February 2026

Will falling birth rates mean a more conservative world?

George Orwell was on to it almost 80 years ago — the problem of below-replacement level birth rates. In a short book written for the Britain in Pictures series in 1947, written just as Britain was emerging from wartime rigors into an uncharted postwar future, Orwell noted that despite an upward blip in birth rates during the war, “the general curve is downward. The position is not quite so dangerous as it is sometimes said to be, but can only...

Danish pensions’ US investment dilemma

Pension funds in Denmark are under government pressure to invest more at home, with some reassessing their US exposure amid concerns over financial stability and geopolitical tensions. AkademikerPension and PFA recently cut their holdings of US Treasuries, for instance. Similarly, investors across Europe and beyond are considering – or undertaking – their own action. President Donald Trump’s threats to seize Danish-ruled Greenland, though, are of particular relevance to Copenhagen. Decisions like these cannot be taken lightly or quickly, as Menno van den Elsaker of Dutch...

Birthrates Are Down. That Can Be a Sign of Progress

Dear reader, Five years ago when we started Headway, an initiative at The Times that considers the world’s challenges through the lens of progress, I wrote that measurement drives nearly every area of human endeavor. We chart our impact on the climate by measuring the amount of carbon in the air and the steady climb of average temperatures; we watch inflation and G.D.P. to understand the health of the economy. On subject after subject, when these indicators point the way we...

Swiss Serenity Launches Free Second Pillar Asset Search Tool

Swiss Serenity has launched a free asset search tool that facilitates access to second pillar asset information. This search service allows every Swiss citizen to verify whether they have dispersed or forgotten occupational pension assets by following a simplified process. This tool addresses a real administrative need: according to the Central Office 2nd Pillar, billions of francs in pension assets remain unclaimed in Switzerland, often due to employer changes or periods of professional inactivity. Context: Dispersed and Forgotten Assets Many Swiss citizens have second pillar...

UK pension reforms questioned over saver risk and impact on competition

Proposed government powers over pension investment and new restrictions on default schemes have triggered warnings in the House of Lords that risk could be shifted onto lower-income savers, while market consolidation may weaken competition and innovation. The sixth committee-stage debate on the Pension Schemes Bill focused on Clause 40, covering asset allocation and investment risk in defined contribution (DC) pension funds, and Clause 42, which allows regulations restricting the creation of new non-scale default pension arrangements. Clause 40 introduces reserve powers...

South Africa. Government Pensions Agency under fire over R145 million in irregular spending

The Government Pensions Administration Agency (GPAA) is under fire after audits reportedly revealed R145 million in irregular and wasteful spending, including payments for work that was never done. The findings, reportedly linked to over R2 billion in irregular transactions, have drawn sharp criticism from the Public Servants Association (PSA) and raised concerns in Parliament about governance failures at the agency, which manages pensions for 1.7 million government employees. Chairperson of the Portfolio Committee on Public Service and Administration, Jan de Villiers, said the findings are...

US. Bitcoin price meltdown leaves these public pensions down 60% on Strategy bets

US pension funds that bet on Strategy find themselves nursing some heavy losses as share prices for Michael Saylor’s firm continue to slide. The 11 funds collectively hold nearly 1.8 million shares of Strategy, now worth about $240 million, down from $577 million when they first reported their allocations. That’s $337 million in paper losses so far, according to research platform Fintel. Moreover, 10 out of the 11 funds are down 60% on their Strategy stock buys. Strategy’s shares have lost...

UK. Industry warns against ‘giving up’ on saver engagement at retirement

The pensions industry should maintain engagement and not rely too heavily on default solutions at retirement, industry experts have stated. Speaking during an ABI Annual Conference session on personal pensions, Fidelity International head of platform policy and oversight, James Carter, emphasised a “fundamental difference” between individuals who actively opened a personal pension and those who were automatically enrolled into a workplace scheme. He cautioned against assuming that all savers were inherently passive and warned that the industry had increasingly accepted disengagement...

US. More than Half of Recent Retirees Have Regrets About How They Saved for Retirement

For millions of Americans who retired in the last five years, the transition from earning a paycheck to living off savings brings an uncomfortable reality check: many wish they did things differently, according to a new Advisor Authority study, powered by the Nationwide Retirement Institute. More than half (55%) of recent retirees (those retired in the last five years) say they have regrets about how they saved for retirement. More than a quarter (28%) wish they began saving earlier, and...

Australia warns $3.2 trillion pension fund industry to lift systems investment

Australia's corporate regulator has warned the nation's A$4.5 trillion ($3.16 trillion) pension fund industry it needs to invest more in systems and technology to better prepare for the future and avoid becoming troubled like stock market operator ASX (ASX.AX), opens new tab. Australian Securities and Investments Commission (ASIC) Commissioner Simone Constant said the pension fund industry, known locally as superannuation, was on track to be worth A$6 trillion by 2030. At that size, she said, it would be larger than Australia's banking...