Bank of Bermuda's (BoB) support for Hong Kong's Mandatory Provident Fund (MPF) has helped the group report a core operating income of $27.7m for the second quarter of 2001, compared with $28.7m in the same quarter last year.
Commenting on BoB’s second quarter results for 2001, Edward Gomez, chief financial officer, said: “The main driver of the remaining increase in operating costs is our Hong Kong office’s investment in people and systems to support the Mandatory Provident Fund business, the revenue flows from which are continuing to build and to exceed expectations.”
BoB’s total revenue for the quarter was $119.7m, 11.4% higher than a year ago. In Hong Kong, revenue from retirement schemes administration was $1.3m, or 117%, higher than the previous year. In total, global fund services (GFS) fees in the Far East were up $1.8m from last year. In Europe, GFS fees reported an overall decline of $0.5m.
The largest component of operating costs, salaries, were 4.6% higher than a year earlier with $1.6m of the total $1.9m increase reported in the Far East where Bank of Bermuda added staff to service the MPF, revenues from which commenced at the start of the current calendar year.
By Janet Du Chenne
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.