News in brief - 24 March 2023

The Pensions Administration Standards Association (Pasa) has appointed Gallagher as its expert partner for engagement and communications.

As part of the partnership, Gallagher will lead the Pasa working group in creating guidance and content on the role of the administrator in supporting effective engagement and communication, the development of the saver journey, and the messaging needed around legislative, regulatory or process transformation. Gallagher director of retirement communication, Karen Bolan, stated: “Gallagher and PASA share a common purpose in our desire to improve saver outcomes, and we believe supporting understanding and decision making is the key to growing confidence and engagement...We’re excited to share this expertise in helping to create clear industry guidance and content, on ‘what good looks like’.”

Redington has announced the launch of its Enhanced Stewardship Platform (ESP).

The service, underpinned by Redington’s Ada Fintech, is designed to enable asset owners to take more control of their stewardship activities and to be able to hold their investment managers to account more fully. The service also aims to enable clients to deliver against the stewardship aspirations of the Department for Work and Pensions’ guidance and navigate an “increasingly scrutinised and complex space”. The modular service focused on three key areas, reporting, assessment and engagement, and will provide aggregated reporting of engagement and voting activity across all appointed fund managers, as well as an assessment of quality and consistency of engagement and voting, and how well manager activities align with client policies and priorities.

Phoenix Group has invested £210m in City Property Glasgow, a wholly owned subsidiary of Glasgow City Council (GCC).

The funding will be used to close out the council's remaining equal pay liability, with around 19,000 individuals positively affected by the settlement of the equal pay. The investment, which was secured in collaboration with abrdn, is also expected to provide an "excellent match" for Phoenix’s long term annuity liabilities. “This funding will help provide significant investment in Glasgow and aligns with our commitment to invest in assets across the UK to help have a positive social impact," added Phoenix Group head of infrastructure, Manuel Dusina.

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