US - BNP Paribas has created a specialised Americas Pensions Team, based in New York, to enable North American pension plans to gain access to the firm's global products.
Like the European Pensions Team, the Americas Team will form part of BNP Paribas’s Global Risk Solutions Group, which structures products and solutions to optimise the risk management of large corporations.
The firm has recruited Jim Johnston to join the New York team from Mercer Investment Consulting in New York, where he was the lead adviser to many large pension plan sponsors in the North East. He will report to London-based Tony Osborn-Barker, global head of pensions.
Johnston will focus on the development of products addressing pension plan financing, cash flow hedging, deficit repair, structured returns and surplus management.
Osborn-Barker commented: "A perfect storm of accounting, regulatory, capital management and rating considerations have conspired to demand a new approach to pension risk management.”
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.