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L&G Investments appoints sales director

Legal & General Investments has appointed Frank McGarry as sales director.

McGarry was previously Insight Investment head of intermediary sales and prior to that was Cofunds sales director. McGarry will take up his new role in October.

L&G Investments managing director Simon Ellis says: “Hiring Frank is part of our continued drive to grow L&G Investments and broaden our impact in the market. The capital and intellectual assets of our business stand us in extremely good stead to realise our ambition of being a top five unit trust provider in the UK.”

McGarry says: “LGI has some outstanding funds but there are also other offerings that should be better known and new product developments in the pipeline. There is a great opportunity to gather assets across a number of asset classes and I’m looking forward to being part of the continued growth of the business.”

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.

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