants has named Mark Stocker (pic) as principal and senior consulting actuary.

Sacker & Partners has promoted Robin Simmons (pic) and David Saunders to become partners.