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Recent market drop won’t affect pension funds, says NAPF

Britain’s pension funds dropped by £27bn to create a £15bn deficit after the latest stock market dive.

The biggest drop in the stock market since the eve of the Iraq war saw the value of shares fall by £60bn in a single day’s trading, leading to the £12bn surplus in pension funds that had been built up being eradicated.

While some pension experts say a further fall could force companies to raid reserves and top up their occupational schemes, some firms may refuse to help out if they are in a fragile financial state.

But the National Association of Pension Funds, representing member schemes holding assets of around £800bn, or one-fifth of investment in the UK stock market, believes the recent drop will have limited impact.

NAPF chief executive Joanne Segars said today: “Pension funds are long-term investors and they will set their funding strategies in accordance with their long term liabilities, not short-term market moves, so there is no reason to think that the stock market falls of the last few days will have a significant impact on pension provision”.


Guernsey brings in ID laws for cash transfers

Regulation has been passed in the Guernsey parliament that will require all funds being wired in from offshore accounts to be accompanied by comprehensive information identifying the sender.The transfer of funds ordinance mean all incoming cross-border funds must include four points of ID which can comprise name, address, account number, date and place of birth, […]

Resolution’s multi-manager boutique to be called Maia Capital

Resolution Asset Management’s multi-manager joint venture will launch in October under the name Maia Capital, after the Roman goddess of Spring and new beginnings. Maia, Resolution’s joint venture with former Fidelity managers Chris Ralph, Jason Collins and Simon Mungall, will launch with five funds – three onshore unit trusts and two offshore QIFs – towards […]

More players on the field

There is no denying the success of fund of fund and manager of manager structures, from groups with long-standing offerings such as Jupiter, New Star, Cazenove, Fidelity and Credit Suisse, to relative newcomers such as North, Resolution and Thames River. Some groups have chosen to try a single fund formation using the same approach, such […]

NU set to cut pension charges as sales slide

Norwich Union has seen individual pension sales slump following a repricing last year and admits it may have to cut its charges if it wants to maintain market share.Parent group Aviva’s int-erim results show that worldwide sales rose by 25 per cent to £19.2bn in the first six months of 2007 compared with £15.6bn in […]

Get your New Year off to a flying start

Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]


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