INCLUDING: US - Extra responsibility for PBGC; UK - State Street mandate win, US - Cadogan appointment
US – Extra responsibility for PBGC
The Pension Benefit Guaranty Corporation (PBGC) has taken on responsibility for the bankrupt Union Stamping and Assembly pension scheme.
The PBGC estimated the scheme to be only 47% funded with US$1.5m in assets to cover $3.2m in liabilities.
UK – State Street mandate win
State Street Corporation has been appointed to provide investment services for Lucida, a pensions solution provider.
State Street will be responsible for custody, investment accounting, performance measurement, securities lending, transition management and compliance monitoring requirements.
US – Cadogan appointment
John Trammell has been appointed president of Cadogan Management which is 70% owned by Fortis.
Trammell joined from Investor Select Advisors where he was CEO.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.