The April 2007 issue of Pensions World

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COMMENT Pachyderms present There is more than one type of elephant in the pension scheme boardroom, one is corporate governance and it is causing feelings of claustrophobia, says Robin Ellison, NAPF chairman.	3
NAPF CONFERENCE Environmental efforts Al Gore wants to limit environmental damage, liability driven investment is under close scrutiny and elsewhere DC is facing a cold front. Jane Herrington reports from the NAPF investment conference in Edinburgh.	4
CURRENT EVENTS A summary of news, including: Four pensioners' victory Members risk ID fraud Retirement savings down 75% Simplification baffles savers Ros Altmann's viewpoint	7 8 11 11 14
BULK BUYOUTS A bulky battle Shedding liabilities (but not pounds) is the new exercise regime for pension schemes wishing to slim down their pension commitments. Pam Atherton seeks out all the new earth shakers in the bulk buyout market.	18
SURVEY: PROPERTY The REIT stuff The only way is up for real estate investment, in fact it is going through the roof. But why does it have such low volatility of return and high flying performance? James Thomas surveys the market and comes up with some answers.	21
COMMERCIAL PROPERTY Real commitment It is time for pension scheme investors to stop desperately looking around for alternatives to put into their portfolio and admit that commerical real estate is their dream partner, says Richard Gale.	26
ONE YEAR ON Daunting ascent If administrators thought that their work was over once A Day passed, they were mistaken. Andrew MacDougall explains why there are still hillocks to conquer in the next few months.	28
DC ADMINISTRATION Toeing the line DC members are too inclined to walk the safe path of default funds without attempting to venture onto more risky territory. Marie Wilkinson and Daniel Melley suggest some solutions.	30
REGULAR FEATURES Courses & seminars Letters Buy the book NAPF update Investment Brief DC debrief Political stage Points of law Trustee topics Beginners' page Tax and benefit notes Pensions progress Regulation roundup/Association forum Statistics In Good Company	10 12 13 15 17 33 34 36 38 39 40 42 43 44 50

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