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BluMont Capital Corporation has completed merging the BluMont Canadian Opportunities Fund and the BluMont Hirsh Long/Short Fund into the BluMont Core Hedge Fund.

As a result of the merge, the Canadian Opportunities Fund and the Long/Short Fund were terminated on Aug. 7, 2009.

The exchange ratio is based on the net asset value of the funds on Aug. 7, 2009.

Based on these prices, the Canadian Opportunities fund was 1.1642 units of the Core Hedge Fund. And the Long/Short Fund was 1.2021 units of the Core Hedge Fund.

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U.K. employees unaware retirement age change

Only a quarter of U.K. workers are aware that the minimum retirement age will be increased from 50 to 55 in April 2010, according to Aon Consulting.

Based on Aon’s national survey, only 24% of the 4,046 respondents and less than a third (31%) of workers aged 45-54 (those potentially most affected by changes) said they knew about the change.

Similarly, less than half (46%) knew that the state pension age for women is rising to 65 in 2010, possibly forcing millions of women into working for up to five extra years.

The increase to the minimum retirement age and the state’s pension age are due to the U.K.’s ageing population.

To adjust to the growing number of retirees, private and public pension plans have raised their retirement age, as a result, extending the contribution period. Meanwhile, the length of time that money can be drawn from pension plans has been reduced.

While the changes will extend the working years for some employees, it will also create opportunity for them to increase their pension payouts, as they will be contributing to the plan for longer period.

However for employers this change could result in higher costs. This is due not only to the increased health demands of older workers, but also from the continuation of employer pension contributions.

(08/11/09)