News in brief: 11 August

Written by Natalie Tuck
11/08/17

- The Pensions Administration Standards Association (Pasa) has announced plans to expand its existing accreditation framework to accommodate master trust and buyout providers.

The new standard, led by Pasa’s accreditation committee chair, Lorraine Harper, launched its first pilot on 28 July. Commenting, Harper said: “With an increasing number of people set to have their pensions delivered by master trusts in the future, it is vital that steps have been taken to secure high standards of administration for these members. Whilst there may be assurances in place to assess governance standards for Master Trusts, there is no framework targeted specifically towards administration. Through its new framework, PASA will ensure the ongoing protection of these members, meaning they too can benefit from the good outcomes that come with a high-quality administration service. “

- Aon has been appointed by Givaudan SA to provide global delegated investment management services to the company's three largest pension plans.

Givaudan, headquartered in Geneva, Switzerland, is the largest fragrance and flavour manufacturer in the world, with offices in 95 locations and with pension funds totalling $1.5 billion. With this appointment, Aon will provide investment management services across multiple countries.

- JLT Employee Benefits has helped Mizuho Capital Markets UK Limited (MCM), a London-based derivatives business, settle in full all member benefits in their hybrid pension scheme through an advice-led transfer exercise and a buyout with Legal & General.

The MCM pension scheme involved a complex hybrid benefit structure with members’ individual DC accounts underpinned by “contracted-out” DB. These guaranteed DB benefits required careful treatment, making a settlement significantly harder than is normal for a DC scheme.

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