UK - Pension Corporation has been established as the holding company for its three subsidiary vehicles, Pension Insurance Corporation (PIC), Pension Corporation Investments (PCI) and Pension Security Insurance Corporation Ltd (PSIC).
The arrangement means Pension Corporation will oversee two main routes to pension assets through PIC and PCI.
PIC and PCI will also continue to carry out their respective functions of insuring pension scheme risk and sourcing acquisition opportunities.
Following the announcement, Pension Corporation said its expertise would now provide best practice pension scheme management to generate value for the benefit of scheme members.
Edmund Truell, group chief executive of Pension Corporation, said: “The Pension Corporation looks forward to providing responsible pension stewardship for the benefit of pension scheme members.”
The company stated that in the long term it intended to provide the best possible security to trustees, beneficiaries and sponsors of defined benefit (DB) pension schemes.
Pension Corporation has £1.3bn under management and following its acquisition of the Threshers First Quench Pension scheme, the fund was brought into surplus from a £24m deficit in three months.
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.