News in brief 25 October 2019

Penfold has launched a new pension schemes aimed at self-employed workers.

Self-employed make up 15 per cent of the workforce but 86 per cent don’t have a pension. The provider said that it is a digital alternative to traditional pensions, which allows users to set up, manage and track their pensions online. It also allows users to choose their investments and contributions levels.

State Street has been awarded a global custody mandate by Petroleum Development Oman (PDO).

The company was appointed by the Omani Staff Pension Fund to provide custody and a wide range of investment servicing solutions to more than $2.3bn in international and Gulf Cooperation Council assets. PDO has been an asset management client of State Street Global Advisors for several years.

Wealth Wizards has launched an online calculator following the PLSA Retirement Livings Standards announcement last week.

The tool, inspired by the standards, will allow users to imagine their retirement and calculate how much will be needed to fund it. It aims to help people understand how much income they might need in retirement based on their lifestyle choices with the PLSA’s framework.

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