UK/SWITZERLAND - Newcastle Building Society is moving its pensions business to Swiss firm Zurich Financial Services after 13 years with Norwich Union.
It takes effect from March 2003 and sees Zurich providing financial solutions including Threadneedle pensions, to the society’s 450,000 members.
ZFS recently announced partnerships with the Bristol & West and Market Harborough building societies.
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.