Mellon Investor Services (MIS) - part of the global Mellon Financial Corporation - has been appointed demutualisation conversion agent and transfer agent for the US$113bn Principal Financial Group (PFG).
MIS will aid the design, implementation and execution of the process by which the Principal Mutual Holding Company will convert from a mutually held insurance company to a publicly traded stock company. MIS will also serve as PFG’s transfer and registrar agent once it becomes a publicly traded entity.
Principal Mutual Holding Company announced its intention earlier this year to convert from a mutual insurance holding company to a stock company. As part of this process, owners of eligible insurance policies and annuity contracts will exchange their membership interests for compensation in the form of stock, cash or policy/contract enhancement.
The process is expected to be completed between late 2001 and the first part of 2002.
By Madhu Kalia
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.