July
2003
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New
guide to equity release
Age
Concern has published the latest edition of its long-running
guide to equity release plans, Using Your Home as Capital
2003-04 |
31/07/03 |
Most
IFAs moving to charge fees
A healthy majority of IFAs plan to move to a more fee-based
remuneration basis in the near future according to Winterthur
Life |
31/07/03 |
Online
exception reporting from Northern Trust
Northern Trust has launched a new automated risk management
tool to enable clients to monitor marketplace events and evaluate
their impact on institutional asset portfolios |
31/07/03 |
Britain
still not getting pensions message
Almost half the people questioned for a Department of Work and
Pensions survey
admit to having at best a shaky grasp of pension issues |
30/07/03 |
| Communication
is key to successful change
Seventy-five
per cent of the European financial services workforce has
experienced periods of change within their organisation within
the last twelve months, with the majority viewing change as
having a positive influence on their organisations |
29/07/03 |
| Companies
urged to protect biodiversity
A
new initiative has been launched to encourage extractive utility
companies, such as oil, gas and mining companies, to better
demonstrate their commitment to protecting biodiversity |
29/07/03 |
| Pensions
black hole will hamper economic growth
The
growing pensions deficit is likely to impact greatly on company
profits and future economic growth, warns the CBI in a new
report published today |
28/07/03 |
| Office
sector offers lowest returns in ten years
Property
returns from the office sector are at their lowest levels
in ten years, according to the latest quarterly index figures
from real estate services and investment company, Jones Lang
LaSalle |
28/07/03 |
| Standard
Life resists step towards demutualisation
Standard
Life has today rejected a request for a special general meeting
(SGM) to be held with a view to balloting members on demutualisation |
28/07/03 |
| IFAs
in support of increased NI rebates
The
majority of Independent Financial Advisers (IFAs) would support
a campaign for an increase in National Insurance (NI) rebates,
according to the results of a survey conducted by insurance
and asset management company, AXA |
25/07/03 |
Morley
launches trustee website
Morley Fund Management has launched a new website aimed at educating
pension fund trustees |
24/07/03 |
Pensions
industry welcomes new Combined Code
The publication
of a new code on corporate governance, which encourages closer
scrutiny of board member performance and the increased appointment
of independent non-executive directors, has been welcomed by
the pensions industry |
23/07/03 |
Most
big final salary schemes closed to new members
Less than
half of the defined benefit (DB) schemes provided by Britain's
largest businesses remain open to new members |
22/07/03 |
Fund
managers call for unconstrained mandates
A large majority
of fund managers believe that benchmark constraints placed on
their mandates are hampering their efforts to provide best returns
for clients |
22/07/03 |
HSBC
launches sterling hedge fund product
HSBC Republic has launched a new sterling hedged share class
within its fund of hedge funds vehicle, HSBC Global Absolute
Limited |
21/07/03 |
| Price
must be right to ensure stakeholder success
The
pensions industry has given a mixed response to yesterday's
government proposals for a new suite of simple low-cost investment
products |
16/07/03 |
Norwich
Union sheds 900 jobs
Nine-hundred
jobs are to go at Norwich Union in a major redundancy exercise.
280 of the job losses will come from the closure of the firm's
life and pensions administration office at Cheadle – scheduled
for the end of March 2004 |
15/07/03 |
Investment
industry haemorrhaging talent
Investment
professionals are abandoning the industry at the fastest rate
in seven years according to a survey conducted by consultants
Watson Wyatt |
15/07/03 |
DB
to cost employees an extra £1bn
One in five
final salary schemes has increased employee contributions from
an average of less than 5% to almost 7% over the last two years
according to research from Aon Consulting |
15/07/03 |
| Unions
call strike over pensions
Strikes
have been called by unions over plans to close chemical manufacturer
Rhodia's final salary pension scheme to new members. Members
of Amicus and the GMB will down tools at two of the firm's
12 manufacturing sites on 18 July |
14/07/03 |
Annuity
reform bill fails
Edward Garnier MP's private member's bill that proposed abolition
of the age-75 annuity purchase today failed to complete its
formal stages in House of Commons and will thus now be dropped
from the Parliamentary timetable |
11/07/03 |
EC
move reinforces pan-European commitment
The
European Commission (EC) has re-emphasised its commitment to
pan-European pensions by referring Denmark to the European Court
of Justice (ECJ) because of discriminatory tax practices |
11/07/03 |
| IFA
guidelines to promote SRI
A
set of guidelines is being developed to encourage Independent
Financial Advisers (IFAs) to find out whether their clients
are interested in ethically or socially responsible investing
(SRI) and if so point them towards the right funds |
11/07/03 |
| Reform
of state pension key to future of private provision
Private
pensions will only flourish if the government reforms the
current "complex and inadequate state pension",
according to the first stage of a study published today by
think-tank, the Pensions Policy Institute |
10/07/03 |
Zurich
launches international online admin system
Zurich
International Solutions has launched a new product to enable
online administration of its international group pension products. |
09/07/03 |
Postcode
annuities put into question
Plans
to price annuities according to individuals' postcodes have
been questioned by annuity specialist, The Annuity Bureau, which
argues that many other factors need to be taken into account |
08/07/03 |
Multi-manager
route increases in popularity
Multi-manager
investing has gained "mainstream status" in the pension
fund investment circles, according to investment managers Russell |
07/07/03 |
Women
more likely to struggle in retirement
Women
are at a considerable disadvantage when it comes to planning
their retirement, and the situation is likely to get worse,
according to a report published this week by the Economic
and Social Research Council (ESRC) |
07/07/03 |
Enhanced
support for independent trustees
Independent
trustees are invited to take part in a discussion on the establishment
of an Independent Trustees Group |
07/07/03 |
Salary-related
schemes may see resurgence
Defined
benefit schemes, or similar salary-related packages, will have
to be reintroduced in order to meet employers' and employees'
needs to cope with flexible retirement, according to Pinsents
law firm |
07/07/03 |
Protection
fund could be costly
The
Government's proposed Pensions Protection Fund (PPF) could cost
pension schemes as much as 1% of a plan's un-funded liability,
according to global benefits consultants Towers Perrin |
04/07/03 |
James
Hay launches advisory service
James
Hay, Abbey National's specialist pension provider, is enhancing
its corporate client offerings with the launch of a new advisory
service |
04/07/03 |
Government
consults on ageism ban
The
DTI today launched a consultation on anti-age discrimination
legislation. The document, Age
Matters, sets out ways in which the Government is considering
implementing its obligations under the European Employment Directive |
03/07/03 |
Pensioners
jeer Wicks' speech
The
new minister of state for pensions, Malcolm Wicks, was jeered
yesterday by the National Pensioners Convention in Blackpool
as he delivered his first major speech since taking up office |
02/07/03 |
MFR
levels see steady drop
The
average Minimum Funding Requirement (MFR) funding position of
Defined Benefit (DB) schemes has fallen by over 5% in the last
two years, according to a recent study of occupational schemes |
02/07/03 |
FSA
cleared of Equitable failings
The
Financial Services Authority (FSA) has been cleared of accusations
that it failed to carry out its duties in relation to Equitable
Life |
02/07/03 |
New
SIPP scheme opens up access to commercial property
Private
investors with modest pension pots can now access pooled commercial
property investment as part of their fund – something
previously only available to business owners and those with
large pension pots – with the launch of a new service |
01/07/03 |
Barclays
launches new hybrid scheme for staff
Barclays
Bank has launched a new hybrid scheme for the 24,000 staff who
are currently members of its defined contribution (DC) scheme |
01/07/03 |
Best
industry advisers gain recognition
The
inaugural OPAS Adviser of the Year Award has been won by Douglas
Steer-Smith. Steer-Smith, who is retired, was praised for his
dedication – exemplified by a case in which he wrote to
a pensions manager on Christmas Eve to take issue with the manner
of communication of an adverse decision to a scheme member |
01/07/03 |
Trustees
in line for better pricing information
Pension
fund trustees can expect improved information on fund manager
transaction costs from now on. A survey of members of the Investment
Management Association (IMA) revealed that the managers of 94%
of UK pension fund assets say they will comply in full with
Pension Fund Disclosure Code which came into effect today |
01/07/03 |
DC
trustees see improved access to fund managers
Trustees
of pension funds can now access a wider pool of investment managers
irrespective of the level of assets they are looking to invest,
under a new service launched today by Hewitt Bacon & Woodrow
|
01/07/03 |
