LONDON -- The Post Office hired Watson Wyatt Partners, Reigate, to help design a defined contribution plan that could become one of the biggest in Great Britain.
The aim of the new plan, which is slated for introduction in April, would be to offer a lower-cost, lower-benefit alternative to 16,000 postal employees who have not chosen to join the Post Office's defined benefit plans.
Of 180,000 active postal workers, some have opted out of the defined benefit system in favor of personal pension plans or decided they did not want to contribute 6% of pay to a defined benefit plan.
William Evans, project manager for the defined contribution scheme, said the Post Office would not do anything to undermine the final salary schemes. He expects employees will not stay in the defined contribution plan for their careers, but would shift over to the defined benefit scheme over time.
Details of plan design, including investment options, have not yet been determined, but a range of investment options is under consideration.
Heitman forms alliance with retail property fund
CHICAGO -- The Heitman International Group has formed a strategic alliance with the Central European Retail Property Fund, which closed in the first quarter.
Ivanhoe Inc., the investment arm of Caisse de Depot et Placement du Quebec, is an investor in the fund, which plans to develop 10 megasupermarket-anchored shopping centers in Poland, the Czech Republic and Hungary over the next four years. Heitman will oversee all phases of development.
Peter Lindgren joins PIMCO Global Advisors
Peter Lindgren joined PIMCO Global Advisors (Europe) as a senior vice president, a new position. He will market across Europe, particularly in the Nordic region, Switzerland and Spain. He previously headed up international business development at Gartmore Investment Management, where a successor is expected to be named soon.