INCLUDING: AUSTRALIA - Qantas superannuation agreement; GLOBAL - Russell Investments appoints CIO; US - CalSTRS launches consultant team search; UK - Investment director joins Paternoster; AUSTRALIA - Milliman opens Sydney office
Qantas has reached an 'in principle' agreement with the Australian Licensed Aircraft Engineers Association, following a dispute over pay and superannuation benefits. The new four-year agreement, which will be the subject of a formal vote, covers nearly 1,600 Qantas engineering employees. A key feature includes an increase in company superannuation contributions in accumulation funds to no less than 10%, with employees in defined benefit schemes also able to salary sacrifice their employee contributions.
GLOBAL - Russell Investments appoints CIO
Russell Investments has named Peter Gunning as its global chief investment officer and managing director of multi-manager investments. Previously CIO for the Asia-Pacific region, Gunning will succeed Tom Hanly, who will move into the role of chief operating officer. Gunning will report directly to Russell's president and chief executive officer, Craig Ueland, and will be based in Russell's headquarters in the US.
US - CalSTRS launches consultant team search
US - The California State Teachers' Retirement System (CalSTRS) has launched a search for a consultant team to research, design and implement a best practice model for investment accounting and to provide appropriate training to CalSTRS employees in its operation. The contract period is up to three years with the option of two one-year extensions. The final filing date for proposals is 18 March, with the selection expected to be in April.
UK - Investment director joins Paternoster
Paternoster has appointed Chris Baker as investment director. Baker will manage Paternoster's assets, working alongside Chris Speed. He was previously an adviser to the BAE Systems Pension Fund, where he was responsible for £1.25bn (US$2.4bn).
AUSTRALIA - Milliman opens Sydney office
International consulting firm Milliman has opened an office in Sydney. In addition to a range of actuarial services, the consultancy will help Australian financial institutions and superannuation funds provide innovative products that simultaneously manage both investment and longevity risk. Milliman said its global expertise developing guaranteed products, and the sophisticated risk management systems and processes necessary to manage them, would become increasingly relevant as Australian organisations looked to enhance their retirement savings products.
Richard Wohanka is to chair The Pension Superfund's trustee board, working alongside professional firm 2020 Trustees to safeguard members' benefits.
Four people behind a £13.7m cold-calling scam which cost 245 people their savings have been banned from being pension scheme trustees by The Pensions Regulator (TPR).
The Pensions Administration Standards Association (PASA) has launched its latest round of guidance for guaranteed minimum pensions (GMPs).