US - All Californian public agencies will be able to participate in the California Public Employees' Retirement System (CalPERS) trust fund, under a bill signed by state governor Arnold Schwarzenegger.
The Assembly Bill 554 has opened up the California Employers Retiree Benefit Trust Fund to all California public agencies regardless of whether they contract with CalPERS to provide health benefits for their employees.
Fred Buenrostro, CEO at CalPERS, said: “Beginning in January, all public employers will be able to prefund their future retiree health insurance costs by taking advantage of our excellent risk-adjusted investment performance and our low administrative costs”
CalPERS established the California Employers Retiree Benefit Trust Fund so that public employers who contract with CalPERS for employee health benefits could prefund future retiree health benefits costs by making regular periodic contributions into the trust fund to enable the money to grow.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.