UK roundup: Managers face £40m tax bill for investment research

first_img“Thus pension funds operating schemes that are subject to VAT – eg defined benefit schemes – may expect a reduction in fees.”Northern Ireland scheme begins shift out of equitiesNorthern Ireland’s local government pension scheme (LGPS) posted a 21.7% investment return in the 12 months to 30 March, according to its annual report.The Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC) reported that the pension fund grew to more than £7bn by the end of March.During the year, NILGOSC appointed Unigestion to a £327m global equity mandate and allocated £100m to the M&G UK Residential Property fund.“This latter commitment forms part of NILGOSC’s medium-term strategy to reduce reliance on global equity markets and diversify its returns by investing in assets that provide longer term, stable and inflation-linked cashflows,” the pension fund said.As part of the move to reduce equity exposure, NILGOSC initiated the sale of £175m of UK equities, crystallising gains. It also put in place a 50% hedge of its US dollar exposure.The fund increased its exposure to infrastructure to 1% of the portfolio during the 2016-17 period. The investment was made through a collaborative venture with the Lothian Pension Fund in Scotland, and included a £10m co-investment.NILGOSC said: “The underlying principle behind this collaboration on alternative investments is to identify assets that are in the mutual interest of investors and their stakeholders, specifically through the benefits of scale and improved commercial terms.“It is intended that this co-investment strategy will sit alongside the core primary infrastructure funds to help NILGOSC build a diversified portfolio of assets in line with its strategic allocation to the asset class.”Isle of Man public sector liabilities rocket by 28%The Isle of Man’s public sector pension liabilities increased by more than a quarter in the 2016-17 financial year, according to an actuarial report.The report by Hymans Robertson said that combined liabilities for five local government schemes grew from just under £3bn to £3.8bn, an increase of 27.8%.The schemes are largely unfunded, with benefits being paid from government accounts and a small reserve fund, worth £82.4m at the end of March.Earlier this year, unions approved a plan to increase contributions to the largest of the island’s public sector funds, the Government Unified Pension Scheme. In March this year contributions rose by 2.5 percentage points to 7.5%, while benefits were reduced by 6%.The five schemes cater for more than 20,000 active, deferred and pensioner members. UK-based asset managers face a £40m (€44.7m) annual tax bill as a result of investment research cost unbundling, according to the Office for Budget Responsibility (OBR).The OBR – set up in 2010 to provide an independent review of the government’s fiscal policies – said the effect of MiFID II rules would cause investment research to be subject to VAT.Last month, EY senior manager Jochum Zutt said defined benefit schemes could make a saving on investment costs due to the tax change.He said: “The costs incurred throughout the supply chain would reduce as a result of the research being taxable. This is because the broker providing research to this investment manager would be slightly better off compared to the current position, as it would be entitled to recover VAT associated with the research.last_img read more

Power of Attorneys to Help Seniors & Families During Alzheimer’s Series Saturday

first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisThis Saturday marks the first annual 6 month long Alzheimer’s Series, and there are a lot of key facts that will be presented. But not just on the health side of things, but also the law side of things.So what happens when a loved one can’t make certain important decisions on their own? That’s where a power of attorney may be the answer.“When you’re facing long–term care issues, or dementia one of the documents that you really need is a power of attorney. We’ll be talking about that and just talking in general about some of the things you can do legally to prepare yourself for the possibility of long–term healthcare. With Alzheimer’s that’s always a possibility, and impaired decision–making is always a challenge that people face and have to plan for,” Jo Bennett said.Powers of attorneys don’t just assist with signing documents they are much more.“Whether they are currently facing long–term health issues or not, it’s a great document for all of us to have. There are also powers of attorneys that assist with healthcare, as well as financial reasons. So when somebody has to make healthcare decisions they need to be empowered to do that and the document which is called the ‘patient advocate designation’ is what allows them to do that,” she added.During this weekend’s start of the series, Jo Bennett will go over the different types of power of attorneys as well as guidelines every family should follow.But if you think Jo Bennett is the only person to guide families along with seniors who attend the center think again. For more information on this important series contact the Alpena Senior Citizens Center at 989–356–3585.The series kicks off this Saturday at the center from 10 am until 3 pm. AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThis Tags: Alpena Senior Citizens Center, Alzheimers Series, Power of Attorney, senior living, You’re Not AloneContinue ReadingPrevious Celebrating International Yoga Day: Learn the Origins of YogaNext American Red Cross Holds More Blood Drives for Hospital Patients Throughout Arealast_img read more