DENMARK - The DKK30bn (US$6.3bn) AP Pension is planning to allocate a further $20m to private equity fund ECP Africa, according to MandateWire.
Claus Buchwald Christjansen, investment manager at AP Pension, who visited Africa at the beginning of the year to look at the new investment possibilities, said economic development on the continent was continuing and therefore investment opportunities would arise in the future.
In addition, AP Pension continues to see value in equities, despite declining markets and worries about pension reserves being used up. "We stand by the idea to actually buy more shares, because now they are cheap," director Søren Dal Thomsen said. "We are glad that we have got such a great reserve that we haven't been forced to sell out of our shares."
Thomsen also believes that the markets will eventually recover. "We must live with the decline in the share markets. It has happened 11 times since World War II, the latest in 2001-02. And every time the share markets have gone up again. There is no reason to think that it won't happen again," he said.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.