June 2020
05Jun

Duras críticas a propuesta de gobierno que limita la movilidad entre fondos de pensiones

El diputado (PS) Gastón Saavedra, que integra de la Comisión de Trabajo de la Cámara, anticipó que rechazarán las indicaciones del Gobierno al proyecto sobre “responsabilidad y agentes del mercado” que, entre otras cosas, limita la movilidad de los afiliados en los multifondos. A juicio del parlamentario, “esto ya pasó todo límite. El Gobierno no sólo no ha querido legislar por un cambio al sistema de pensiones, sino que, ahora, quiere limitar a 30 días la posibilidad de que...

June 5, 2020
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05Jun

US. Making Sense Of The Supreme Court Ruling On Private-Sector Pensions

A Supreme Court decision this week on employer pensions? Yes, indeed. The ruling itself Earlier this week, the Supreme Court handed down its decision in Thole v. U.S. Bank, a case in which two retirees in the U.S. Bank pension plan contended, as part of a class action, that U.S. Bank had violated its fiduciary duty in mismanaging its pension plan from 2007 to 2010, causing its assets to crash. (See Reason and 401K Specialist for summaries.) The plaintiffs...

June 5, 2020
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05Jun

Chile’s pension system is changing for the worse

Chile’s Minister of Finance, Ignacio Briones, gave instructions for changes to laws 18.045 and 18.046, which were originally meant to give more transparency and responsibility to AFP administrators, in other words; keep them honest. Read also South Africa’s Central Bank Rules Out Financing Government The changes are great news for the administrators, but negative news for Chileans and for Felices Y Forrados, a non-regulated stock market tracker, and advisor (for less than $3 a month) to non-professionals that need help...

June 5, 2020
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05Jun

South Africa. Investors could be hit by uneven stock markets

Investors could be hit by uneven global stock markets. The warning comes as stock markets around the world extend their remarkable rallies despite a continuing global public health emergency, economic downturns and financial upheaval, political uncertainty and widespread social unrest. Wall Street is expected to open higher again on Tuesday – with the benchmark S&P500 less than 10 per cent from its all-time high. In the Asia-Pacific region and across Europe, all major indices made gains. Global...

June 5, 2020
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05Jun

US. Bill to limit pensions for officials convicted of crimes moves forward

Lawmakers moved to restrict pensions for public officials who commit crimes while performing their official duties. Senate Bill 719 passed unanimously from the House Pensions and Retirement Committee on Wednesday. It targets elected government officials convicted of a felony offense connected with their service. Convicted officials could collect only the amount of money they contributed to the retirement system plus interest. Nor could they count unused sick leave accumulated after July 2007 toward their retirement benefits. The bill won’t...

June 5, 2020
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04Jun

U.S. clears private equity as investment option for retirement plans

The U.S. Department of Labor issued guidance on Wednesday that allows private equity investments to be offered to U.S. retirement plans as part of diversified investment funds, a move that the leveraged buyout industry has long called for. Employee-sponsored defined benefit plans, such as the pension funds of public sector workers, have long been allowed to include buyout funds in their investment portfolios, turning private equity into a multi-trillion-dollar industry. Read also US pension plans warned they will run...

June 4, 2020
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04Jun

UK. Covid-19: pension scheme guidance

The new guide is relevant to private sector occupational defined benefit (DB) and defined contribution (DC) trust-based pension schemes in the UK, including hybrid schemes and DC master trusts, applying the pensions SORP. It covers a wide range of topics including responsibilities for reporting to The Pensions Regulator (TPR) and the impact of the pandemic on the control environment of pension schemes. There is no relaxation of trustees’ responsibilities under the notifiable events regime and those running DC master...

June 4, 2020
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04Jun

Canada. Alberta public sector pension plan fund falls $3.4B in quarter, pointing to AIMCo losses

An Alberta public sector pension plan says its fund dropped by $3.4 billion — or 6.5 per cent — in the first quarter of the year, calling it an "extremely difficult" period for investors due to COVID-19's impact on financial markets. But the Local Authorities Pension Plan (LAPP), which has 275,000 members, is also pointing to losses at the Alberta Investment Management Corporation (AIMCo), its mandatory investment manager under provincial legislation. LAPP says total asset losses...

June 4, 2020
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04Jun

“The COVID-19 crisis is an opportunity to reimagine human mobility”

COVID-19 continues to devastate lives and livelihoods around the globe — hitting the most vulnerable the hardest. This is particularly true for millions of people on the move — such as refugees and internally displaced persons who are forced to flee their homes from violence or disaster, or migrants in precarious situations. Now they face three crises rolled into one. First, a health crisis — as they become exposed to the virus, often in crowded conditions...

June 4, 2020
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04Jun

Aspectos institucionales de los sistemas de pensiones en América Latina

Por Andras Uthoff En este documento se analizan los desarrollos institucionales necesarios para los sistemas de pensiones y se presenta la experiencia de Chile. Al revisar estos desarrollos se busca asegurar que el desempeño de un sistema de pensiones concilie la lógica de su financiamiento con la de los principios de la seguridad social y garantice que a lo largo de varias generaciones pueda superar los riesgos (captura de los fondos, cambios demográficos, crisis económicas y financieras) frente...

June 4, 2020
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