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 secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.