General Electric (GE) in September 2016 has had its European pension fund approved by FSMA, Belgium’s financial supervisory authority and the regulatory body for pension funds. GE is encouraging its existing European-based pension plans to join the fund, which takes the legal form of an Organisme de Financement de Pensions (OFP), Belgium’s IORP-compliant vehicle for pensions provisions. At this early stage, a management committee has been appointed. An IORP

Auto manufacturer BMW in September 2016 decided to end both of its UK final salary-defined benefit (DB) pension plans. Both plans will cease future accrual as of June 2017, affecting around 5,000 members total. Citing significant pension fund shortfalls and the cost risks associated with DB plans, BMW explained that their plans are increasingly unsustainable and unaffordable for both the company and the pension plans members. Unite, the union

Swiss Life (SL) Market Unit International in May 2016 has begun implementing a new operating model for its Corporate Clients business line with a new leadership and a new organizational structure centralized in Luxembourg. Swiss Life Luxembourg will take a more significant role as the hub for the cross-border insurance business. Theo Iaponas has taken the lead for Corporate Clients, managing and developing both SL Luxembourg’s activities and the

The Alternative Investment Management Association (AIMA) in September 2016 announced that Simon Lorne, Vice Chairman and Chief Legal Officer of alternative investment management firm Millennium Management, would become its next Chairperson. In addition to Lorne, there are four new additions to the Council: Robin Grew, Chief Administrative Officer and GC of Man Group; Han Ming Ho, a partner at Sidley Austin; Ryan Taylor, Partner and Global Head of Compliance