Mercer
Border to Coast names four managers for £2.7bn multi-asset fund
Four managers have been appointed to run the multi-asset credit (MAC) fund of the Border to Coast Pensions Partnership.
Five stories you may have missed this week
This week’s top stories include findings from PwC that pensions schemes have been “shoehorned” into valuing liabilities against gilts, while Mercer launched a defined benefit master trust.
Mercer launches DB master trust as scheme pressures grow
Mercer has launched a defined benefit (DB) master trust in a bid to offer a “best-in-class solution” that recognises the shrinking universe.
UK investment consultants form joint working group on sustainability
A dozen UK investment consulting firms have established a group aiming to improve sustainable investment practices across the investment industry.
DB funding - August 2020: Strong markets return £59bn deficit reduction
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the August 2020 estimates on the various measures…
Third way needed in DB funding code; 'Evolution not revolution' urged on covenant
Oversimplification must be avoided in The Pensions Regulator’s (TPR) proposed revision of the defined benefit (DB) scheme funding code, and a third way might be necessary, the industry has said.
2020 may be a 'blip' for bulk annuity volumes
This year might prove to be a blip in the growth of the bulk annuity market despite volumes trending towards £25bn, according to Mercer.
Marathon Service scheme agrees £610m full buy-in with Rothesay Life
The Marathon Service (GB) Limited Pension and Life Assurance Scheme has completed a £610m full buy-in with Rothesay Life, covering the benefits of more than 1,400 members.
Climate change action among schemes surges four-fold
European pensions funds’ awareness of, and desire for, action on climate change related investment risk has surged, Mercer says.
Littlewoods scheme completes £930m buy-in with Rothesay Life
The Littlewoods Pensions Scheme has completed a buy-in covering just under £930m of around 6,500 members’ benefits with Rothesay Life, the majority of which relate to deferred members.
DB funding - July 2020: PPF 7800 deficit grows another 14%
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the July 2020 estimates on the various measures…
Market growing for longevity swaps for deferred members
Longevity swap usage is expected to grow further as more reinsurers enter the market to hedge the risk of deferred members, according to Mercer.
Premaberg scheme agrees £5m buy-in deal with Just Group
The Premaberg Holdings Limited Retirement Benefits Plan has agreed a £5m buy-in transaction with Just Group.
Mercer's Benoit Hudon: 'Plan, don't panic'
Professional Pensions spoke to Mercer UK wealth leader Benoit Hudon as part of its exclusive series of interviews with the leaders of the UK’s leading pension consulting firms. This is what he had to say…
UBS completes £1.4bn longevity swap with Zurich and Canada Life
The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.
Bulk annuities help sponsors outperform peers on share prices
Sponsors whose pension schemes complete buy-ins or buyouts tend to outperform their peers by between 0.25% and 3% on average, Mercer research finds.
Big three pension consultants post combined revenues of £1.14bn in 2019
The revenue of the three biggest pension consultancy firms in the UK fell slightly in 2019, dropping from £1.16bn in 2018 to £1.14bn in 2019.
UPDATED: The UK's biggest pension consulting firms by revenue
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
Available on demand... Dan Melley, Niall O'Sullivan and Susan Andrews among speakers at PP's inaugural DeskFlix event
The first virtual event of PP’s DeskFlix series took place on 23 June
DB funding - May 2020: PPF 7800 deficit surges by 37%
Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the May 2020 estimates on the various measures…
Aviva appoints chair and trustee to master trust board
Barnett Waddingham non-executive chairwoman Elizabeth Renshaw-Ames has been named as trustee chairwoman of Aviva Master Trust.
Nick Salter: Focusing on people, not the financials
Ahead of stepping down as senior partner next week, Nick Salter tells James Phillips about building Barnett Waddingham up to £100m in turnover, his client-first mantra, and his desire for greater consumer trust.
L&G agrees £650m buy-in with 3i scheme
The 3i Group Pension Plan has agreed a £650m buy-in with Legal & General (L&G), insuring the remaining benefits within the scheme.
Engaging members on financial wellbeing
Charlotte Moore looks at industry efforts to why improving members' financial wellbeing and retirement planning is crucial in a crisis situation.
