Natwest group announced that it has reached agreement with its trustees to restructure its contribution agreement.

The group confirmed that it reached an agreement with its pension trustees to restructure the previous agreement to make dividend linked contributions and, as a result, will no longer pay £471m in 2023. Instead, the group will create a trust structure to hold those assets, giving the pension fund rights to assets in the value of £471m in the event of a future funding retirement arises based on pre-agreed triggers. These assets will remain on the group balance sheet in the meantime.

The Pension Insurance Corporation (PIC) and Ask Real Estate have confirmed that construction on a £105m net-zero hub in Manchester has started.

The construction aims to provide a new home for more than 2,500 civil servants, with PIC and Ask Real Estate confirming that the 130,000-square-foot office will be let to the Government Property Agency (GPA) for 25 years, in turn providing PIC with “secure, long dated and index linked cashflows” that are aligned to serving PIC’s purpose. PIC Capital managing director, Hayley Rees, commented: “The development of First Street is a model for how institutional investors like PIC can play a key role in the levelling up agenda and create considerable social value.”

Assets under management (AuM) for Smart have exceeded £5bn on its Keystone platform.

Smart noted that this milestone represented a doubling of its AuM since January 2022, with £5bn marking a 117 per cent year-on-year increase. Smart also explained that it represented a 2281 per cent increase from the £0.21bn recorded in December 2018. Smart co-founder and group managing director, Will Wynne, commented: “Accelerating through the milestone of £5 billion assets under management is a testament to the strength and resilience of our business, whether it’s our fast-growing UK master trust or our expanding international partnerships.”

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