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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.