UK - Mothercare's pension funds have dropped Legal & General Investment Management, Merrill Lynch Investment Managers and SG Asset Management following an investment review.
Prior to the review, the schemes - the £65m Mothercare Staff Pension Scheme and the £56m Mothercare Executive Pension Scheme - had most of their assets in index mandates and active equity briefs with the three fund managers.
However, Mothercare pensions manager and scheme secretary Annie Brent said the schemes’ performance had suffered during the bear market and had changed their strategy to focus on absolute returns.
The schemes’ new fund managers are New Smith, Artemis Investment Management, Barclays Global Investors and UBS.
New Smith and Artemis will run UK equity mandates for the schemes, UBS will fund a global equities brief, while BGI will run manage the schemes’ currency exposure.
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.