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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.