News in brief - 31 March 2023

The Pension Insurance Corporation (PIC) has agreed the £267.6m purchase of a Government Property Agency hub.

The new 344,940 sq ft office in East Croydon will be let to the Government Property Agency, and aims to provide PIC with secure, predicable, long-dated and index linked cashflows, which are closely aligned to serving PIC’s purpose of paying the pensions of our current and future policyholders. The building, which is due for completion in June 2023 and will be ready for service August 2024, has been specifically designed for occupation by the Home Office, which will accommodate approximately 3,000 civil servants relocating from historical locations around Croydon.

Aegon has announced that customers will now be able to nominate beneficiaries online.

The company highlighted the news as a “major step forward”, with the ability to add or edit beneficiaries for their pension fund online expected to make it easier for members to make vital updates. The update also follows the launch of the Aegon App, enhanced ISA proposition and the creation of ‘member insights’, a dashboard that Aegon provides employers to help them understand the profile of their employees’ engagement with their pension. Aegon workplace investing managing director, Linda Whorlow, commented: “Having this application available digitally will help provide a seamless online experience and provides our customers with peace of mind that the trustees will have the correct details on file should the worst happen.”

The University of London's Unified Trust Fund as strategic investment adviser.

Under the appointment, Redington will support the university's internal team and investments committee on all areas of investment strategy. Key priorities include research to ascertain and refresh the Committee’s long-term investment objectives and constraints, a complete strategic asset allocation review, and best-in-class manager selection to implement the strategy. The appointment marks the latest procurement by Redington’s global assets team.

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