rbs group pension fund annual report
The complete application file (D12089) is available for public inspection in the Public Disclosure Room of the Employee Benefits Security Administration, Room N1515, U.S. Department of Labor, 200 Constitution Avenue NW, Washington, DC 20210. year ended 31 december 2019 . The inclusion of language defining best knowledge adds clarity and consistency and removes the uncertainty surrounding what knowledge is expected from the entity or an individual. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. UBS already would be required to send two notices to plan clients under the Department's proposal.[5]. (d) The term Covered Plan means a plan subject to Part IV of Title I of ERISA (an ERISA-covered plan) or a plan subject to Code section 4975 (an IRA), in each case, with respect to which an Affiliated QPAM relies on PTE 8414, or with respect to which an Affiliated QPAM (or any CSAG or UBS affiliate) has expressly represented that the manager qualifies as a QPAM or relies on PTE 8414. The Department declines to make the requested change. trustee and advisers 1 . The Department was unable to publish this final exemption by May 24, 2023, due to the short amount of time between the Merger's announcement and planned closing date and the Applicants' submission of their application on April 17, 2023. In this regard, the auditor must test, for each CS Affiliated QPAM, a sample of such: (1) CS Affiliated QPAM's transactions involving Covered Plans; (2) each CS Affiliated QPAM's transactions involving CSAM affiliates that serve as a local sub-custodian. Thus, the Merger Report is an important supplement to the record and will inform the Department regarding post-merger integration developments that potentially impact Covered Plans. We champion the potential of the people, families and businesses we serve when things are going well, and when things are tough. Such access is limited to information relevant to the auditor's objectives as specified by the terms of this exemption; (3) The auditor's engagement must specifically require the auditor to determine whether each UBS QPAM has developed, implemented, maintained, and followed the Policies in accordance with the conditions of this one-year exemption, and has developed and implemented the Training, as required herein; (4) The auditor's engagement must specifically require the auditor to test each UBS QPAM's operational compliance with the Policies and Training. (e) The term Exemption Period means the one-year period that begins on the closing date of the acquisition of CSG by UBS Group AG (hereinafter, the Merger). . Importantly, this exemption requires cross-institutional accountability. fund pension scheme liabilities. We are committed to having a motivated and inclusive workforce who are engaged and passionate about serving customers. direct or indirect owner of a 5 percent or more interest in the QPAM has within 10 years immediately preceding the transaction, been either convicted or released from imprisonment, whichever is later, as a result of criminal activity described in that section. This certification must also include the signatory's determination that, to the best of the officer's knowledge at the time, the Policies and Training in effect at the time of signing are adequate to ensure compliance with the conditions of this exemption, and with the applicable provisions of ERISA and the Code. If the Policies are thereafter changed, each Covered Plan client must receive a new disclosure within six (6) months following the end of the calendar year during which the Policies were changed. Value-at-Risk (VaR), target, goal, objective, may, endeavour, See what you would get at retirement Tell us your wishes Update your details Get financial advice Let us know a member has died See what you would get at retirement You usually only retire once, so the process of retiring - the many choices you need to make and steps you need to take - may surprise you. (12) CSAM and/or the CS Affiliated QPAM must notify the Department of a change in the independent auditor no later than two (2) months after the engagement of a substitute or subsequent auditor and must provide an explanation for the substitution or change including a description of any material disputes involving the terminated auditor and CSAM and/or the CS Affiliated QPAMs; (j)(1) Each UBS QPAM (as defined in Section I(b)(2) submits to an audit conducted by an independent auditor, who has been prudently selected and who has appropriate technical training and proficiency with ERISA and the Code, to evaluate the adequacy of, and each UBS QPAM's compliance with, the Policies and Training described above in Section (h). Find all media contacts and resources from NatWest Group. We have the potential to make a real difference to peoples lives. Check out the wide range of financial products and services we offer. contribution into the Fund in Q1 2016 we will have substantially addressed the historical funding weakness that existed in the contribution requirements, ongoing litigation and regulatory investigations, profitability and financial performance (including The Department closed the CSAM Application upon receipt of the CSAM and UBS modification request discussed herein. for members of JCB Finance Ltd Pension Scheme or Ulster Bank Pension Scheme (NI) with AVCs. To do this, we are building a bank that is safe, simple and smart. Mr. Joseph Brennan of the Department at (202) 6938456. Register documents. It was viewed 51 times while on Public Inspection. 1503 & 1507. The Applicants submit that requiring notice to be provided to the sponsor of an investment fund in any case where an Affiliated QPAM acts as a sub-adviser to the investment fund in which such ERISA-covered plan and IRA invests could be interpreted as requiring the Affiliated QPAMs to provide notice to all ERISA-covered plans and IRAs, rather than only to plans for which UBS relies on the QPAM exemption or has represented that it is relying on the QPAM exemption. 3. Or, email[emailprotected]with any questions, suggestions or advertising enquiries. CSAG complies with the terms of Section III(d)(2); (2) Any violation of, or failure to comply with an item in subparagraphs (h)(1)(ii) through (vi), is corrected as soon as reasonably possible upon discovery, or as soon after the QPAM reasonably should have known of the noncompliance (whichever is earlier), and any such violation or compliance failure not so corrected is reported, upon the discovery of such failure to so correct, in writing. contained in this document speak only as of the date of this document and RBS does not assume or undertake any obligation or responsibility The exemption will be in effect for a period of one year beginning on the closing date of the Merger. This exception does not permit CSAG or its branches (or a successor) to provide any service to an investment fund managed by an Affiliated QPAM or Related QPAM; or. The pension fund increased its allocation to alternative asset classes by 600m during the financial year, growing its alternative asset portfolio to 1.2 billion by the end of the year. The best way to contact us is through our online contact form which you can findhere. to the contributions will flow through the Statement of Other Comprehensive Income and not the Consolidated Income Statement. These added protections are essential to protect Covered Plans considering the uncertainties surrounding the Merger due to the lack of information the Applicants submitted to the Department regarding the Merger. This exemption allows the UBS QPAMs, CS Affiliated QPAMs, and the CS Related QPAMs to continue to rely on PTE 8414 as of the closing date of the Merger, if certain conditions are met. The primary regulators of UBS and Credit Suisse have determined that the merger is in the interest of banking customers and clients and of the financial services industry. 9. What is collateralized (or collateralised) reinsurance? Register, and does not replace the official print version or the official 1349) that was entered in the District Court for the Eastern District of New York on July 22, 2022, in Case Number 1:21cr00520WFK (the `CSSEL Conviction')., C. Revise Section I(c)(5) to include the italicized regarding the appellate court decision upholding the conviction: the judgment of conviction on February 20, 2019, against UBS and UBS France in case Number 1105592033 in the French First Instance Court Current Assets for The Royal Bank of Scotland Group Pension Fund is $78,197,368,400 and SWFI has 7 periods of historical assets, 2 personal contacts available for CSV Export. For our shareholders, this MoU represents a further important milestone I am pleased to report that the value of the net assets increased during the year by 0.5 billion, to 26.2 billion at 31 March 2014. A Notice by the Employee Benefits Security Administration on 06/02/2023. Federal Register for investors and analysts at 3.30pm UK time today. Tagged as: Catastrophe bond, Insurance linked securities, Insurance-linked investments, investment, pension fund, RBS Group, reinsurance, Receive a regular weekly email newsletter update containing all the top news stories, deals and event information. 7922; Mendenhall Glacier Recreation Area; Alaska, Safety Zone; Sausalito Fireworks Display; San Francisco Bay, Sausalito, CA, Energy Conservation Program: Test Procedure for Commercial Warm Air Furnaces, Agency Information Collection Activities; Migratory Bird Surveys, Migraine: Developing Drugs for Preventive Treatment, Moving Beyond COVID-19 Vaccination Requirements for Federal Workers, Imposing Sanctions on Certain Persons Destabilizing Sudan and Undermining the Goal of a Democratic Transition, Employee Benefits Security Administration, Harm to Covered Plans in the Absence of QPAM Relief, Comment 1: Modify the Existing UBS AG and CSAM Exemptions, Comment 2: Extend the Exemption Period To Align With UBS's Current Exemption, Comment 6: Finalize and Publish the Exemption by May 24, 2023, Comment 7: Audit Periods Pre-Dating the Merger, Comment 13: Deferred Prosecution Agreements (DPAs) or Non-Prosecution Agreements (NPAs), Comment 14: Alternative Non-QPAM-Based Exemption, Comment 15: Miscellaneous Other Requested Revisions From the Applicants, https://www.federalregister.gov/d/2023-11864, MODS: Government Publishing Office metadata. Scheme Registration Number: 100140634 . A new, unified exemption with the additional terms proposed by the Department is not necessary; Modifying the existing exemptions would better account for the time needed to integrate two large financial institutions, and the imposition of new and expanded conditionssome of which are vaguely wordedimmediately upon the Merger is unnecessarily punitive and burdensome; and. electronic version on GPOs govinfo.gov. In their comment letter, the Applicants state that the modifications to the separate existing exemptions for UBS and Credit Suisse that the banks requested in their application are sufficiently protective of affected Covered Plans and are carefully tailored to the circumstances presented. Furthermore, the auditor must not solely rely on the Annual Exemption Report created by the Compliance Officer, as described in Section III(o) below, as the basis for the auditor's conclusions in lieu of or otherwise, except to the extent legally required. These can be useful Our purpose-led business strives to put the needs of people and planet at the heart of everything we do. The Department accepts the Applicants' requested revisions and has made the corresponding changes. The pension fund reduced its equity investments by 500m over the course of the financial year, as it continued to diversify into alternative asset classes in search of a more balanced portfolio. Applicants state that if the Department is interested in creating an alternative to the QPAM exemption, it should make the alternative available to all asset managers concurrently with the QPAM exemption, so that the alternative can gain broad market adoption and any such alternative would need to be clearly delineated and published for notice and comment. However, the Department has revised proposed condition (III)(l) to expressly require UBS to only to send the required notices to Covered Plans and not to accounts for which UBS neither relies on the QPAM exemption nor has represented that it is relying on the QPAM exemption. In their request, UBS and CSAM stated that, following the Merger, it is important that the combined bank be able to continue the asset management businesses that the two banks currently maintain independently, including their subsidiaries' QPAM services. UBS and CSAM requested separate somewhat harmonized, exemptions because at this time it is not clear when, and how, the Credit Suisse QPAMs will be restructured within the UBS structure after closing. Essentially, in the application, UBS and CSAM sought the Department's approval to allow the affected QPAMs to continue relying on the terms and conditions of their existing exemptions. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. The Applicants request that exemptive relief be in place by May 24, 2023 to ensure that there is time for other required disclosures in advance of the anticipated May 31, 2023 closing. unincorporated enterprise of which such person is an officer, director, or a 5 percent or more partner or owner, and (4) Any employee or officer of the person who(A) Is a highly compensated employee (as defined in Section 4975(e)(2)(H) of the Code) or officer (earning 10 percent or more of the yearly wages of such person), or (B) Has direct or indirect authority, responsibility or control regarding the custody, management or disposition of plan assets.. The audit requirement must be incorporated in the Policies. Use the PDF linked in the document sidebar for the official electronic format. The Applicants request clarification that audit reports for time periods preceding the Merger are governed by the UBS and Credit Suisse exemptions currently in effect prior to the Merger. This document has been published in the Federal Register. include documents scheduled for later issues, at the request We acknowledge the importance of climate change not only in our own operations, but in the lives of all our customers and wider society. 333-222022) and to be a part thereof from the date which it was filed, to the extent not superseded by documents Further, proposed subsections III(i)(8) and III(j)(8) require (a) CSAG's Board of Directors and a Credit Suisse officer to review and certify the CS Affiliated QPAM audits, and (b) UBS's Board and a UBS officer review and to certify the UBS Affiliated QPAM audits. The term Affiliated QPAM excludes a Misconduct Entity. (PDF UBS, UBS Securities Japan, UBS France, CSAG and CSSEL. an associated loss of employer covenant as a result of certain RBS entities that currently support the Main Scheme ceasing to do [6] The Department believes that there will be at least some content overlap between the Implementation Report and the Merger Report and that some of the information prepared for inclusion in the Implementation Report can be also used in the Merger Report. Department's Response: the material on FederalRegister.gov is accurately displayed, consistent with Also, the final exemption review pursuant to PTE 202201 must cover the period November 21, 2022 through the beginning date of the Exemption Period of this one-year exemption and must be completed within three (3) months from the end of the period to which it relates. Furthermore, in recognition of these contributions, the Trustee will adopt a lower risk long term investment strategy by gradually reducing its exposure to quoted equity and increasing its exposure to assets that give a greater certainty over cash flows, whilst continuing to develop itscomprehensive interest rate and inflation hedging strategy. 06/02/2023, 863 6. 4. The term Actual Losses includes, but is not limited to, losses and related costs arising from unwinding transactions with third parties and from transitioning Plan assets to an alternative asset manager as well as costs associated with any exposure to excise taxes under Code section 4975 as a result of a QPAM's inability to rely upon the relief in the QPAM Exemption; (3) Not to require (or otherwise cause) the Covered Plan to waive, limit, or qualify the liability of the QPAM for violating ERISA or the Code for engaging in prohibited transactions; (4) Not to restrict the ability of the Covered Plan to terminate or withdraw from its arrangement with the QPAM, with respect to any investment in a separately-managed account or pooled fund subject to ERISA and managed by such QPAM, with the exception of reasonable restrictions, appropriately disclosed in advance, that are specifically designed to ensure equitable treatment of all investors in a pooled fund in the event such withdrawal or termination may have adverse consequences for all other investors. Just over a year ago we wrote that the RBS Group pension fund had discovered reinsurance and ILS as it moved investment capital from equities into alternatives in search of a source of stable and attractive returns with low-correlation to broader financial markets. (b) The Affiliated QPAMs and the Related QPAMs (including their officers, directors, agents other than the Misconduct Entities, employees of such QPAMs, and CSAG employees described in subparagraph (d)(3) below) did not receive direct compensation, or knowingly receive indirect compensation, in connection with the criminal conduct of that is the subject of the Convictions and the UBS FX Misconduct. Aforementioned Regal Bank of Scotland (RBS) Group pension fund has demonstrated its appreciation of reinsurer real insurance-linked security as an alternative rockstarspotlight.com Via These markup elements allow the user to see how the document follows the The Department agrees with the Applicants and has revised Section III(i)(8) accordingly to align with Section III(j)(8). on any websites linked in this report, shall be deemed incorporated by reference into the company's Registration Statement on Form UBS Asset Management (Americas) Inc., UBS Realty Investors LLC, UBS Hedge Fund Solutions LLC, and UBS O'Connor LLC are currently the four UBS affiliates that rely on PTE 8414 (the UBS QPAMs). 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