IPE's United Kingdom Coverage – Page 123
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News
Church Commissioners seeks new CEO as Brown signals retirement
Andrew Brown has served as secretary to the Church Commissioners since 2003, overseeing £8.2bn in pension and endowment funds
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Cadbury Mondelēz takes a bite out of liabilities with £520m buy-in
Deal with Rothesay Life is pension scheme’s second buy-in in 10 years as insurers process busy pipeline of de-risking transactions
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Chart of the Week: Analysing sterling’s volatility
Weak second-quarter growth figures added to the pressure on the UK currency after weeks of speculation about the nature of the country’s exit from the EU
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NewsDe-risking deals totalled £17.6bn in H1: LCP
Legal & General and Pension Insurance Corporation dominated the market for buy-ins and buyouts in the first six months of 2019, and the total for the full year is set to be a record
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NewsUK MPs criticise government over handling of FRC chair appointment
Simon Dingemans is set to chair the Financial Reporting Council and its successor body – but politicians have expressed ‘frustration and dissatisfaction’ at the process
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NewsAon’s European retirement chief exits
Andy Cox is standing down as head of Aon’s retirement practice in the EMEA region after more than seven years at the helm
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UK roundup: The best and worst industries for employer contributions
Also: The Pensions Regulator authorises DC master trusts run by Aon and Railpen
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NewsHSBC pension scheme strikes £7bn longevity risk transfer
Deal with Prudential Financial is the second-largest longevity swap completed by a UK pension plan after the BT Pension Scheme’s £16bn deal in 2014
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LGPS advisory board pursues ESG-related guidance updates
Scheme advisory board wants to make sure legal framework for LGPS does not lag that for other pension schemes
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Politicians urge government to legislate for cost disclosure
Industry cost reporting templates will not be sufficient to provide full transparency for pension funds and savers, argues Work and Pensions Select Committee
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UK universities back fresh funding proposal for USS
Employers backing the UK’s largest pension scheme agree to measures supporting lower contribution rates, including a moratorium on exits
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NewsTPR: DC governance stats show smaller schemes should wind up
The Pensions Regulator’s latest survey reveals an ‘unacceptable long tail’ of smaller schemes failing to meet key governance and trusteeship standards
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NewsActive global equity fees have dropped 11% since 2017: LCP
Investors now pay more for credit and liability-driven investment managers than for equity managers, consultancy’s fee survey reports
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Tobacco giant seals £3.4bn pension de-risking deal with PIC
Transaction accounts for the bulk of British American Tobacco’s UK DB pension fund, and is Pension Insurance Corporation’s biggest deal to date
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Asset managers propose new fund structure for illiquid assets
The Investment Association has proposed the creation of the ‘Long-Term Asset Fund’, which would be a modified version of an existing category of open-ended authorised fund
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Asset management roundup: Liontrust snaps up Neptune in £40m deal
Also: €15.4bn asset manager CQS has struck an agreement with a Chinese financial services group and a Hong Kong-based investment company
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Church of England eyes private equity after 2.6% loss in 2018
The £2.4bn Church of England Pensions Board was hit by the fourth-quarter public equity crash, but also incurred losses on its liability-matching portfolio
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LGPS funds to be exempt from fiduciary management rules
DWP consults on new rules for fiduciary managers and investment consultants following CMA investigation
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Pension SuperFund signs up second client in £300m deal
DB consolidation vehicle’s first deal was submitted to the regulator for clearance in May
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Auto-enrolment providers slam NOW: Pensions over cost analysis
The master trust claimed it was the cheapest provider on the market – but its rivals have hit back over ‘artful propaganda’ and ‘absurd’ outcomes
