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Improvement on PRIIPs KID must focus on insurance consumers

William Vidonja, head of conduct and business at Insurance Europe, said: “It is frustrating that PRIIPs are treated as if they are only applicable to asset managers, when 75% of PRIIPs are in fact insurance-based investment products. For example, all the technical proposals that have been put forward so far to amend the PRIIPs KID have been designed with consumers buying investment funds in mind, instead of insurance consumers. This approach is wrong. Consumers buying insurance-based investment products should not be treated as second class.

“The European Insurance and Occupational Pensions Authority’s board of supervisors was therefore right to reject the previous proposals. The proposed changes to the PRIIPs KID were not sufficiently tested and would have made the KID worse than it is now.

This would have meant even more confusion for insurance consumers and further undermined their understanding of the insurance-based investment products they were purchasing.

“Since its application in 2018, the PRIIPs regulatory framework has already gone through a series of eight adjustments, including guidelines, Q&As and supervisory statements. These changes have not fixed the problems.

“We therefore do not need another ‘quick fix solution’ that doesn’t work and that would only result in insurance consumers becoming even more confused. Furthermore, we do not see how, i...Read More

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L and G complete bulk annuity deal with Maersk

In recent years the Trustee has taken a number of steps to de-risk the Scheme including fully hedging its interest rate and inflation exposures. This well managed approach put the Scheme in a strong position to weather the recent market volatility and take advantage of an opportunity to further de-risk by entering into a buy-in transaction with Legal & General.

Laura Mason, CEO, Legal & General Retirement Institutional: “We are delighted to have been chosen by the Trustee as its de-risking partner and to provide long-term security for all of the Scheme’s members. As one of the larger pension risk transfer transactions of 2020, today’s announcement demonstrates the resilience of the market and the ability of insurers, such as ourselves, to transact amids...Read More

Scottish Widows complete 510m pensioner buy in with Aon

This is the Plan’s fourth pensioner buy-in and the second for the Section, representing a significant further step on its long-term de-risking journey. Scottish Widows and the Trustee worked closely together to ensure the arrangement was structured to meet the Plan’s needs. This collaborative approach enabled the buy-in to be completed quickly following exclusivity. 

The Trustee was advised by Aon and CMS and Scottish Widows was advised by Herbert Smith Freehills.

Lara Desay, Co-Head of Origination and Structuring, Bulk Annuities at Scottish Widows, said: “We are proud to have been chosen by the Trustee and Company to help them take a material step towards de-risking the Plan and providing increased security to members. Working in partnership...Read More

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Dalriada Trustees Limited (Dalriada), one of the largest providers of professional trustee services to pensions schemes in the UK, has today announced the appointment of Sarah Brough as a professional trustee.

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