These would extend the key features of the stakeholder pension no initial commission on saving and a cap on charges of 1% of the fund to other savings products such as unit trusts and with-profits policies.
In a study of 270 IPOs of U.S. companies between 2009 and 2011, institutions such as mutual funds and pension funds represented 45% of the IPOs' initial allocation.
Eight years after my initial speech warning of the wrongdoing, in July, 2010, the Florida public pension funds filed a putative class action against Merrill.