Week ending 22 February 2019
Instead of a mid-life crisis, try a mid-life MOT
The Department for Work and Pensions has launched a website promoting what it calls a “mid-life MOT”. The website offers a link to the Government’s check your State pension website, as well as bringing together guidance provided by The Pensions Advisory Service, the Money Advice Service and Pension Wise.
Norfolk Pension Fund wins US class action
The Norfolk Pension Fund has won a major victory as the lead plaintiff in a securities fraud class action case. After approximately four years of litigation, a jury in California decided that Puma Biotechnology was guilty of knowingly misleading its investors about the effectiveness of a breast cancer drug. This means that Puma is now liable to compensate all investors who purchased its shares at an inflated price between July 2014 and May 2015. It is estimated that this could mount up to around $100 million in damages.
Longevity swap for Lafarge
The Lafarge UK Pension Plan has entered into a longevity swap with Munich Re, after identifying that longevity was the largest individual risk to the Plan’s funding. The swap was transacted in August 2018 but only announced this week in the Plan’s annual ‘Pensions Talk’ for members.