AUSTRALIA - John Paterson has been appointed to the Future Fund board of guardians, replacing Robert Elstone who left in July.
Paterson took up the post, which is for a period of three years, on 18 December.
He has over 30 years of financial services experience at Goldman Sachs JBWere, where he worked until 2003. During this time, he filled various roles including vice chairman, MD of corporate finance, MD of Were Stockbroking Ltd, and MD of institutional stockbroking.
The Future Fund, which will become Australia's largest institutional investor, was set up by the ruling Liberal government in May last year to combat the the A$98bn deficit in civil servant superannuation and currently has seed funding of A$18bn invested with the Federal Bank.
In other Australian pensions news, the minister for revenue and assistant treasurer, Peter Dutton, has released for public comment draft regulations on pension and annuities for the government’s simplified superannuation reforms.
The government first announced plans to reform superannuation back in May of this year. Key proposals include the abolition of exit tax on superannuation benefits for the over-60s and the introduction of measures to help the self-employed.
Interested parties are invited to comment on the draft by 1 February 2007.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.