News in brief - 25 November 2022

Hymans Robertson has launched a new guide to help prevent companies from “sleep walking” into a defined benefit (DB) scheme buyout

The guide hopes to increase companies' understanding of the endgame landscape and the options open to them. Hymans Robertson head of corporate DB endgame strategy, Leonard Bowman, explained the need for the guide, commenting: “For most companies the right strategy will be to buyout their scheme as soon as it’s financially feasible. Risk transfer could be achieved through the use of buy-ins, longevity swaps or, more fundamentally with an ultimate plan to buy out benefits when affordable. Whether or not buyout is the way to go, it should always be a conscious decision, given the scale of the financial implications.”

Aon has announced it will provide investment advice to Gulf International Bank Pension Scheme

Aon was named following a tender process by the scheme and will be providing integrated, expert advice, including journey planning, to help the scheme trustee make better, more informed decisions. The announcement was welcomed by Gulf International Bank Limited Pension Scheme’s trustee board, which commented: “The Gulf scheme was seeking wider flexibility in its investment approach and was looking for an adviser who could support us with the last leg of our pension scheme journey. The Aon team offers an integrated approach, combining both consulting expertise and fund solution-led fiduciary management, thereby giving us the experience and flexibility we will need in the coming years.”

Grantham, Mayo, Van Otterloo LLC (GMO) has announced initial net-zero targets

GMO’s initial targets include reducing the carbon intensity of included investment portfolios by 65 per cent by 2030, compared to levels in GMO’s baseline year of 2019, and increasing the percentage of GMO assets covered under this target from 53.5 per cent to 60 per cent by 2025. GMO efforts to meet these goals will include growing the proportion of GMO investments in companies that have put in place science-based targets in line with net zero, engaging with issuers on net-zero targets, developing new climate and net-zero aligned strategies and partnering with the Grantham Foundation on climate solutions.

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