UK - Fund manager Schroders has pushed through a controversial pay package for its chief executive Michael Dobson, despite strong opposition from the NAPF.
The NAPF advised members to vote against the firm’s remuneration report but only 14%of voters opposed the package.
The remuneration report included a non-performance based bonus of £1.8m per year and termination clause worth £3.75m.
Of the votes cast, 75% supported the package, 14% opposed and 7% abstained.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.