FRANCE - The €35bn (US$53.7bn) Fonds de reserve pour les retraites (FRR), France's reserve retirement fund, has announced it has dropped two mandates due to "poor financial performance".
Recently released performance results show the fund to be down 8.4% over the year to date, but has delivered an annualised net performance of 5.7% since its inception in 2004.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.