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...Senior industry professionals say they are worried about the growing involvement of overseas reinsurance firms operating outside UK regulation in corporate pension deals....
...The group would use mutuality as a pitch to pension trustees, chief executive Barry O’Dwyer told me....
...false romantic connections to gain a victim’s trust before luring them to transfer large sums — a strategy commonly referred to as “pig butchering”....
...“They fully trust that the matter will be resolved. We remain committed to engaging with our stakeholders with full transparency.”...
...Since the automatic enrolment policy was introduced in 2012, more than 10mn savers have been brought into workplace pensions, many now in mega funds, also known as master trusts....
...The supervision of contributions is the responsibility of pension providers and the trustees of every pension fund....
...Discretionary trusts allow more flexibility, with selected trustees having decision-making abilities over how and when money is distributed....
...Yet in the fourth quarter of 1974, fearful insurance companies, pension funds, investment trusts and unit trusts together sold more shares than they bought for the first and last time during the decade....
...Thirty-six “master trusts”, the largest workplace DC pension schemes, held three-quarters of the DC pension sector’s £143bn total assets, or £105bn, as of June, according to The Pensions Regulator....
...That figure is roughly one-tenth of 1 per cent of BlackRock $10tn in assets under management, and some Republican state pension funds still have well north of $20bn parked with the money manager....
...Delfas cautioned that trustees would also have to look “carefully” at whether City fund managers could bring down their fees to reduce risks to pension savers....
...According to pension fund documents published publicly this past January, the group has not yet realised a loss on any of its deals....
...The chief investment officer of the UK’s £30bn state-backed workplace pension fund, Nest, has warned against pension funds being forced to invest to support domestic growth....
...Since 2021, trustees of the UK’s biggest pension schemes have been required to identify, assess, manage and disclose climate-related risks and opportunities....
...That’s eye-watering, compared with the usual 0.5 per cent annual fee on a default fund, and more than most private equity investment trusts charge: 11 out of 17 trusts in the Association of Investment Companies...
...A legal compulsion to invest would probably be in conflict with trust law and trustees’ duties, according to experts....
...In its green finance strategy earlier this year, the UK government asked its pensions regulator to clarify pension scheme trustees’ fiduciary duties, and said it wanted to revise the regulatory framework...
...Capital and income from the trust is distributed at the discretion of the trustees (who may include the parents), so there is more control over the money....
...Unions are urging the party’s leadership to scrap rises in the state pension age, saying they could push retirement out of reach for today’s young....
...“So having any kind of fixed allocation suggests putting another objective above the [pension] trustees’ focus, which is risk-adjusted returns.”...
...“We see it as a really amazing tool for engineers,” says Jackson of Earthshot Ventures....
...Data visualisation by Keith Fray Letters in response to this article: Pension fund assets could be made to work for benefit of all / From Rory Murphy, Chair of Trustees, Merchant Navy Officers Pension...
...If they can’t find the cash or the business goes insolvent for any other reason, the pension fund ends up in the Pension Protection Fund, the industry lifeboat. Once there, members’ benefits are cut....
...to fund this level of withdrawals....
...But that link is incredibly weak, and there’s no sense in which the National Insurance Fund is actually paying for the state pension and the NHS and other welfare benefits....
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