INCLUDING - US - Mercer boosts to DC outsourcing business; UK - L&G to use postcode profiling; AUSTRALIA - Pension investment increases; UK - SWIP appoints sales director
US - Mercer boosts to DC outsourcing business
Mercer has appointed Mary Ann Langevin as business leader of its defined contribution outsourcing business in Norwood, Massachusetts. Langevin will be responsible for business strategy and product development. She was previously with ADP Retirement Services as vice president.
UK - L&G to use postcode profiling
Legal & General will use customer postcodes as an additional risk factor when quoting for a conventional non-profit annuity. The move follows a pilot study with Hargreaves Landsdown and could see some customers receive an increased annuity rate, depending on where they live. Those customers who do not qualify for an increased rate will receive the standard annuity rate.
AUSTRALIA – Pension investment increases
Investment into allocated pensions and term allocated pensions increased by 16.7% in Q3, research from financial services firm DEXX&R has shown. Funds under management/administration increased to AUS$89bn (US$81.6bn), an increase of $12.4bn during the quarter. Four of the top ten companies in this market segment recorded growth in excess of 20% during the period – Navigator (27.4%), Colonial First State (23.5%), Macquarie (23.5%) and Asgard (21.9%).
UK - SWIP appoints sales director
Scottish Widows Investment Partnership (SWIP) has appointed Bernard Henshall as sales director. Henshall will be responsible for building sales and developing SWIP's fund of funds business. He joins from Winterthur Life UK where he was head of investment distribution.
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.