Including: UK - Punter Southall urges caution over buyouts; US - WR Grace to add $24m contributions
In a letter to the Financial Times, Joanne Livingstone, a principal with Punter Southall, said trustees could not stand down yet, despite the rise of the buyout industry. She said most pension schemes could not afford to offload liabilities and urged schemes to consider the suitability of the products on offer.
US - WR Grace to add $24m contributions
The Wall Street Journal (WSJ) has reported chemical company WR Grace is to add a $24m contribution to its defined benefit (DB) pension plan, despite undergoing Chapter 11 bankruptcy proceedings. The WSJ additionally reported the company has contributed over $300m to the scheme since 2003.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.