INCLUDING: UK - AXA multi-manager separation; US - PBGC takes on more; US - Another DB closure
UK – AXA multi-manager separation
AXA and Winterthur Wealth Management are to reportedly launch a multi-manager division for institutional investors early next year.
It is thought the division would be independently run by Mike Kellard who has headed up AXA wealth management and Winterthur’s high net worth business since November 2006.
US – PBGC takes on more
The Pension Benefit Guaranty Corporation (PBGC) has taken responsibility for 900 former employees of Scotty's Inc., Florida.
PBGC estimated the plan to be 55% funded and expected to be liable for the entire $6.7m shortfall.
US – Another DB closure
Dow Chemical Company will reportedly close its defined benefit (DB) pension plan to new employees in January 2008.
The chemicals giant will instead offer a cash-balance account which new workers can take as a lump sum when leaving the firm.
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Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.