UK - The BP pension trustees have reappointed State Street to provide custody and related services for the £14bn (US$27.7bn) fund.
State Street will provide custody, accounting, securities lending and performance measurement services for the BP Pension Fund from its offices in Edinburgh and London.
Sally Bridgeland, chief executive officer at BP Pension Trustees, said: "We have enjoyed a long-standing, successful relationship with State Street and look forward to building on this partnership."
Michael Walsh, senior vice president and managing director of State Street's investment servicing business in the United Kingdom, Middle East and Africa, added: "After more than two decades of working together, we look forward to extending our very productive partnership."
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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