News

THE MINIMUM drawdown rate for alternatively secured pensions (ASPs) is set to be reduced to 55pc, it was announced yesterday.

UK - The National Association of Pension Funds has voiced its disappointment at a £4.1bn cut in gilt sales following last week's speech by MP Ed Balls assuring fund managers of the increased issuance of long-dated bonds.

US - California-based Dimensional Fund Advisers, which manages assets for CalPERS and Utah State Retirement systems, has announced that ex-Janus CFO David Martin will join the company in the same position.

FIDELITY International has upgraded its online service for defined contribution pension schemes in a bid to reduce the time involved in scheme administration.

US - The Indiana Teachers' Retirement Fund (TRF) has committed US$50m to a "sidecar" fund to the $105m Indiana Investment Fund 1 (IIF), which was launched in June last year.

CARDANO has appointed Hewitt Associates senior investment consultant Kerrin Rosenberg as its UK chief executive officer to lead a massive expansion of its business.

MORE than 80,000 British Airways staff are to benefit from cheaper shopping bills thanks to a new discounts package.

Life and pensions giant Prudential is set to buy Equitable Life's £1.8bn portfolio of in-force with-profits annuities.

BLUEBAY Asset Management is to launch a multi-strategy fund on April 7, 2007 - its first new long/short product since 2003 and the fourth in its long/short range for institutional investors.

Attempts to provide the most vulnerable workers with generic and personalised pension advice will be extremely complex, Scottish Life warns.