News in brief - 14 February 2020

The Pension Insurance Corporation Group (PIC) has completed its £750m capital raise.

PIC’s existing shareholders will invest the £750m of new capital to support “continued development and growth” of PIC within the pension risk transfer market. The majority (£437.8m) of the funding will be provided by Reinet Fund S.C.A, who will have a 46.4 per cent stake in the group. Luxinva is investing £171.6m, with an 18.2 per cent shareholding, while CVC Strategic Opportunities I will invest £130.6m, with a 17.4 per cent shareholding. Sixty per cent of the funds will be available immediately, with the remaining 40 per cent callable upon before 26 January 2021.

Pasa accreditation has been awarded to Premier.

The administrator has been announced as the latest organisation to achieve accreditation from the Pensions Administration Standards Association (Pasa). Pasa accreditation is open to all corporate members, with organisations having to undertake an independent evaluation and assessment process, including on-site visits and reviews.

PTL has launched its Governance Advisory Arrangement (GAA) for investment pathway solutions.

The firm is already accepting clients offering investment pathway solutions for non-advised pension drawdown, emphasising the “very tight deadlines” that providers are working to. The extension of the GAA’s remit follows two FCA mandates, which saw providers of drawdown solutions to non-advised customers create four investment pathways, with value for money of these pathways now also requiring an assessment by an Independent Governance Committee, or GAA, by 6 April 2020.

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