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Qatar Tribune
26-05-2025
- Business
- Qatar Tribune
Qatar, London eye deeper investment relations as lord mayor visits Doha
Tribune News Network Doha The Qatari Businessmen Association (QBA) hosted Lord Alastair King, Lord Mayor of the City of London, and his accompanying delegation for a luncheon held on the sidelines of his visit to Doha. The event was attended by His Excellency Neerav Patel, the British Ambassador to the State of Qatar, and was welcomed by Sheikh Faisal bin Qassim Al Thani, QBA Chairman. Also the luncheon was attended by Sheikh Nawaf Nasser bin Khaled Al Thani, QBA Board member, along with QBA members: Khalid Al Mannai, Sheikh Mansour bin Jassim Al Thani, Nabil Abu Issa, Youssef Jassim Al Darwish, Sheikh Turki bin Faisal, Faisal Al Mana, Abdulrahman Al Darwish, Youssef Al Mahmoud, Mohammed Althaf, and Sarah Abdallah, QBA Deputy General Manager. Lord Alastair King praised the visit of His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, to the United Kingdom last December, describing it as a celebration of the strong commercial, financial, and cultural ties between the two nations. Lord King emphasized that the United Kingdom views Qatar as a key investment partner and expressed gratitude for Qatar's trust, as demonstrated through its substantial investments across various British institutions and businesses. He noted that these investments extend beyond London to several parts of the UK, including South East England, where numerous investment opportunities are available. During the meeting, Lord King discussed a new joint initiative — the Mansion House Accord — launched by the Pensions and Lifetime Savings Association (PLSA), the Association of British Insurers (ABI), and the City of London Corporation. The initiative involves commitment by 17 pension schemes and providers to allocate at least 10% of default Defined Contribution (DC) funds to private markets, with no less than half of these investments directed toward UK assets by 2030. According to the UK Treasury, the agreement is expected to mobilize over £50 billion in the next five years, including £25 billion for UK-based investments. He also highlighted efforts to encourage UK businesses to explore and expand into new markets like Qatar, stressing Britain's expertise in sustainable finance and project financing. He expressed interest in engaging Qatari investors in some of the UK's cutting-edge technological sectors. He added, 'London and Doha share a very close relationship. Several Qatari banks and institutions operate actively in London, engaging in significant business activities. It's equally promising to see British banks well represented in Qatar, while Qatari capital is also being invested in other British financial institutions, some of which are present in Qatar and attracting British investments.' He also touched on the UK's trade relations with the Gulf Cooperation Council (GCC), stating that projections suggest bilateral trade will grow by 16%, reaching nearly £57 billion. He emphasized the exceptional opportunities that exist between the UK and Qatar. 'There are many investments coming from Qatar related to green finance — an area where the UK considers itself a market leader,' he said. 'We currently manage £91 billion in green investment funds, and Qatar is participating in these funds.' Lord Alastair King invited members of the Qatari Businessmen Association to visit London to explore a wide range of investment opportunities across various sectors, assuring them that he would facilitate all investment-related processes for the Qatari business community within the City of London. For his part, Sheikh Faisal bin Qassim Al Thani, Chairman of the Qatari Businessmen Association, described London as a preferred investment destination for Qatari businessmen. He emphasized the historic and exceptional bilateral relationship between Doha and London, which has seen significant growth in economic and commercial ties in recent years. He confirmed that QBA members have diversified investments in the UK across sectors such as tourism, retail, construction, education, healthcare, and other productive industries. Neerav Patel, praised the strong and fruitful relationship between the UK Embassy and the QBA. He emphasized the UK's commitment to enhancing bilateral cooperation across all sectors, which he described as having reached their highest levels.
Business Mayor
29-04-2025
- Business
- Business Mayor
DWP makes long-awaited announcement with pension scheme set for a comeback
Brits who are saving into a company pension will benefit from wide reaching reforms that mean they are more likely to get a guaranteed income when they retire, Torsten Bell, minister for pensions has confirmed. Currently many Brits are saving into a defined contribution pension, a type of pension which does not guarantee the exact amount they will retire on, instead it is based on a combination of how afford to pay in during their lifetime and how well the pension company's investment performs. Most pensions used to operate on a final salary, or defined benefit basis. These types of pensions guaranteed that a saver will get a pension worth an exact percentage of their final salary, although it will depend on how long someone has worked for that company. The expense associated with final salary schemes means that, since the 1990, many have now closed to new members. They still exist but are only run by large institutions, such as local government or large companies, that can afford to adminster and run them. Torsten Bell, said he was committed to bringing back a version of final salary schemes for younger workers. These schemes, known as collective defined contribution (CDC) schemes, allow pension funds to club together and pool both their investment and longevity risks. The Department for Work and Pensions said more people than ever are saving into a workplace pension – £28 billion more in 2020 than in 2012 – with most of these pension pots being Defined Contribution (DC) schemes, where the employee is automatically enrolled to save a proportion of their salary tax-free and the employer contributes at least 3% of their salary to the pot too. Read More The five secrets to Ferrari's success as a luxury brand Collective Defined Contribution (CDCs) are a new type of pension scheme that sees both the employer and employee contribute to a collective fund. The pooling of risk for members means they can aim to provide a target pension income for life – similar to defined benefit (DB) schemes, sometimes called an average or final salary pension, but without the risk of significant unexpected bills for employers. In the UK, Royal Mail have already launched a CDC scheme for their employees which has over 100,000 members who are offered a combination of a cash lump sum and an income for life in retirement. Speaking at the LCP Conference in London today, Bell said: 'Success in the world of pensions isn't just about getting people saving, it's ensuring their savings work as hard as possible for them. 'Making sure more employers and savers have the option of an innovative Collective Defined Contribution Pension scheme is an important part of making that happen. 'Too often at present we are leaving individuals to face significant risks, about how their individual investments perform and how long their retirements last. Pooling some of those risks will drive higher incomes for pensioners and greater investments in productive assets across the economy.' The minister also confirmed his desire to deliver decumulation only CDC schemes. These schemes would allow certain savers with DC schemes to access CDCs, offering retirees the chance to buy longer term, pooled retirement products that deliver stability for pensioners. Modelling from the PPI suggests that single employer CDCs could deliver a significantly greater average replacement rate (47%) than currently delivered through annuities (40%) with even higher benefits seen for multi-employer CDCs as longevity risks are pooled. (69%). And due to their size, CDCs can also be a more efficient vehicle for economic growth, with similar collective funds in Canada and Australia having proved an efficient way of supporting economic growth, investing in a wider range of sectors and assets. CDC schemes can invest in illiquid and more productive investments over the long term, including in UK businesses and infrastructure projects, supporting the Government's growth mission while providing employers with greater freedoms as well as reducing the risks of over or under spending in retirement by paying pensioners based on life expectancy. READ SOURCE
Yahoo
02-04-2025
- Business
- Yahoo
Congruent Acquires IPX Retirement Edge, Expanding its Suite of Retirement Technology Offerings
BURLINGTON, Mass. & CHENNAI, India, April 02, 2025--(BUSINESS WIRE)--Congruent, a specialist technology partner to the U.S. retirement industry, today announced the acquisition of IPX Retirement Edge, a niche platform for retirement income solutions, from IPX Retirement. The IPX Retirement Edge platform allows Congruent to cater to the growing need for guaranteed and secured income options among participants. IPX Retirement Edge enables Defined Contribution (DC) retirement plans to offer in-plan guaranteed income investment options. It supports the entire participant journey and experience, from enrolment and education to investment selection, policy issuance, cashiering, and statement reporting. "The SECURE Act 2.0 has fundamentally changed the retirement landscape by encouraging plan sponsors to offer guaranteed income options," said Balaraman Jayaraman, CEO of Congruent. "IPX Retirement Edge is a transformative solution for annuity providers, sponsors, participants and recordkeepers looking to streamline the integration of guaranteed income options within 401(k) plans. IPX Retirement Edge removes the traditional barriers that have made in-plan annuities complex to administer by automating the entire process from participant education through policy management. This comprehensive platform enables providers to efficiently deliver the retirement security that today's plan participants and sponsors seek while significantly reducing operational complexity and risk for recordkeepers and sponsors alike." "With the addition of IPX Retirement, Congruent will further enhance the breadth of its retirement solutions through the CORE platform. Congruent is well-positioned to enable innovative connectivity between plan service providers and retirement income providers to offer income solutions. Together, this combination ensures a wider set of offerings and a seamless experience for advisors, sponsors, record keepers and participants," said Bill Mueller, CEO of IPX Retirement. About Congruent Solutions Congruent Solutions has been a trusted specialist in product- and technology-driven services for the retirement industry since 2004. Today, our CORE SaaS and outsourced plan administration services empower leading Fortune 500 plan providers and third-party administrators to solve business challenges and prepare for the future. View source version on Contacts Media Contact- Sriganesh Raman (sriganesh.r@ Sign in to access your portfolio
