CHINA - The RMB 211.79bn (US$26.7bn) National Council for Social Security Fund (NCSSF) has selected Citigroup and Northern Trust to provide custody services for its overseas investments.
The Fund announced in June it would start investing in capital markets outside its domestic borders, and said it planned to invest a sum of between US$500m and $800m in equities by year end, with an additional $100m to $300m in fixed-income products.
Citigroup and Northern Trust will provide support and expertise in all key areas, including those areas where the NCSSF considered it necessary to make its overseas investments scheme a success.
Established in late 2000 as an agency reporting directly into the State Council, NCSSF was designed to tackle the problem of China's ageing society. It serves as a strategic reserve fund accumulated by the central government to support future social security expenditures.
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.