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UK roundup: L&G buys pension pot consolidator in ‘dashboard’ move

first_imgLegal & General Retail Retirement has acquired a 100% stake in Finovation Limited, a company specialising in pension pot tracing and consolidation.L&G this morning said the acquisition of Finovation, which trades as MyFutureNow, would support its defined contribution (DC) and retail retirement businesses by enabling it to provide customers with a view of their pension and retirement savings, including individual pots, workplace savings and their underlying investment assets.The acquisition comes a few months after the UK government presented the framework for its own initiative on pensions “dashboards” – digital tools intended to give individuals an overview of all their pension savings in one place.Chris Knight, CEO of Legal & General Retail Retirement, said L&G fully supported the government’s pension dashboard initiative, “but the reality is that it may be years before full coverage is realised”. According to a statement from L&G, MyFutureNow uses basic personal data and employment details plus “provider knowledge” to trace pension pots and provide updated details to customers. It could be used as a tracing service or as a way of creating a single ‘dashboard’ view of an individual’s pension savings portfolio.Emma Byron, managing director, Legal & General Retail Retirement Income, said L&G intended to make the new platform available through its DC business in the fourth quarter of this year, before launching it directly to consumers through its Retirement Income business in the first quarter of 2020.L&G said it would offer the MyFutureNow platform to its customers of retirement age but that it could also offer the service to working age customers. LGPS Central turns to KAS Bank for cost transparency assistanceLGPS Central, one of the UK’s eight local authority asset pools, will be using KAS Bank to help it with collecting and reporting cost information. The pooling vehicle will use KAS Bank to help it with collecting cost information across its range of investment mandates for pooled assets and those employed by its partner funds, according to a statement. A cost report to be generated by KAS Bank would be accessible to the LGPS Central team as well as its partner funds.The integrity and security of the cost data would be an important area of focus.Mike Weston, chief executive at LGPS Central Limited, said: “We are committed to being as transparent as possible about investment costs with our clients. We’re delighted to be working with KAS BANK and are looking forward to shining even more light on costs – one of the key benefits of the pooling process.”LGPS Central is the pooling vehicle for nine Midlands-based local government pension scheme (LGPS) pension funds with around £45bn (€48.6bn) of assets between them. LGPS Central is currently responsible for managing around £20bn of the assets.last_img read more

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Rust Belt Mortgages Are Swimming Underwater

first_img Mortgage Payments Rust Belt Zillow’s Negative Equity Report 2016-06-08 Staff Writer in Daily Dose, Data, Headlines, Market Studies, News It seems homeowners in the Rust Belt region, which stretches from New York through Indiana, have the most to worry about when it comes to their mortgage payments–at least according to Zillow’s Negative Equity Report released this morning.The report, which examines the number of underwater mortgages across the country, found that homeowners in the Rust Belt are much more likely to have underwater mortgages and negative equity than any other area of the country.In total, four of the most underwater markets are located in the Rust Belt region. These include Chicago, Detroit, Indianapolis and Cleveland. Other highly underwater U.S. metros include Philadelphia, Atlanta, Phoenix, St. Louis, Baltimore, Orlando, and Las Vegas.Homeowners on the West Coast? They are much less likely to be behind on their mortgages than other U.S. homeowners. In fact, the Bay Area boasts the lowest rates of negative equity among all large American markets. The San Jose and San Francisco metro areas actually have negative equity rates under 5 percent.”When the housing bubble burst, the West Coast had more than its fair share of underwater homeowners,” according to Zillow Chief Economist Dr. Svenja Gudell. “But the strong local economy and job markets have significantly helped these housing markets recover, and several are now more expensive than they were during the housing bubble. Other parts of the country didn’t get those same benefits.”Currently, Chicago has the highest rate of negative equity in the country, replacing Las Vegas, the previously crowned winner. At one point, Chicago has a 41.1-percent rate of negative equity. Though the city’s numbers have improved significantly since then, that improvement is happening at a much slower rate than other areas of the country.“Until market fundamentals improve, homeowners and buyers in these areas will be facing disproportionately higher levels of negative equity as they navigate the housing market,” Gudell said.In total, Zillow’s report found that 12.7 percent of all U.S. homeowners currently have a mortgage in negative equity. That’s down from 31.4 percent in 2012 and 13.1 percent in 2015. June 8, 2016 572 Views center_img Rust Belt Mortgages Are Swimming Underwater Sharelast_img read more

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