News in brief - 05 April

Pensions Insurance Corporation (PIC) has invested £65m into Livin Housing Limited.

The housing association, based in county Durham, will use the money to develop affordable homes and refinance existing debt. Formed in 2009, Livin Housing Limited manages around 8,400 homes across the county. The deal was split across three tranches maturing in 2055, 2057 and 2058 respectively. The profile was tailored to match PIC’s pension liabilities where it is difficult to source cash flows. The group has invested almost £1.5bn into social housing so far. Livin Housing Limited was advised by Centrus.

The Pensions Management Institute (PMI) has appoint Hymans Robertson as its insight partner for defined contribution governance.

The partnership will allow the PMI to access Hyman Robertson’s thought leadership on DC governance. The partnerships are developed with thought leading organisations in the industry in order to support innovation and add value through the delivery of insight. PMI chief executive, Gareth Tancred, said: “Governance is a fundamental requirement for DC schemes. Having a robust governance structure and process in place is essential to achieving good member outcomes, while ensuring compliance with The Pensions Regulator, minimising risk and reducing cost.”

The Pensions Administration Savings Association (PASA) has announced that AllianceBernstein is the first asset manager to become a PASA member.

Commenting on the news, PASA chair, Kim Gubler, said: “Continuing to raise the standard of administration is not just the responsibility of administrators so it has been really encouraging that, so far in 2019, we have really started to see an emergence of cross industry awareness of this. Administration is moving up the agenda for everyone. As a result our membership is not only growing, but becoming increasingly diverse.” The group hopes to expand its reach following the first trustee member joining in March.

Lincoln Pensions has launched a restructuring service capability within its covenant advisory business.

Following the launch, Lincoln Pensions has appointed its current managing director Dan Mindel to focus on building its pensions restructuring business, while former AlixPartner head of pensions, Gary Squires, will become senior advisor. Previously, Mindel worked in the restructuring teams at EY and BDO, while squires worked as an insolvency practitioner for over 30 years, advising stakeholders in distressed situations.

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