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XPS actuarial advisers to Church of Scotland Pensions

Following a competitive tender process, XPS Pensions Group (XPS), the UK specialist in pensions, investment and administration services is pleased to announce its appointment by the Trustees of the Church of Scotland Pension Schemes to provide actuarial and investment advice to its defined benefit pension arrangements.
Posted on Tuesday Jun 22

Lack of product choice highlighted as a key barrier to ESG

UK savers put almost £1 billion a month on average into ESG funds in 2020, up 66% on the previous year. In its latest Adviser attitudes report, Aegon provides further evidence of this increased demand, with 41% of advisers reporting an increase in queries about ESG investments.
Posted on Tuesday Jun 22

Surge in importance of ESG to trustees but barriers remain

ESG has soared in importance to become a “high” agenda item for more than half of trustee boards (53%[1]) since the Department of Work and Pensions consultation on climate risks in August 2020, according to respondents to a survey from the Pensions Management Institute (PMI) and BMO Global Asset Management.
Posted on Monday Jun 21

L and G complete buy in with QinetiQ

Legal & General announces that it has completed a £130m buy-in transaction with the QinetiQ Pension Scheme (the “Scheme”), covering the pension benefits for over 390 new retirees since a previous pensioner buy-in in April 2019.
Posted on Thursday Jun 17

Regulatory change has altered investment advice

59% of advisers surveyed in Aegon’s 2021 Adviser attitudes report say PROD and MiFID II have impacted their investment proposition. These two pieces of legislation, introduced in 2018, have challenged the industry to be more transparent about the benefits, risks and charges associated with investment products and to demonstrate how these meet customer needs.
Posted on Thursday Jun 17

L and G partner with Sir Michael Marmot on health inequality

Legal & General announces that it has formed a long-term partnership with Sir Michael Marmot, Director of the University College of London (UCL) Institute of Health Equity (IHE) and professor of epidemiology. The partnership will lead to a multi-million pound charitable Fund - “The Legal & General IHE Places Fund” - to examine how improvements to the design and construction of our towns and cities can help to address health inequalities and support “levelling up” across the UK’s regions.
Posted on Thursday Jun 17

Aon and Willis Towers Watson on US Dept of Justice action

Aon and Willis Towers Watson shared the following statement today in response to the legal action taken by the U.S. Department of Justice:
Posted on Thursday Jun 17

87 percent of DC members unaware of importance of net zero

One in four have never even heard of net-zero, while three in ten can’t explain or understand the connection with their pension pots. However, members were overwhelmingly in favour of their pensions moving towards net zero when the term was explained Baby Boomers twice as likely as Millennials to keep pensions as diversified as possible, even if meaning investing in fossil fuels 70% of members prefer to stay invested and use their power to effect change; 64% have become more concerned about the planet following the Covid-19 crisis.
Posted on Monday Jun 14

Hippo and Metromile combined insurance will be popular in US

Two insurtech giants, Hippo and Metromile, have launched combined auto-home insurance in the US, which will provide consumers with more convenience and value. The product is set to expand across the US and beyond and GlobalData believes it would be well received in the UK. The policy will package together household and pay-per-mile motor insurance and will be offered to customers online.
Posted on Friday Jun 11

SCOR and Covea announce a settlement agreement

Covéa and SCOR wish to restore peaceful relations, based on professionalism and in keeping with their respective independence.
Posted on Friday Jun 11

L and G announce bulk annuity deal with John Good and Sons

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£17 million full scheme buy-in transaction with John Good & Sons Limited Pension Scheme (“the Scheme”), covering the benefits for over 80 pension scheme members.
Posted on Thursday Jun 10

DWP Consultation on Taking Action on Climate Risk

Hymans Robertson, Cardano and AXA Investment Managers comment on the DWP Consultation on taking action on Climate Risk
Posted on Wednesday Jun 9

British Airways appoint BlackRock as its outsourced CIO

British Airways Pensions has today announced the appointment of BlackRock as the outsourced chief investment officer (OCIO) for c. £21.5 billion of its pension schemes’ assets, creating a pioneering OCIO model which will form the cornerstone of a bespoke new offering for the UK pensions market.
Posted on Wednesday Jun 2

Intact and Tryg complete their acquisition of RSA Group

Intact Financial Corporation (Intact) announced the successful completion of its joint bid with Tryg A/S (Tryg), a Scandinavian insurance company, to acquire RSA Insurance Group plc for a total cash consideration of approximately GBP 7.2 billion (CAD 12.3 billion).
Posted on Wednesday Jun 2

ESG takes center stage as insurers limit cover to polluters

DBRS Morningstar released a commentary titled “ESG Takes Center Stage as Insurers Set Sustainability Goals and Restrict Cover to High Polluters” that discusses rising Environment, Social, and Governance (ESG) awareness. Insurance companies are starting to respond more decisively by setting ambitious emissions targets for themselves and restricting cover for some industries like high polluters in the energy and oil and gas sectors, notably the tar sands in Canada and coal.
Posted on Wednesday Jun 2

FCA says reducing transfer times remains a priority

A growing community of 78 firms have signed up to the STAR initiative, which officially launched in January 2019 and it’s membership is committed to shaping recognised, industry-wide standards to promote good practice in transfers.
Posted on Tuesday Jun 1

L and G agree pension risk transfer deal with TUI Group

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed two pension risk transfer (PRT) transactions with the TUI GROUP UK Pension Trust (the “Scheme”).
Posted on Tuesday Jun 1

Quarter of schemes that need to retender have yet to start

Following XPS Pension Group’s FM Watch 2020 report, released this week, the pensions consultancy has released further research examining schemes’ plans to re-tender their FM services ahead of the CMA’s deadline on 9th June.
Posted on Friday May 28

Aviva announce bulk annuity deal with Wyeth Group Pension

Aviva have announced it has completed a £190m bulk purchase annuity buy-in transaction with the Trustees of the Wyeth Group Pension and Life Assurance Scheme (1997). The sponsoring employer, John Wyeth & Brother Limited, is part of the Pfizer Group which is one of the world’s largest biopharmaceutical companies.
Posted on Thursday May 27

New standards for FMs expose variations in performance

The recent emergence of the CFA’s Global Investment Performance Standards (“GIPS”) for fiduciary managers has highlighted a noticeable disparity in performance, according to a new report issued.
Posted on Thursday May 27

L and G announce first conversion of an APP to buy in

Legal and General Assurance Society (“LGAS”) today announces that it has agreed a £61m transaction with the AIB Group UK Pension Scheme (the “Scheme”) to convert a tranche of its existing Assured Payment Policy (APP) into a buy-in policy. The transaction, which aims to further de-risk the pension scheme, did not require any additional funding from the Scheme’s sponsor, AIB Plc, as expected.
Posted on Thursday May 27

Fiduciary managers delivered positive returns in 2020

Fiduciary Managers (FMs) maintained their investment strategies across 2020 despite high market volatility and some hair-raising losses in Q1 2020, new research from XPS has found.
Posted on Tuesday May 25

Legal and General agree bulk annuity deal with the CII

Legal & General announces that it has completed a £55m full scheme buy-in, with the Chartered Insurance Institute Pension Scheme 1993 (“the Scheme”). The transaction covers the benefits of approximately 330 Scheme members, including around 150 current pensioners.
Posted on Thursday May 20

LCP to acquire Aons pensions business in Germany

LCP is to become one of the largest pension consultancies in Germany through acquisition of Aon’s retirement and investment business in Germany
Posted on Monday May 17

ICL Group Pension enters longevity deal with Swiss Re

The Trustee of the ICL Group Pension Plan, a Fujitsu pension scheme, has insured longevity risk in respect of £3.7 billion of its liabilities, with Swiss Re providing the reinsurance coverage. Working with its advisers the Trustee was able to optimise pricing by utilising a new Insight Investment platform to provide access to the reinsurance market via a Trustee owned Guernsey insurance cell.
Posted on Thursday May 13