UK - Drinks giant Allied Domecq is to drop Fidelity and the Equitable Life as its additional voluntary contribution (AVC) providers.
A source at the firm's £2.25bn pension funds said that it has decided to hire Barclays Global Investors (BGI) and Invesco to replace Fidelity and Equitable. The source declined to add any further details.
According to International Pension Funds and their Advisors, the value of the drinks firm's AVCs currently stand at £12.2m. Its fund manager line up includes BGI, Baring Asset Management, Merrill Lynch and Newton Investment Management.
By Geoffrey Ho
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Sir Philip Green's restructuring proposals for his retail giant Arcadia will not "adequately protect" its pension schemes' members, The Pensions Regulator (TPR) has said.
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.