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.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.