Agents’ incentives needed to push pension scheme

September 17th, 2009 4 firms settle NY pension fund probeNEW YORK — Four more private equity firms involved in a corruption scandal at New York's public pension fund have agreed to pay restitution and implement reforms, state Attorney General Andrew Cuomo announced Thursday. The companies settling with the state include HM Capital Partners, Levine Leichtman Capital Partners, Access Capital Partners and Falconhead Capital LLC.

August 11th, 2009 NEW DELHI - The Federation of Indian Chambers of Commerce and Industry (FICCI) on Tuesday requested Prime Minister Dr. Manmohan Singh to give incentives and support to exporters.

July 17th, 2009 Union sets strike vote on Barclays pension closureLONDON — Britain's Unite union said Friday it will ask members to vote next month on whether to strike against Barclays Bank because of the proposed closure of a final salary pension plan. The union, which represents 25,000 employees of the bank, said walkouts would be staged in September if members approve the strike call.

July 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday proposed an additional sum of Rs.430 crore (Rs.4.3 billion), over and above the provisions in the interim budget, for the modernization of state police forces and also earmarked Rs.2,284 crore (Rs.22.84 billion) for construction of fences, roads and flood lights along the international borders. Presenting the financial budget for 2009-10 in parliament, Mukherjee said that paramilitary personnel will also get special risk/hardship allowances at par with the defence forces.

July 2nd, 2009 CHENNAI - Expressing satisfaction over pension sector reforms, the government in its Economic Survey 2008-09 has said the new pension system (NPS) will be offered to more segments. "Efforts are underway to extend the NPS to new segments (autonomous bodies, state governments and unorganised sector) and introducing micro-pension initiatives," said the survey tabled in parliament Thursday.

May 8th, 2009 Political agents get subpoenas in NY pension probeNEW YORK — Investigators probing influence peddling at the state pension fund have subpoenaed a number of politically connected New Yorkers who picked up big paychecks lobbying former officials at the retirement fund. State officials on Wednesday released a list of dozens of agents who acted as middlemen between investment firms and pension fund officials during the tenure of former comptroller Alan Hevesi.

May 2nd, 2009 NEW DELHI - The Election Commission Saturday asked the Pension Fund Regulatory and Development Authority (PFRDA) to explain why its advertisement of the New Pension Scheme' had been different from the version for which the poll panel had given permission. The poll panel asked the pension authority to explain the deviation and non-compliance with the panel's order for the advertisement which appeared in the Hindu newspaper.

May 1st, 2009 NEW DELHI - A new voluntary pension scheme came into force in India Friday with young people as its main target, and hoped to reach out to the 87 percent of the nation's workforce that remained uncovered by any retirement benefit. The Pension Fund Regulatory and Development Authority has extended the scheme on May Day to all citizens, after introducing it for fresh recruits of the central government since Jan 1, 2004.

May 1st, 2009 NEW DELHI - Following are the frequently asked questions on the new pension scheme (NPS) launched Friday for all eligible citizens between 18 and 55 years of age: * Who shall be responsible for protecting my interests as a NPS subscriber? A) The Pension Fund Regulatory and Development Authority, the regulator, will protect your interest. * What is the process for enrolling in NPS? A) Eligibility: 18-55 years of age.

May 1st, 2009 CHENNAI - Life insurers are depending on their strong distribution network to stave off the competition challenge posed by the cheaper National Pension Scheme (NPS) that was launched Friday. Even though the fund managers for NPS will charge only 1 paise per Rs.100 (0.0009 percent) as service charge, comparing to 2.5 percent on the fund value charged by life insurers, the latter do not expect drastic reduction in sales, industry officials said.

May 1st, 2009 NY atty general expands pension pay-to-play probeALBANY, N.Y. — New York Attorney General Andrew Cuomo is trying to develop a nationwide investigation with his counterparts in 35 other states to root out what he calls corruption and abuse of public workers' pension funds nationwide, a state official said.

April 22nd, 2009 NYC comptroller bans agents in pension investmentsNEW YORK — New York City's comptroller has joined state officials in saying he wants to ban lobbyists known as placement agents from soliciting business from government pension funds. Wednesday's prohibition responds to a scandal in which two aides to a former state comptroller have been charged with collecting millions of dollars in kickbacks through payments to placement agents.

April 22nd, 2009 NY comptroller bans agents in pension investmentsNEW YORK — Amid a growing corruption scandal, New York's comptroller on Wednesday barred investment firms soliciting business from the state pension fund from employing lobbyists known as placement agents. The move comes about a month after state and federal investigators accused two top aides to former comptroller Alan Hevesi of using their positions to pressure investment firms into paying millions of dollars to politically connected placement agents.

February 27th, 2009 HYDERABAD - The women of Andhra Pradesh had set an example for empowerment of women all over the world, United Progressive Alliance (UPA) chairperson Sonia Gandhi said here Friday and added that she was 'moved and satisfied' by how they were inspiring others. Inaugurating a pension scheme for members of women's self help groups (SHGs), Gandhi said she was proud of the achievements of the women of the state.

February 15th, 2009 NEW DELHI - The government Monday announced two new pension schemes for widows and physically disabled in the interim budget 2009-10. The Indira Gandhi National Widow Pension Scheme will provide a pension of Rs.200 to widows in the age group of 40-64, while the Indira Gandhi National Disability Pension Scheme aims to provide pension to 'severely disabled persons', acting finance minister Pranab Mukherjee said in his budget speech in parliament.