FTSE 350 pension gap reduced by £19bn

The FTSE 350 pension gap decreased by £19bn in April to £53bn, the largest reduction since the final quarter of 2016, Mercer has reported. This adds to the continued decrease in the gap which fell by £4bn to £72bn in Q1 2018 and builds on the progress made in 2017. The UK defined benefit pension schemes’ deficit decrease was driven by rising corporate bond yields and a slight fall in market implied inflation. At the end of April, liability values had fallen by £12 billion to £826 billion, while asset values were up by £7 billion to £773 billion.

Old Mutual Wealth launches new transfer value analysis service

Old Mutual Wealth has launched a new transfer value analysis (TVA) service. The new service that will replace the old service that was suspended last month in response to clarification made by the Financial Conduct Authority in PS18/6. The new TVA has been developed to ensure that advisers receive an accurate report as quickly as possible and there will be a charge for the TVA service and reports in line with new regulatory guidance. The new service will be launched on 14 May 2018.

Aviva Investors invests in onshore wind farms

Aviva Investors has purchased a 49 per cent interest in a portfolio of UK onshore windfarms from Fred Olsen Renewables. As one of Aviva’s largest single acquisitions made by its infrastructure platform to date, the portfolio comprises of two operational assets: Crystal Rig III Limited (six turbines, 13.8MW) and Brockloch Rig Windfarm Limited (30 turbines, 61.5MW). These are both located in Scotland. The deals were made on behalf of Aviva Investors Infrastructure Income Fund and represent a further addition to its existing portfolio of investments in wind energy.

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