Cigarette manufacturing company Molins has revised its investment strategy to reduce costs and focus on outgoings rather than capital growth, as many defined benefit schemes creep closer to being cash-flow negative.
Latest articles from Maxine Kelly
Lords leaves Osborne stumped

Editorial: A Lord’s makeover is overdue and changes to the institution are in train, it was confirmed this week.
George Osborne will wish it was the House of Lords I’m talking about here, not the cricket ground, as he was bowled over by the Lords’ move on Monday to veto his changes to tax credits. It is now suddenly imperative to Tory top brass that the chamber is reformed.
Monstrous waste or gargantuan success?

Editorial: Nothing says workplace pensions like an oversized, multicoloured, Furby-type thing. I am, of course, talking about the mascot featured in the government’s latest advertising campaign on auto-enrolment.
A real crowd PLSA

Editorial: The NAPF annual conference is the pinnacle of pensions jollies and the event this week had an added buzz in the air. While the industry still faces some uncertain times, it was enjoying what seemed to be a greater sense of stability in its own identity compared with this time last year.
Actuaries up the ante on auto-enrolment contribution levels
News Analysis: The government should continue to phase up minimum auto-enrolment contributions beyond 2018 to hit an aggregate 16 per cent, actuaries have said, as part of a longer-term roadmap to build on the policy’s success.
Southern powerhouse

Editorial: On Monday George Osborne announced the creation of six British Wealth Funds, into which our 89 local government pension schemes' assets will be pooled. Quite what this verb entails is still up for debate.
Choosing the right door to enter EMD
EMD survey: While reports abound of big-name emerging market specialists taking a severe hit in the summer sell-off, investors elsewhere are asking themselves how they can capitalise on the hysteria.
Four graphs on why DGFs will matter to your scheme even more
From the blog: A 15 per cent growth in the diversified growth fund market in one year is a handsome but not totally unexpected rate of progress. But this concentrated market swinging open its doors to new players and pension fund money is much more interesting.
By the end of 2014, the DGF market had grown to £124bn in assets. These gains have largely been enjoyed by a handful of managers – 71 per cent of the assets are held by just five providers.
Many happy returns

Editorial: Happy birthday China. The people’s republic is 66 this week. It is celebrating with a suitably extravagant garland of floral sculptures including trains, rockets, castles, satellites and even skiers – a nod to the country being awarded the 2022 Winter Olympics.
Can EMD performance overcome short-term volatility?
EMD survey: In part one of a two-part analysis, we take a look at how emerging market debt has performed across the year and following a topsy-turvy summer across all markets.
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