November 2017

27Nov

Pension scheme trustees urged to prepare for imminent EU regulation

Although the regulation is not expected to impact trustees directly, it is thought that new rules for brokers and asset managers may affect UK pension schemes’ current contractual relationships. The EU legislation is designed to offer greater protection for investors while injecting more transparency into all asset classes, taking effect on 3 January 2018. Sacker & Partners LLP have identified several steps trustees should be taking now, which include: 1) Obtain an LEI number – this can be done at the London Stock...

November 27, 2017
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21Nov

UK. May Wants Something in Return as Brexit Money Offer Set to Rise

Prime Minister Theresa May is ready to put more money on the table to settle the Brexit divorce bill -- but the Brits are plugging away at getting the European side to give her something in return. “We’re headed in the right direction and what matters now is that the U.K. and EU take a step forward together,” James Slack, May’s spokesman, told reporters on Tuesday in a sign that any improved offer on the bill must be matched with...

November 21, 2017
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16Nov

UK. FCA targets pension scammers in Welsh steelworks

Britain’s markets watchdog is sending supervisors to Wales to make sure that 15 billion pounds in steelworker pensions does not become a “honey pot” for crooks. The move -- made public at a parliamentary committee meeting on Wednesday -- is part of a broader crackdown by the Financial Conduct Authority to avert pension scams across Britain following changes in the law. Since 2015, Britain has made it possible for people to cash in their pension pots rather than waiting until...

November 16, 2017
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14Nov

UK. Pensions regulator seeks first criminal charges for dodging auto-enrolment

The Pensions Regulator has for the first time charged an employer for deliberately failing to provide a workplace pension to its staff. Bus company Stotts Tours and its managing director Alan Stott pleaded guilty to 16 offences of failing to comply with the law on workplace pensions, TPR says. The regulator found 36 staff were not provided with a workplace pension and didn’t get paid contributions from June 2015 onwards. TPR director of automatic enrolment Darren Ryder says: “Dozens of staff...

November 14, 2017
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13Nov

UK and US ‘must learn from poor countries’ to solve ageing crisis

The ageing crisis facing Britain, the US and other wealthier nations could be partly addressed by adopting initiatives being developed in poorer countries, experts say. Low- and middle-income countries have been forced to be “innovative and ingenious” in finding low-cost and effective solutions for their growing elderly populations. Some of the initiatives include: Devoting an entire city in Chile to experimenting with elderly care. Increasing involvement of older people in democracy through old people’s councils in Brazil. Training armies of volunteers in elderly...

November 13, 2017
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10Nov

UK. The pension scheme de-risking market: how to find value

The dynamics of the pension de-risking market may be summarised as market conditions mixed with supply-and-demand forces, with an overlay of regulation. This melting pot leads to a cyclical market with different structures, offering more value for money than others at a particular time. Since I started working in this market as an insurer about 20 years ago, I’ve observed many such cycles, and now as a de-risking adviser to pension schemes I help my clients seek the best available...

November 10, 2017
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10Nov

UK Gov’t outlines cold calling ban timeline

Responding to a question from a fellow Conservative MP, Stephen Barclay confirmed that the government will then legislate on a ban, which will include texts and emails, as soon as parliamentary time allows. Despite welcoming the announcement as “a step in the right direction”, James Walsh of the Pensions and Lifetime Savings Association (PLSA) said: “We are still a long way from a cold calling ban actually taking effect”. Walsh, who is the PLSA’s policy lead for engagement, EU and regulation,...

November 10, 2017
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09Nov

Prudential, PIC Reach $1.2 Billion Longevity Reinsurance Agreement

Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE:PRU), and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction since 2015. In the agreement, The Prudential Insurance Company of America assumes the longevity risk for $1.2 billion (about £900 million) in pension liabilities, covering approximately 4,000 pensioners across four pension schemes. The transaction highlights the rebounding demand for pension de-risking solutions in the U.K., and the desire of many U.K. pension insurers to manage their risks and...

November 9, 2017
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03Nov

Yield-Starved U.K. Pension Funds Jump on Private Debt Bandwagon

A newly created credit fund carved out jointly by two U.K. local government pension authorities plans to earmark almost half of its assets for investments in direct lending. The Local Pensions Partnership, formed by pooling the funds of local government retirement funds in London and Lancashire County, will plow approximately 45 percent of its 1.3 billion pound ($1.7 billion) capital into direct lending, according to a person familiar with the matter, who is not authorized to speak publicly and asked...

November 3, 2017
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03Nov

British Insurer Legal & General to Launch Japan Operation-CEO

British’s third-largest insurer, Legal & General (LGEN.L), is launching an operation in Japan to offer company pension scheme insurance and investment management, Chief Executive Nigel Wilson said on Thursday. The move by L&G comes as European peers such as Allianz (ALVG.DE) and Aviva (AV.L) have scaled back from other Asian markets such as Taiwan. The $21 billion (16.09 billion pounds) company, which manages 1 trillion pounds in assets in its fund arm, has sold a number of its European businesses in...

November 3, 2017
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