News

Heineken has closed its defined benefit scheme to future accrual and replaced it with a defined contribution arrangement.

The government has announced public sector pension negotiations will continue on ‘scheme by scheme' basis in the future.

RPMI has hired an administration specialist from Mercer to head up its third party administration business.

GLOBAL - Institutional investment managers showed a marked trend towards risk aversion in the second quarter of 2011 amid negative economic news, research by Northern Trust found.

US - Moody's has become the second ratings agency to place fixed income funds on review for possible downgrade over concerns they are either entirely or largely directly invested in US Treasury and government agency securities.

The Department for Work and Pensions overpaid some £3.3bn on benefits last year due to fraud and error, its 2010/11 accounts show.

UK/AUSTRALIA - Investment management boutique J O Hambro Capital Management is to be acquired by Australian fund manager BT Investment Management (BTIM) in a £209m ($337m) deal.

Legal & General Workplace Savings has hired a development director - a newly created role in response to an increasing number of direct enquiries from the corporate market.

Barings' Toby Nangle has joined Threadneedle as head of multi-asset.

The low charges set by the National Employment Savings Trust will set a benchmark with which pension providers will have to compete, Legal & General says.