INCLUDING: GLOBAL - Hewitt names co-presidents; US - PBGC takes on Auburn hospital pensions; UK - IMA joins accounting standards debate
Eric Fiedler and Yvan Legris have been named co-presidents of Hewitt Associates' consulting business. Fiedler, who currently leads Hewitt's Asia Pacific consulting business, and Legris, who heads its UK consulting and benefits outsourcing businesses, will take up their positions on 1 October. As part of this leadership transition, Perry Brandorff, current global president of consulting, and Roger Parkin, current European consulting leader, are leaving Hewitt.
US - PBGC takes on Auburn hospital pensions
The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for the pensions of more than 1,500 workers and retirees of non-profit medical centre Auburn Memorial Hospital. The PBGC stepped in after a bankruptcy court found that Auburn Memorial would not be able to survive outside of bankruptcy protection unless each of its four underfunded pension plans ended. The agency also moved to assume the plans because nearly $13m in required contributions to the plans were due and unpaid.
UK - IMA joins accounting standards debate
The Investment Management Association has joined those opposed to proposals in the Accounting Standards Board's (ASB) discussion paper on the financial reporting of pension funds, warning that discounting pension liabilities using the risk free rate could lead to the closure of more defined benefit plans. Liz Murrall, director, corporate governance and reporting, IMA, also warned that the proposal was likely to drive pension schemes into more conservative asset allocation, accelerating the trend towards bonds as seen in recent years, and reducing returns over time.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.