News in brief 14 September

The Bank of New York Pension Plan has appointed Hymans Robertson to provide defined contribution investment advice to its £450m plan. The trustees will have access to Hymans Robertson’s Guided Outcomes (GOTM) analytics technology. This will help them to develop a deeper understanding of membership dynamics within the plan and what they can do in practical terms to improve member outcomes and engagement. Using this understanding of the plan’s membership dynamics Hymans Robertson will undertake a comprehensive investment strategy review to ensure this meets the changing needs of the plan membership.

The Local Authority Pension Fund Forum has recommended that its members vote against Ryanair’s report and accounts and the re-election of chairman David Bonderman at the company’s annual general meeting. The forum’s recommendations reflect significant concerns about Ryanair’s treatment of its workers and handling of recurring strikes by employees. These matters have highlighted long-running questions about the company’s governance. LAPFF, whose members hold about £230bn of pension fund assets, will attend the meeting in Dublin on 20 September and will ask the board about these issues.

Aegon has announced a series of developments to enhance its workplace savings proposition. Over the next 18 months, Aegon will deliver improvements to TargetPlan (the former BlackRock DC proposition) focused on member engagement, wider savings, improved governance and digital communications. Commenting Aegon chief distribution officer Ronnie Taylor said: “We are delighted to announce these new enhancements to TargetPlan. Over the last few months, feedback from employee benefit consultants and key clients has consistently been that savings, digital capability and improved governance were key areas they’d like to see us improve and that is exactly what we are doing.”

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