SCHRODERS and the Bank of New York have each lost custody mandates worth approximately £1bn after Royal Mail decided to consolidate its assets under one custodian.
JPMorgan Worldwide Securities Services has been appointed as the sole custodian of £2.2bn of the £22bn Royal Mail scheme’s segregated assets.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.