IPE's United Kingdom Coverage – Page 125
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News
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
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LGPS Central raises £700m for emerging markets fund
Four local authority funds support emerging markets equity mandate, run by BMO, UBS and Vontobel
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USS assets hit £68bn as deficit climbs again [updated]
UK’s biggest pension scheme aims to improve communication policies as member dissatisfaction grows
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NewsEU court sinks investment cost tax reclaim case for UK charities
Cambridge University has been denied the right to reclaim VAT on fund management fees, casting doubt over the future tax situation for UK charities
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UK government consults on merger of two local authority pension funds
Merger of £492m closed transport authority fund into £15.7bn West Midlands Pension Fund intended to address solvency risks
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NewsRegulator fines former Standard Life subsidiary £31m over annuity misselling
Standard Life Assurance failed to have robust systems and controls around its pension annuity sales, according to the FCA
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New UK leader faces same Brexit challenges, say managers
Boris Johnson, former mayor of London, will become the UK’s prime minister tomorrow with the UK’s EU departure date of 31 October looming large on the horizon
