NEW ZEALAND - The New Zealand Superannuation Fund (NZSF) has entered into an agreement with James Fielding Funds Management (JFFM), trustee of the New Zealand Sustainable Investments Fund (NZSIF) to purchase a 12,273 hectare forestry estate in the Auckland region.
JFFM was recently confirmed as the unconditional purchaser of land and forestry assets of Evergreen Forests. JFFM has agreed to sell NZSF approximately half of these assets.
GMO Renewable Resources has been appointed as manager of New Zealand timber assets.
The transaction represents the first purchase of timber assets for the fund after a commitment made in March this year to allocate up to 5% of assets to timber by June 2007 and a targeted midpoint of 2% of that date.
The value of the NZSF as of end September 2005 was NZ$7.6bn.
An analysis of IGC annual reports finds some lacking in information on value for money, costs and charges, and investment performance. James Phillips explores the findings
A new cost transparency solution is being developed for pension schemes by a financial services technology firm.
Supermarket giant Asda's plans to reform its pensions have been decried as "unfair, unreasonable and unnecessary" as the workers' union began talks with the employer.
The Pensions Administration Standards Association (PASA) has launched a checklist to help trustees with the rectification process for guaranteed minimum pensions (GMP).