One in four FTSE 350 companies have turned to multi-employer defined contribution (DC) scheme providers, with this likely to rise to 35% among the FTSE 250 over the next two years, according to a survey.Willis Towers Watson’s (WTW) latest FTSE 350 DC pension survey also found that the share of FTSE 100 companies to have adopted master trusts would probably rise to 27% by the end of that same period.The increased use of master trusts has been at the expense of own-trust-based DC schemes. In the FTSE 100, in the last two years there has been a seven percentage point increase in the number of companies using a master trust, while use of DC trust-based schemes fell from 45% to 39%, and contract-based schemes from 40% to 39%.Gemma Burrows, director in Willis Towers Watson’s retirement business, said: “As the COVID-19 crisis prompts employers to look more closely at efficiency savings, we are likely to see increased streamlining of trust-based processes as well as the continuing trend towards outsourcing of DC pension provision.”Master trusts first entered the mainstream DC pensions market some seven years ago, and there are now 38 approved under the regulator’s relatively recent authorisation regime.Hymans Robertson recently said enquiries into making the move to master trusts had doubled during the coronavirus, and that it expected a surge in adoption of the vehicles as lockdown eases.WTW’s survey also found that 33% of FTSE 100 schemes and 20% of FTSE 250 pension schemes were very likely or extremely likely to enhance their at-retirement support.More than half (57%) of DC schemes now offer access to drawdown options. The consultancy said that while most offered drawdown access ‘in-plan’ (28%), there was an increasing movement towards offering this via a third party (17%), with some schemes (12%) offering access via both via a third party provider and in-plan.The consultancy said a notable change in this year’s survey was the growth in the number of own-trust schemes offering facilitated access to a nominated third-party drawdown provider, “perhaps in recognition of the continued popularity of this option for retirees”.“We are seeing an increase in DC schemes offering drawdown access through master trusts, either as the existing pension provider or through a third-party partnership,” Burrows said.Phoenix Group yesterday announced the introduction of in-scheme drawdown for its Standard Life DC master trust pension clients, and Michael Ambery, head of DC provider relations at Hymans Robertson, said more master trusts would be getting to the same position over the next few months.Looking for IPE’s latest magazine? Read the digital edition here.
Norwegian company Tveter Power has started trialing a pumping device driven by wave power at the PLOCAN test site off Canary Islands.The trials will serve for taking measurements of the pumping capacity of the prototype depending on the height of the predominant wave, along with the assessment of device’s survival capacity.One of the potential applications of the device would be to provide sea water for coastal desalination plants, without having to use electricity to pump the sea water.Tveter Power was founded in 2011 with the aim to develop and market renewable energy-driven devices, install and operate desalination plants, and carry out research and development of new technologies based on renewable energies.The first stage of the project was implemented in 2016 and 2017 on the Atlantic coast of Norway, where a preliminary version of the device underwent several resistance trials.The project is funded by Innovation Norway through Norwegian company RW Power, according to PLOCAN.(Photos by PLOCAN)
Irishman Paul Dunne, who was joint leader after the third round of this year’s Open Championship, has turned professional. The 22-year-old Dubliner began the final round at St Andrews in a share of the lead, looking to become the first golfer from the unpaid ranks to win the Claret Jug since Bobby Jones in 1930. A six-over 78 saw him drop down the leaderboard to such an extent he did not even win the Silver Medal for top amateur, but it was soon made clear he would turn professional after September’s Walker Cup. And, having sunk the decisive putt as Great Britain and Ireland regained the Walker Cup in comprehensive fashion at Royal Lytham earlier this month, h e took to Twitter on Tuesday to retweet a post from management company @4sportsworld which read: ” Irishman Paul Dunne has announced he has signed a long term,exclusive representation contract with @4sportsworld! Welcome to the team @dunners11.” Press Association
CUMBERLAND — The George Stevens Academy boys’ cross-country team won the Class C state title on Saturday.GSA junior John Hassett took first of the Class C boys in 16 minutes and 46.18 seconds, leading the Eagles to a 60-point finish. Orono placed second with 71 points, and Lisbon finished third with 120.Orono edged the GSA girls for the Class C title with 24 points. GSA placed second with 54, and Waynflete took third with 104.Class A boys’ resultsThis is placeholder textThis is placeholder textClass A girls’ resultsClass B boys’ resultsClass B girls’ resultsClass C boys’ resultsClass C girls’ results