INCLUDING: US - GEF hires India and South Asia MD; UK - Hewitt releases buyout guide; UK - SEI extends DC Master Trust
The Washington DC based Global Environmental Fund (GEF) has hired Raj Pai as managing director for its investment activities in India and South Asia. GEF, which manages $1bn in private equity investments for institutional investors, including pension funds, appointed Pai to look at investment opportunities, with a special focus on clean technology and alternative energy in Asia. Previously, Pai, who will be based in Mumbai, India, was a managing director at CID Capital.
UK - Hewitt releases buyout guide
Hewitt Associates has released a guide to help companies establish whether a pension buyout is right for them. The Elements of an Effective Buy-Out also contains practical help on managing their way through the process of transferring pension liabilities. The guide is based on Hewitt's experience of the market, having had over £1bn worth of transactions already completed by its clients, and quotations currently under way for transactions potentially worth a further £7bn.
UK - SEI extends DC Master Trust
SEI has extended the SEI DC Master Trust aimed at alleviating the drain on corporate pension schemes caused by the growing number of deferred members. The extension to services allows pension schemes to transfer the deferred members of their DC scheme or AVC arrangement to SEI. SEI said it was one of a series of enhancements to the SEI DC Master Trust, a fully bundled DC solution, to be announced over the next 12 months.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.