UK roundup: Towers Watson, FTSE 350, Hymans Robertson

first_imgTowers Watson is to launch an independently governed master trust as it looks to gain from the growing UK defined contribution (DC) market.Master trusts are multi-employer DC trust-based schemes run by third-party organisations.The consultancy said the offering was aimed at larger employers that prefer the independent governance of trust-based schemes but with a pricing structure similar to contract-based DC schemes offered by insurers.It will provide a fully outsourced solution to DC savings. Towers Watson said it expected DC assets to triple in the next decade.It appointed Fiona Matthews as managing director of the scheme, with the board chaired by independent trustee Donald Brydon.Paul Morris, head of EMEA at Towers Watson, said cost and governance were priorities but that the scheme design was focused on member experience and functionality.In other news, the deficit among defined benefit (DB) schemes within the FTSE 350 has increased by £27bn (€35bn) since the start of 2015 as falling corporate bond yields continue to push up liabilities.The research, conducted by UK consultancy Hymans Robertson, found liabilities had risen by £42bn between 1 January and 19 January, with deficit rises stemmed by a £15bn increase in assets.Real yields since the start of the year have dropped by 25 basis points, the consultancy said, with 15-year iBoxx corporate bonds hitting historical lows on 19 January.Jon Hatchett, head of corporate consulting at Hymans Robertson, said 10-year interest rates on corporate bonds were 3% at the start of last year, and have now almost halved.“Capital market volatility is an inescapable reality,” he added.“Market sentiment about economic conditions can change very quickly. What we see today is a dramatic turnaround from several months ago, when everyone thought interest rates would rise and the gradual unwinding of QE was on the horizon.“The picture at the end of 2014 was ugly, but it keeps getting worse. This will now be of greatest concern to the many companies whose year-end reporting falls on 31 March 2015.”last_img read more

Steven Gerrard will wear Liverpool shirt again – for ‘Legends’ side in Australia

first_img “It will be great to play with the official Liverpool FC Legends,” Gerrard told liverpoolfc.com. “The squad looks like it’s a great set of lads. It’ll be good to get on the pitch with them. “Our fans are the best and to play in front of them again will be emotional, I’m sure.” Former Liverpool captain Steven Gerrard will pull on a Reds shirt again – for the club’s ‘Legends’ side in January. Press Associationcenter_img The 35-year-old midfielder, currently on a post-season break from Major League Soccer with the Los Angeles Galaxy, has spoken with manager Jurgen Klopp about training at Melwood while he is back on Merseyside. However, he will be playing for the club at the Sydney ANZ on January 7 alongside former team-mates like Jamie Carragher, Dietmar Hamann and John Arne Riise – managed by former manager Gerard Houllier – against a team of Australian counterparts. last_img read more

Over 160 people killed by police in Jamaica last year

first_imgIn Jamaica, the Independent Commission of Investigations (INDECOM) reported 168 people were shot and killed by police last year with most of those killed having been unarmed.Victims weren’t “the dangerous gunman”INDECOM Assistant Commissioner, Hamish Campbell, speaking at the Commission’s fourth quarterly media briefing, said “the significant proportion of people killed, neither had a weapon of any sort, or if they did have a weapon, it wasn’t a firearm. Eighty-one of those killed did not have any weapon at all and as such, could not be classified as ‘the dangerous gunman.’”No disciplinary proceedings taken against copsMeanwhile, INDECOM has reiterated its concern that neither the Police Service Commission (PSC) nor the Commissioner of Police has initiated disciplinary proceedings against 20 senior cops cited for wrongdoing.INDECOM Commissioner Terrence Williams said despite submissions made, dating back to 2013, action is yet to be taken.In a report to Parliament, INDECOM said it had written to the PSC in June last year inquiring why it has not acted on the investigations on the matter in the past two and a half years. It said the PSC had responded by indicating that it does not conduct investigations and that it takes into consideration reports from the Commissioner of Police.INDECOM wrote the PSC again last October and was told that the matter had been sent to the Attorney General for an opinion. The police oversight body said it wrote the PSC in January again seeking answers and despite the absence of a comprehensive response, it may be viewed that the PSC considers itself unable to initiate disciplinary proceedings unless, and until, the Commissioner of Police submits a report.last_img read more