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...Pension funds that remain after the death of a member can typically be distributed to beneficiaries as a lump sum, an income or an annuity, and are subject to tax, at different rates, on sums over the lifetime...
...Morgan Lewis & Bockius O: 5; L: 6; I: 8; Total: 19 The firm devised a financing structure for Chinese state-owned financial investment fund Silk Road Fund, as part of an international investor consortium...
...“Some members who read those statements will question why their pension has fallen so much, and some may even want to push it further,” said Stephen Scholefield, partner at law firm Pinsent Masons....
...Some policyholders and annuity owners aren’t aware of who controls their plans until the deal is already done....
...Ms Mason said she expected the bulk annuity market to remain busy for the rest of the year. “There is lots of supply of buyouts and buy-ins coming to the market,” she said....
...Nicholas Hanna and Mark Tan will join Pinsent Masons as partners based in Singapore. Both join from K & L Gates....
...The fight between activist hedge fund Amber Capital and Lagardère has intensified....
...“Indeed, the runoff of the closed annuities book and traditional with-profits will be a material headwind to earnings growth.”...
...Pinsent Masons has added a technology, media and communications partner to its Singapore office. Alexander Shepherd is joining the law firm from Bird & Bird, where he was a partner....
...“But that was when most people would buy an annuity and convert their capital into an income for life. Bonds also used to yield a lot more than they do today.”...
...Insurers have warned that the UK’s first pension consolidation fund could let companies with pension deficits “off the hook” and raised questions about how it will be regulated....
...Oceanic and Atmospheric Administration monitoring station on Mauna Loa, Hawaii....
...funds are left invested and typically exposed to the stock market....
...Contractors say key shortages include lime plasterers, heritage slaters to mend roofs and steeplejacks, who scale objects such as church spires, industrial chimneys and clock towers....
...TCW, the $175bn Los Angeles-based asset manager, has hired Jonathan Botts as regional director in retail distribution and marketing for southern California, Arizona, Hawaii and Las Vegas....
...Reforms give those aged over 55 freedom to take their pension savings as they wish and avoid having to buy an annuity....
...This would see the creation of a second-hand market where holders sell their annuity to the highest bidder, such as an insurer or pension fund....
...This may be good news for annuity providers as it makes annuities more flexible and thus more attractive.”...
...Transfer values are high for the same basic reason that annuity rates are so poor and scheme deficits so big: low gilt yields....
...It is set to hit sales of annuities, among their most lucrative products. Shares in some annuity specialists lost about half their value and have failed to recover....
...Moreover, Laura Mason, director of direct investment at Legal & General, said corporate bonds were likely to remain the “most attractive” asset class to back insurers’ annuity book, even under Solvency II...
...Capital fund has a 5 per cent yield....
...No one will have to buy an annuity....
...Citibank disposed of its asset management business to Legg Mason Investors in 2005 and a year later Merrill Lynch sold a majority stake in its fund management business to BlackRock....
...“We have offered funds to institutional investors across Europe and the Nordics for a decade, and we believe it is a long-term business that can and has withstood shocks to the financial markets,” Vanguard...
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