US - The Pension Boards United Church of Christ has tapped Northern Trust as global custodian for its US$2.4bn pension plan.
Northern Trust will provide custody, treasury management, benefit payment and investment, risk and analytical services to the fund.
President and chief executive officer of the Pension Boards Michael Downs said: "Northern Trust demonstrated an understanding of our needs as a Church plan and showed creativity, responsiveness and energy in accelerating the Pension Boards' knowledge of their platform and service capabilities. Their people, business culture and single, global technology architecture were major factors in our decision."
The Pension Boards invests $182.2m in stable value investments, $170.4m in short-term investments and $989.6m in fixed income investments, according to their 2008 annual report. The scheme also invests over $1bn in equities and $40.5m in other investments, including private equity.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.