INCLUDING: US - ERISA case resolved; DENMARK - Laerernes Pension appoints portfolio manager; UK - Barings appointments
A trustee of the E.R. Caldwell Land Clearing Contractors Inc.'s 401(k) Profit Sharing Plan in Pennsylvania has agreed to restore $117,477 to the plan to resolve a lawsuit filed by the U.S. Department of Labor. From December 2002 to February 2003, McAnulty and the company violated ERISA when assets were transferred from the plan's investment account to corporate accounts.
DENMARK - Laerernes Pension appoints portfolio manager
Laerernes Pension, the Danish teachers' pension fund, has appointed Morten Roed Sørensen as its new portfolio manager. Sørensen starts on August 18 and replaces Anders Bertramsen, who left to lead external manager selection for Handelsbanken Asset Management in Copenhagen. Sørensen is a fixed income specialist, who previously worked for the Danish Central Bank. He is a chartered financial analyst (CFA).
UK - Barings appointments
Barings has appointed Quintin Ings-Chambers and Max Edwards to its London based private client team. Ings-Chambers has joined from Rensburg Sheppards today as director, responsible for leading business development activities for the private clients division across London and Guernsey. Edwards joined from UBS Wealth Management last June as assistant director for business development and client service.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, finds Legal & General (L&G) research.
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).