AUSTRALIA - The number of corporate funds is expected to decline substantially by 2022, and there may even be none remaining, according to a report from Rice Warner Actuaries.
Rice Warner noted some of the growth had been abnormal and it would be wrong to extrapolate it into future years. However, added there was clearly an underlying level of growth which would grow the market more than expected previously.
Rice Warner estimated over the 15 years to 30 June 2022, the total superannuation market would reach $3.2trn, of this $1.2trn or 39% of the market would be held in post-retirement assets.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.