Publication
APRA switches off AT1s
In a somewhat surprising announcement, on Wednesday the Australian Prudential Regulation Authority (APRA) released a discussion paper.
Royal Mail to launch UK's first CDC plan in October
United Kingdom | Publication | July 2024
Royal Mail Group has confirmed that the Royal Mail Collective Pension Plan will launch as the UK’s first collective defined contribution plan on October 7, 2024. The new CDC passed the Regulator’s assessment process in 2023 and every employee with at least a year’s service will be eligible to join.
Employees will contribute 6 per cent of their pensionable pay each month into the collective pot, while Royal Mail will contribute 13.6 per cent. Benefits under the scheme include an automatic income for life and a cash lump sum.
The scheme will be run by an independent board of trustees, comprising professional pension trustees and individuals from Royal Mail, the Communication Workers Union (CWU) and Unite Communication Managers Association (CMA).
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Financial services monthly wrap-up: July and August 2024
July and August saw significant developments in Australia’s financial services landscape. Notably, ASIC acknowledged the royal assent of the DBFO Act.
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Illumina wins at top EU court – The EU Commission cannot encourage or accept referrals of concentrations without an EU or national dimension
On 3 September 2024, the ECJ delivered its judgment in Illumina’s appeal against the General Court’s (GC) judgment confirming the European Commission’s (EC) powers to review concentrations under the EU Merger Regulation (EUMR) in circumstances where no Member State has jurisdiction under national law.
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