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Law & Regulation

The Weekly Wrap: August 23 edition

By Lisa Botter | August 23, 2013

A round-up of the pensions industry stories published across the FT Group – from European pension funds seeking damages for Libor manipulation to Royal London's chief exec calling for an overhaul of workplace pensions.

Damages sought for Libor fixing

Week in numbers 

  • AP7 looked at whether Libor manipulation affected its £13.5bn of assets
  • £570m of inflows into global bond strategies
  • 0.6% rise in FTSE 100 

FTfm: Two of Europe’s biggest pension funds – PGGM and AP7 – are among a group of investors examining how to pursue legal action against banks accused of fixing Libor. The SEK132.2bn (£13.5bn) Swedish pension fund AP7 is investigating whether the rate manipulation negatively affected its assets.

Royal London chief calls for workplace pensions overhaul

FT: Royal London’s chief executive Phil Loney has said without significant changes to the “stodgy and uncompetitive” workplace pensions market, many of the benefits of auto-enrolment will be lost. The insurer is concerned pension schemes lack incentives to hunt for better deals for their members.

Pension funds see value of active management in global bonds

MandateWire: Inflows into global bond assets have increased by £570m since the end of 2012 as schemes look for yield and diversification, MandateWire data show. Active management strategies have been favoured by schemes.

Labour hits out at pension providers' 'rip off' fees

FT: Shadow pensions minister Gregg McClymont has said pension providers should tell savers the full extent of their charges or face stringent regulation. “If the pension providers don’t start telling people what they are really charging them, savers risk being ripped off,” he said.

FTSE 100 gains led by miners and banks

FT: Equity markets rose on Thursday after a rocky week. The FTSE 100 was 0.6 per cent higher in early trade, with miners and financial services companies making the most gains.

Most read on pensionsweek.com

Axa ups benefit in final deal on DB scheme closure
The cost obsession is creating a false dichotomy
How to protect your scheme against payment errors
Pressure grows for improved default fund standards
Chiltern funds target £2.5m merger saving

Most retweeted this week

Exaxe was among those that retweeted Pensions Week's story on Axa closing their DB scheme:

 
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