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People moves
Brunel Pension Partnership is searching for an independent non-executive director to chair its audit, risk and compliance com- mittee. The £30bn pool is looking for some- one with recent accountancy and audit experience. The successful candidate will be the third non-executive director in the pool, which manages pension assets for local government workers in Cornwall, Devon and Somerset, among others. Also on a drive
recruitment is Local Pensions
Partnership, which is looking for a new chief executive after Susan Martin (pictured) quit in
early May after three years in the role. Chris Rule, the £17bn local authority pool’s managing director and chief investment officer, has been named as interim chief executive until a permanent appointment is announced to lead the collaboration between Lancashire County Council, the London Pensions Fund Authority and Berk- shire Pension Fund.
Noticeboard
Coventry Building Society has transferred its £220m defined benefit (DB) pension scheme, which houses the assets of around 1,800 members, to TPT Retirement Solu- tions’ Master Trust. Atlas Master Trust has put £320m under the control of Schroders. The capital will be invested in the asset manager’s Sustainable Multi-Factor Equity (SMFE) fund. The deal means that Atlas has now invested all of its core equity allocation into SMFE, which is marketed towards defined contribution (DC) schemes. The fund aims to beat the MSCI All Country World index and has less than half the carbon intensity of that index due to
it excluding industries such as tobacco, armaments and gambling stocks. The Rolls-Royce UK Pension Fund has closed a record-breaking bulk annuity deal worth more than £4.6bn. The partial buy-
in to buyout with Legal & General Assur- ance Society covers the benefits of around 33,000 in-payment pensioners. The insurer is now responsible for the administration and payment of these pensions. The deal includes the transfer of a hedging portfolio and the restructuring of a longevity swap held by the scheme. Industrial engineer 600 Group has com- pletely de-risked its DB pension scheme through a £201m buyout with Pension Insurance Corporation (PIC). The group is no longer liable for funding the retirement of the scheme’s 2,000 pensioners and 800 deferred members. It has closed and the £4.1m post-tax surplus has been returned to the sponsor.
The trustees of private equity and infra- structure
investor 3i’s pension scheme have de-risked a fifth of their liabilities in a 10 | portfolio institutional | May–June 2019 | issue 84
£95m deal. Legal & General has taken responsibility for those pensions, which are being paid to members. Around 60% of the scheme’s pensions in payment are now insured, following a buy-in with PIC in 2017. The Legal & General deal is the latest step in the trustees’ de-risking jour- ney. Aside from insuring the liabilities, the plan has involved the trustees favouring bonds in its portfolio. The insurer has now transacted more than £6bn worth of global bulk annuity transactions so far this year. Finally, the £10bn Marks & Spencer Pen- sion Scheme has de-risked £900m of its liabilities after reaching an agreement with PIC. The buy-in, its first with the retailer, takes new business closed by the de-risking specialist so far this year to £2.5bn, insur- ing the benefits of 16,000 pension scheme members.
The £45bn Northern LGPS has welcomed Councillor Gerald Cooney as its new chair. The deputy chair of the Greater Manchester Pension Fund replaces the late Ian Green- wood. Paul Doughty had held the role on an interim basis since January. The pool man- ages the retirement savings of 5 million current and former council workers. London CIV has put Michael Pratten in tem- porary charge of its investments until a per- manent chief investment officer is found. Pratten joins the £36bn pool for the capital’s public
sector pension schemes from
Canopius, an insurer, where he was head of investments for five years. He held the same role at Coal Pension Trustees where he was also managing director for four years to 2012. BESTrustees has welcomed Andrew Cole to its team of trustee executives. He joined the independent trustee services provider from investment bank Credit Agricole and brings pension scheme trustee and investment committee experience to the role. The Pensions Policy Institute has named seven new governors who will work to
Calendar
Upcoming portfolio institutional roundtables:
18 July Debt
18 September Responsible investing
07 November Real assets
ensure that the think-tank remains impar- tial. Nigel Peaple, director of policy and research at the PLSA; Martin Clarke, from the government’s actuary department; David Fairs, executive director of regulatory policy at The Pensions Regulator; and Jamie Jenkins, head of savings policy at Standard Life Aberdeen, are among the new faces. The Transparency Task Force has appointed Jonny Ruck and Sander Eijkenduijn as its ambassadors. The duo co-founded Scor- peo, which collects data on voluntary corpo- rate actions.
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