INCLUDING: ASIA-PACIFIC - Watson Wyatt appoints new regional MD; AUSTRALIA - ING's new deputy CEO; GERMANY - New trustee business; US - Online calculator launched;
ASIA-PACIFIC – Watson Wyatt appoints new regional MD
Watson Wyatt has appointed Bob Charles as it’s new regional managing director of Asia-Pacific, to be based at the company’s Hong Kong office.
Charles has over 20 years experience with Watson Wyatt in the Asia-Pacific region. He recently oversaw the integration of India’s largest actuarial firm into the company and served as regional retirement practice leader.
AUSTRALIA – ING’s new deputy CEO
Martin Donnelly has been appointed head of sales and deputy CEO of ING Investment Management’s Australian operations. He will oversee the company’s sales and client relation activities across institutional and wholesale segments and work closely with ING’s other concerns in the Asian area.
GERMANY – New trustee business
A new trustee business from Commerzbank has won two mandates from German firms.
CommerzTrust, which is a 100% subsidiary of Commerzbank AG, has been launched in cooperation with cominvest Asset Management. CommerzTrust will target German companies and German firms with international subsidiaries.
A spokesperson said the CommerzTrust dealt with companies involved in contractual trust arrangement (CTAs). CTAs are set up by a corporation to protect a pension scheme’s assets in the case of a corporate insolvency.
US – Online calculator launched
The US department of labour has launched an online employee benefits calculator, making it easier for employers to calculate penalty payments for missing annual reporting deadlines. Under the scheme, delinquent filers can avoid higher punitive fees by satisfying the requirements of the site.
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.