UK - The £2.7bn pension fund for struggling telecoms company Marconi has set a date for its actuarial study during the next quarter, with an outcome expected in September.
Watson Wyatt will conduct the review which starts on April 6. The news follows Marconi’s recent pledge to rectify a £137m deficit in its UK pension plan with an additional £16m pumped into the fund over a 12 year period.
Currently, Marconi uses Merrill Lynch Investment Managers and Bankers Trust Company as its principle fund managers. Its property managers include Gerald Eve, LaSalle Investment Management and Pepper Angliss & Yarwood.
Last year the fund appointed ABN Amro Mellon as its global custodian replacing State Street Global Advisors, Bank of New York and Deutsche Bank.
By Madhu Kalia
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers