FRANCE - BNP Paribas has become the latest financial institution to scale back its pension team.
A spokesman for BNP said: "We still consider the pension market as a key part of the business, which will be tackled by the corporate and institutional marketing and sales team."
The spokesperson declined to comment on the future of global head of pensions Tony Osborn-Barker - but it is understood he has left the firm and is currently engaged in "consultancy work".
Last week, Swiss Re confirmed the whole of its variable annuities and pensions team headed by Richard Farr - 11 London employees, seven New York staff and four contractors - was at risk of redundancy (www.globalpensions.com: 26/02/09).
Swiss Re spokesman Tim Dickenson said: "Retirement-related activities are facing a challenging market environment, and we expect this to persist into 2010/11."
He added: "The current market environment therefore makes the outlook for these businesses less promising for the coming 12-24 months so we took the decision to scale back our marketing and structuring activities in the pensions area."
Last year, Credit Suisse slashed a number of staff from its pensions advisory team while the Lehman Brothers team was disbanded.
BrightonRock head of research Con Keating commented: "After the complete euphoria of three to four years ago, lots of institutions have quietly de-emphasised this part of the business.
"For the future, I don't expect many closure announcements. People will be just let go."
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.