UK - Investec Asset Management has been appointed manager of a £140mn UK gilts and sterling corporate bonds mandate for Polestar Group.
Investec has been instructed to manage the UK gilts and corporate bonds mandate with an outperformance target of 0.75% over a rolling three year period against the FTSE A Over 15 years Gilts and iBoxx sterling non-gilt 15 year plus indices.
Catherine Hearn, chairman of the trustees at Polestar said: “We appointed Investec because of its consistent track record and rigorous investment process. We are confident that its specialist investment team will deliver good returns for our pension fund.”
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.
An independent expert panel will be commissioned to review how the £6.1bn funding deficit figure for the Universities Superannuation Scheme (USS) was reached, Universities UK (UUK) has announced.