UK - ABN AMRO Mellon Global Securities Services B.V. has replaced State Street as custodian to the £1.2bn Cambridgeshire County Council Pension Fund.
The mandate, which covers all of the pension fund's assets, to provide global custody, investment accounting (SORP) and securities lending solutions was awarded following a tender process during which ABN AMRO's bid was judged to be more "commercially competitive" than State Street's, according to a spokesperson for the fund.
John Hopwood, chief loans & investment manager at Cambridgeshire County Council, claimed the "enthusiasm and expertise" shown by the ABN AMRO Mellon team was "another major factor" in the decision.
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.