UK - The Pension Protection Fund (PPF) has recruited seven private equity secondary managers to a panel for potential future investment.
The lifeboat fund said it had appointed Goldman Sachs; Hamilton Lane; Lexington Partners; LGT Capital; Partners Group, Pantheon Ventures and RREEF to its panel.
It said these managers would allow the PPF flexibility to take advantage of secondary market opportunities as they arise.
The move comes as part of the PPF's new Statement of Investment Principles announced earlier this month (Global Pensions, March 10, 2010).
In the statement the PPF said it would diversify its assets to gain returns - meaning less investment in listed equities and a new allocation to private equity, infrastructure and a more global approach generally.
The PPF said it aims to outperform its benchmark during the year by 1.8 percentage points rather than the present target of 1.4 percentage points.
PPF chief executive Alan Rubenstein said: "Our portfolio is nearing the £4bn mark which means we now have far more opportunity to diversify our assets and greater buying power than ever before."
He said a higher long-term performance is in the best interests of those people who receive the PPF's compensation and levy papers.
The private equity secondary investments will form part of the alternatives portfolio within the PPF asset allocation:
|Permitted Asset Class||Strategic allocation||Tolerance range||Asset benchmark index|
|Cash and Bonds (including cash; UK gilts; global government bonds; and global aggregate bonds [including credit])||70%||65-80%||3 month LIBOR FTSE Gilt All Stocks, JP Morgan Government Bond and Barclays Global Aggregate Bond|
|Public Equity||10%||5-20%||FTSE All-World Index|
|Alternatives (including property)||20%||10-25%||Will vary according to the asset class|
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.