INLCUDING: FINLAND - Better returns for VER; AUSTRALIA - ASFA awards; UK- JOHCM appointment; UK - Postcode pensions
FINLAND – Better returns for VER
The State Pension Fund (VER) delivered positive first half results after only breaking even last year.
VER’s investments yielded a return of 3.4% in the first half of 2007 compared to 0% in the first half of last year.
The fund's assets rose to €11.4bn at the end of June, up from €10.3bn at the turn of the year.
The return on the State Pension Fund’s fixed-income portfolio in the first half of 2007 was -1.2%, in contrast to -2.5% from January-June 2006, and the market value of fixed-income investments was €6.2bn.
AUSTRALIA – ASFA awards
ING Australia, Mercer Wealth Solutions, Plum Financial and First State Super picked up excellence awards in the Member Marketing or Education Communication category at the Association of Superannuation Funds of Australia (ASFA) awards.
Eight superannuation funds picked up merit awards in the same category.
UK – JOHCM appointment
J O Hambro Capital Management (JOHCM) has announced former Northern Rock finance director, Bob Bennett would join as its first independent non-executive director.
Bennett would take responsibility for the development and growth of JOHCM.
UK – Postcode annuities
Legal and General has launched a pilot scheme which would vary annuity costs and payout rates according to where retirees live.
Hargreaves Landsdown collaborated on research into how postcodes could indicate life expectancy.
The Financial Conduct Authority (FCA) has fined Standard Life Assurance (SLA) nearly £31m after its practices led to conflicts of interest and SLA employees putting their financial needs above those of the firm's customers.
The government has launched a consultation on amending the contribution rules of the NHS Pension Scheme in a bid to mitigate the possibility of members hitting tax allowances.
Aviva has seen a 50% year-on-year increase in the number of enquiries from pension schemes that use investment and administration on separate platforms seeking to move to a bundled provider.
This week's Pensions Buzz respondents were unsure whether Guy Opperman will stay in post as pensions and financial inclusion minister under the new Prime Minister.