News in brief

The Pensions Infrastructure Platform (PiP) has announced it has completed the acquisition of a 50 per cent ownership stake in the new Dumfries and Galloway Royal Infirmary (“DGRI”) from Laing O’Rourke (“LOR”).

This acquisition adds to PiP’s existing 50 per cent ownership interest and makes PiP the sole equity owner in the project alongside the Scottish government, on behalf of its UK pension scheme investors. The new DGRI was built by LOR as part of the Scottish Government’s Non-Profit Distributing (“NPD”) infrastructure model and became fully operational in December 2017.

Moody’s Analytics and PwC have announced their collaboration to offer best-of-breed technology, implementation, and consulting solutions that help insurers respond to the new International Financial Reporting Standard for Insurance contracts (IFRS 17) globally.

PwC’s Alex Bertolotti said: “Insurers face significant challenges in adopting and complying with the new standards.” As part of this alliance, Moody’s Analytics will provide solutions that process IFRS 17 calculations and address the data governance and accounting challenges introduced with IFRS 17. PwC will offer actuarial and accounting advisory services as well as business, functional, and technical implementation consulting. By joining forces, the two firms offer insurers an end-to-end solution with a rich blend of domain knowledge, tools, and execution capabilities spanning finance, actuarial, and operations.

Sacker & Partners LLP (Sackers) has retained its elite Band 1 status in the latest Chambers UK legal directory for both pensions and pensions litigation for another consecutive year.

Chambers UK 2019 describes Sackers as a “distinguished pensions boutique with a broad array of experience in defined benefit and defined contribution schemes. Offers expertise from a tax and finance perspective and has strong litigation capabilities” and “a strong team of pension litigators who offer broad experience to trustees, advisers and sponsoring companies.”

Eight Sackers partners have been ranked in this year’s edition for pensions: Ian Pittaway, Mark Greenlees, Edward Hayes, Pauline Sibbit, David Saunders, Janet Brown, Paul Phillips and Philippa Connaughton. Two partners have also been ranked in the category for pensions litigation: Peter Murphy and James Bingham. Associate director Arshad Khan has also been ranked.

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