UK - The £400m Harsco Investment Pension Fund has dropped one of its bond managers as part the implementation of the final stage of its liability driven investment (LDI) strategy.
Pension fund manager and secretary Lynne Bartrum said the last transition of funds away from former fixed income manager Threadneedle Investments to LDI manager Legal & General Investment Management has just been completed.
She said: "We've actually just transitioned away from Threadneedle. That's been one of the bond managers we've moved away from for the LDI," said Bartrum.
The scheme has also moved to diversify its equity managers with the appointment of TT International and Newton Investment Managers.
Bartrum said the changes have been made purely for diversification purposes.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.