UK's £1.5bn Avon Pension Fund has appointed international property adviser GVA Grimly to assist with the disposal of its £40m property assets.
GVA Grimley will advise the fund for Bath & North East Somerset council on its withdrawal from property, and on how to maximise the value of assets resulting from the disposal.
The fund also has three of its investment managers under review on the basis of performance, according to the fund. As International Pensions News reported in February, Merrill Lynch Investment Managers (MLIM), Barclays Global Investors (BGI) and Gartmore Investment Management are all under review as Bath & North East Somerset Council's pensions committee were “no longer confident” in their abilities to add value to the fund.
Currently, MLIM run a £500m active balanced mandate, whilst BGI and Gartmore both oversee passive mandates worth £500m each.
By Geoffrey Ho
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.