AUSTRALIA - Industry superannuation scheme members have benefited from more than twice the man hours spent by directors running their fund than retail scheme participants.
This could be explained by retail fund executives holding an average of seven simultaneous directorships, compared to industry chiefs holding 2.4.
APRA found only 20% of retail directors had a personal stake in the fund they presided over, compared to between 59-75% of those supervising corporate, public and industry funds.
Public and industry funds also were found to have older directors with more experience in the field than those looking after corporate or retail funds.
The Howden Group Pension Plan has completed a full pensioner buy-in with Legal & General (L&G), insuring benefits for around 2,000 members.
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Concern about the potential impact on employer covenants has been rated the top risk for defined benefit (DB) schemes, according to a PTL survey.
Jonathan Stapleton says the DWP's progress on CDC is a welcome, and cautious, step forward.