UK - The Avon Pension Fund has has sold almost its entire property portfolio, despite the asset class being the top-performer over the last two years.
The sale of the 17 properties, on behalf of Bath & North East Somerset Council, to Glasgow-based LNC Property Group, raised £29.5m. Property adviser GVA Grimley provided strategic advice to the fund, following an investment review in 2000. Insignia Richard Ellis advised LNC Property Group.
GVA Grimley investment partner Neil Dovey said: “The disposal of this portfolio concludes the major part of the exercise which we have been undertaking since the trustees’ decision to disinvest from direct property.”
By Shifa Rahman
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.