November 2025

Largest US Pension Fund CalPERS Faces Heavy Losses As Strategy Investment Drops To $80M

California Public Employees’ Retirement System (CalPERS) has been caught on the wrong side of the recent sell-off in Strategy, with its first bet on the Bitcoin proxy stock sliding from more than $144m to about $80m in a matter of months. According to a recent SEC filing, CalPERS acquired 448,157 Strategy (MSTR) shares in the third quarter, paying over $144m for the position. The stake, which gave the fund direct equity exposure to one of the most volatile Bitcoin plays...

UK Budget 2025: limitations on pensions salary sacrifice will lead to ‘cut-backs’

Plans by the UK government to charge employer and employee national insurance contributions (NICs) on salary sacrificed in exchange for employer pension contributions above £2,000 from 2029 will leave future pensioners facing lower funds, according to an expert. Pensions salary sacrifice describes an arrangement where, instead of paying contributions directly to their pension, an employee contractually agrees with their employer to give up part of their salary or bonus in return for the employer paying an equivalent amount into their...

German government finds pension compromise to resolve showdown

Germany's coalition government has pledged to undertake far-reaching reforms of the country's pension system, while sticking to previously agreed pension levels, in a bid to resolve a rebellion within Chancellor Friedrich Merz's conservative ranks. The measures are outlined in a draft document seen by dpa on Friday, following late-night talks on Thursday between leading conservatives and their junior partner, the centre-left Social Democrats (SPD). Under the agreement, a pensions commission is to present proposals for a comprehensive reform by mid-2026. The commission...

México. Las Afores alcanzan el billón de pesos en plusvalías en lo que va de 2025

Las Afores alcanzaron en octubre el hito del billón (millón de millones) de pesos en plusvalías acumuladas durante 2025, cifra que equivale a aproximadamente  a 52.532 millones de dólares. Asimismo, los fondos de pensiones mexicanos dicen estar listos para invertir en los planes de infraestructura del gobierno federal, amparados en el «Plan México», que califican como un proceso robusto que dará resultados, según informó la entidad gremial que agrupa a las administradoras de los fondos de pensiones del país Amafore. Sin mencionar la...

Colombia. La mini reforma pensional que alistaría el gobierno del presidente Petro

Una mini reforma pensional estaría siendo preparada por el Ministerio de Hacienda a través de un borrador de decreto que Valora Analitik conoció en primicia. El Gobierno del presidente Gustavo Petro propone modificar el mecanismo de cobertura del deslizamiento del salario mínimo, una herramienta diseñada para proteger a los pensionados que reciben su mesada mediante un seguro de renta vitalicia. En términos simples, el cambio propuesto por el Ministerio consiste en modificar el parámetro técnico que determina cómo se calcula ese...

Vontobel y Vanguard se consolidan como las gestoras favoritas de las AFP chilenas en 2025

Navegando el devenir de los mercados internacionales, los fondos de pensiones chilenos se han estado moviendo su carteras internacionales, inclinándose por la renta fija durante 2025. En este contexto, algunos managers han atraído más flujos que otros de parte de los inversionistas más grandes del mercado local. En lo que va de 2025, las AFPs han posicionado 4.852 millones de dólares netos en estrategias de gestión activa y unos 2.584 millones de dólares en gestión pasiva, según un informe de HMC Capital con...

Perú. SBS impulsa mayor competencia en el Sistema Privado de Pensiones con norma que permitirá el ingreso de nuevas entidades

La Superintendencia de Banca, Seguros y AFP (SBS) ha determinado el marco normativo para el ingreso de nuevos competidores al Sistema Privado de Pensiones (SPP), bajo estándares de solvencia, adecuada gestión de riesgos y con un enfoque en servicio, en un paso clave que beneficiará a los afiliados, beneficiarios y futuros pensionistas. La resolución SBS N° 04225-2025, publicada este jueves en el Diario Oficial El Peruano, establece, en cumplimiento de lo dispuesto en la Ley N° 32123 y su reglamento,...

Rapidly ageing populations will continue to put pressure on pension systems

Population ageing due to lower birth rates and longer life expectancies will continue to raise fiscal pressures on pension systems at a time of high public debt and competing spending needs, according to a new OECD report. OECD Pensions at a Glance 2025 shows that populations across the OECD will age fast over the next 25 years: there will be 52 people aged 65+ for every 100 people aged 20-64 by 2050, up from 33 in 2025 and only 22 in...

US. NYC comptroller urges city pensions to drop BlackRock, other managers over climate concerns

New York City Comptroller Brad Lander recommended that the city’s three pension funds drop a trio of asset managers for failing to meet the climate expectation of the city’s net-zero implementation plan, Lander’s office said in a Wednesday release. Lander recommended the city’s pensions move on from BlackRock, Fidelity and PanAgora in an update to the trustees of the city’s Teachers’ Retirement System, the New York City Employees’ Retirement System and Board of Education Retirement System. The recommendation for the city’s...

China. Health initiative promotes co-prevention of diabetes and shingles for healthy aging

A nationwide health campaign was launched to address the growing challenge of chronic diseases among aging adults in China to raise awareness and promote early intervention against chronic diseases, with a focus on shingles—a painful infection that poses serious risks to people with diabetes. The program, led by China CDC, CCTV.com, and the National Open University for the Elderly, offers free health education targeting adults aged 50 and above. It urged to tackle shingles, a frequently overlooked but debilitating disease,...