INCLUDING: UK - Watson Wyatt consultant appointments; IRELAND - ACE launches Irish trustee protection product; UK - Henderson announces CIO; UK - Inflation reaches 9% for pensioners
Former head of capital markets research at DTZ Soo Kobberstad has joined Watson Wyatt Worldwide as a senior investment consultant in London.
Soo, who has over 16 years of financial analysis and portfolio management experience, will be responsible for conducting research and evaluation of real estate managers.
In addition, Yodia Lo has joined Watson Wyatt's Reigate office as an investment consultant.
Lo, who was an equities analyst at BlueSilver Alternative, will join the Thinking Ahead Group (TAG) which aims to identify and develop new investment thinking and opportunities.
IRELAND - ACE launches Irish trustee protection product
ACE Europe has launched its latest Pension Trustee Liability (PTL) product 'ACE Elite PTL IV', developed to provide comprehensive protection for pension trustees, pensions schemes and employers in the Republic of Ireland.
The product provides cover to protect pension scheme assets and the personal liabilities of trustees. It combines features previously provided, plus additional cover for costs incurred in taking action to prevent, limit or mitigate exposure to potential claims; extradition proceedings against trustees; court applications; investigatory and prosecution costs.
In addition, there is new cover for public relations expenses to limit the damage of negative publicity on a fund's reputation.
UK - Henderson announces CIO
Henderson's head of fixed income David Jacob has been promoted to the role of chief investment officer.
The appointment follows last week's announcement that Andrew Formica, who is also co-managing director of Henderson's listed assets business with Jacob, had been selected to succeed Roger Yates as CEO.
To support Jacob in his new role, Mitesh Sheth, currently fixed income investment director, will be promoted to deputy head of fixed income. Bill McQuaker, currently head of multi-manager funds, has been promoted to head of equities.
UK - Inflation reaches 9% for pensioners
Inflation is currently at 9% for pensioners living in the UK, research from Alexander Forbes Annuity Bureau research has estimated.
A basket of key items and services that are essential to pensioners were researched to estimate what the actual rate of inflation would be for those living on a retirement income. These items included food, energy, fuel and council tax.
So far this year food prices have risen by an average of 9.1% when compared to 2007 prices. Energy bills are also expected to skyrocket this year, which will make heating the home increasingly difficult for those on fixed incomes.
Council Tax was increased this year by a national average of 4.7%, based on a CPI figure last year of 2.3%. On average, since 2000, council tax has increased by 5.46% above inflation every year. Based on those figures, Council Tax could be increased by up to 10% next year, assuming inflation only stays at 4.4%.
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.