AUSTRALIA - State Street has been awarded a mandate to provide custody and administration services for Australia's AUS$3bn (US$2.6bn) Non-Government Schools Superannuation Fund (NGS Super).
The custody mandate was previously held by BNP Paribas and administrative duties were carried out by Citi Street Australia.
Commenting on the decision to move both contracts to a single provider, Colin McGuinness, CEO of NGS Super, said the fund wanted to move towards an integrated custody and administration platform
McGuinness added that State Street were the best placed provider to help NGS Super deliver lower operational risk and possibly offset the costs of a proposed shift from weekly to daily unit pricing.
The NGS Super fund provided retirement benefits for over 80,000 members in the non-government education sector.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.