INCLUDING: AUSTRALIA - UK - NAPF supports Solvency II position; AMP appoints head of credit markets; UK - Workers retire early
UK – NAPF supports Solvency II position
The National Association of Pension Funds (NAPF) has welcomed a report outlining why Solvency II funding rules for insurance companies should not be applied to pension schemes. The European Federation for Retirement Provision’s (EFRP) published its view at its Congress in Frankfurt this week. Nigel Peaple, director of policy, at the NAPF, said: “Not only are insurers and pension funds very different entities but, in the UK context, the existence of the scheme sponsor covenant, The Pension Regulator’s funding rules, and the safety net of the Pension Protection Fund would make such an approach inappropriate.”
AUSTRALIA – AMP appoints head of credit markets
Former QIC head of global credit Jeff Brunton has joined AMP Capital Investors. Brunton, who will join as head of credit markets, will relocate to Sydney and start his role early in 2008. Mark Beardow, head of fixed interest at AMP, said, with 15 years of experience at QIC, Brunton was a skilled credit market investor with strong global fixed interest portfolio management experience.
UK – Workers retire early
The Prudential Class of 2008 Retirement Report, the first major study of people retiring in a specific year, shows the average age for men to give up work is 60 while women are retiring at an average 58, compared to statutory retirement ages of 65 and 60. Around 11% of men retiring next year will be more than 65-years old while 33% of women will be more than 60. The report also showed 52% of people retiring next year have final salary schemes; while only 22% are quitting work with defined contribution schemes.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers