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Wightlink Says Now Is Not The Time To Take Strike Action
By Iona Stewart-Richardson
Wightlink is urging its workers not to strike after members of the RMT union voted to take industrial action.
The ferry firm recently revealed plans to consult on a proposal which it says would “avoid job losses or pay cuts which many other companies in the sector have already made.”
The plans, which are being consulted on, would mean 50% of employees would be forced to double their pension contributions and would also close the Defined Benefit scheme to future accruals.
Navigating the DB minefield when selling your advice firm
By Patrick Isaacs 18
th December 2020 10:43 am
In the past 13 years, I’ve brokered the sale of 346 companies in the UK wealth management space, from companies with £5bn in assets to advisers with £5m.
I have spoken to the great, good, bad and shocking, and on that journey I’ve learned a few things about what makes an IFA business attractive to a buyer, and what doesn’t.
Its contrary to logic. But if an advice firm has been trading a long time, has an exemplary complaint history, avoids volume esoteric investments, and generally runs a clean ship – but has written any more than a very small amount of defined benefit transfers, the owners frequently find their business swept in to the same bucket as less ethical advice firms who have actively pushed their clients towards Defined Benefit Transfers.
RETIREMENT PLAN DEVELOPMENTS
DOL Finalizes Pooled Plan Provider Registration
Requirements
The U.S. Department of Labor (DOL) finalized registration
requirements for pooled plan providers offering pooled employer plans through its final regulation,
which became effective on November 16, 2020. Beginning on
January 1, 2021, the Setting Every Community Up for Retirement
Enhancement Act of 2019 (SECURE Act) authorizes newly permitted
pooled plan providers to begin offering pooled employer plans. The
pooled plan provider is named fiduciary for a pooled employer plan
and is responsible for performing most administrative and fiduciary
functions for the plan. Pooled plan providers are required to
register with both the DOL and the U.S. Department of the Treasury
1 Introduction
The creation of the target date fund (TDF) sought to make available a professionally managed solution for individuals saving for retirement through their employer’s defined contribution (DC)/ 401(k) plan. In the U.S., DC assets represent 61% of total retirement assets
1 and that percentage is expected to continue to rise. However, despite improvements to investment options and participant behavior, on average, DC plans continue to see returns that lag defined benefit (DB) plans. Looking across two recent studies, this deficit is clear:
Corporate DB plans outperformed DC plans by an average of 70 bps, net of fees, per year between 1990 and 2012.
Alex Lee, who has been her No. 2, takes over the top finance slot.
Alex Lee
Deloitte’s long-time chief investment officer, Mary Ellen Stocks, has retired, handing over the job to Alex Lee, who has functioned as her deputy in the past.
“We accomplished a lot and left a strong team,” said Stocks, who took over the CIO position in 2004. She joined Deloitte in 1994 and first worked there in investment consulting. The auditing and consulting giant, which has 10,000 professionals, is the US unit of Deloitte Touche Tohmatsu. It is a well-known generator of insightful surveys in the finance and economics realms.