UK - Industry commentators have backed Rick Di Mascio, the chief executive of Inalytics Limited and chair of the T-Charter, for blasting transition managers about dragging their feet over agreeing a final version of the charter.
Speaking last week at the Global Pensions Transition Management Forum 2007, Di Mascio said he had hoped to be able to present the final version of the controversial T-Charter, but added it would "probably" be finished soon.
He likened the process to a marathon in which the runners were "approaching the stadium for the last lap", but warned that elements in the transition management industry wanted to continue drafting the charter for as long as possible, despite it being "good enough" for use.
Commenting on the scathing remarks, Tim Wilkinson, global head at Citi Transition Management, said he sensed Di Mascio's frustration with “select” transition managers for dragging their heels, and said this was particularly the case as the industry sought to move towards a legal version on the T-charter.
Wilkinson said: “I understand his frustration.”
Meanwhile, Graham Dixon, managing director and head of European transition services at Credit Suisse, also sympathised with Di Mascio.
“I can understand Di Mascio’s frustration, as there has always been a majority in favour and it has been a handful of firms that have been less helpful, quick to criticise and very slow to contribute,” said Dixon.
Dixon said Di Mascio had been working on the charter for many years but had set himself a very difficult benchmark in coming back with unanimous acceptance for a code of practice for transition mangers.
In other transition management news, State Street Global Markets has expanded its transition management team in London with the addition of three senior appointments: Ian Barnes, Chris Martin and Ben Mooney.
Reporting to Lachlan French, senior managing director of State Street Global Markets in London, Barnes and Mooney will serve as transition managers for the Europe, Middle East and Africa region.
Martin will be responsible for sales and client service to UK corporate pension funds, in addition to the local authority community.
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.