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How we run our money: Local Pensions Partnership

Carlo Svaluto Moreolo about building an in-house investment management outfit The UK’s legal system operates differently from those in mainland Europe as it is based on common law – that is, judicial precedent, is taken into account as opposed to adherence to a legal code. Government agencies often prefer to provide guidance, expecting the public to comply, rather than forcing behaviour through specific written rules. At the same time, public debate can spur significant institutional changes before the government takes action.  The UK pension industry is no exception to that situation. The 89 local government-sponsored defined benefit (DB) pension schemes (LGPS) operating across England and Wales have been pooling their assets over the past five years. This activity was orchestrated by the government but it was essentially a voluntary effort.

Michael O Higgins to step down as Local Pensions Partnership chairman

So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download Find whitepapers

Michael O Higgins to step down as chair of LGPS pool LPP | News

By IPE Staff2021-01-28T15:16:00+00:00 Michael O’Higgins will be stepping down from his role as chair of the Local Pensions Partnership (LPP) in the summer, LPP announced today. A former pensions regulator chair, O’Higgins has been chair of the local government pension scheme asset pool since its formation in 2015. Assets under management have doubled since then, standing at £19.7bn at the end of November 2020. O’Higgins’ decision to leave LPP comes as the pension provider has completed a transition into a new five-year plan, including a restructuring of LPP Group. O’Higgins said that with dedicated subsidiaries now fully operational, “I feel it is time for me to move on”.

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