July 2026

A Brief Age of Billions

Most leading projections show that the world’s population will peak in the second half of the twenty-first century. But what happens after that? Long-term projections by researchers at the University of Texas at Austin find that today’s large global population may be a blip in human history, and that fertility trends could have compounding consequences for population size and age structure far into the future.1 If fertility stays low, four-fifths of all human births may already have occurred. Dean Spears, Sangita...

Canadá. La Caisse tops the Global SWF rankings, recognized for its leadership in sustainability

For the fourth year running, La Caisse ranks at the top of the pension funds included in the Global SWF’s GSR Scoreboard published, consolidating its leading position among global investors. This recognition reflects the excellence of our sustainable investing practices and our efforts to make progress on sustainability matters in Québec and abroad. “This ranking places La Caisse among a select group of global leaders in governance, sustainability and resilience. It is a testament to the rigor of our practices and...

Simplified asset manager sustainability reporting could hamper green investments

Asset manager reporting exemptions under the finalised ESRS could create a ‘significant blind spot’ for their sustainability performance Asset managers are the latest group to benefit from revisions to sustainability reporting requirements, as EU and UK regulators look to simplify disclosure frameworks. The European Commission has adopted its finalised sustainability reporting standards, which were revised under its first sustainability omnibus package. The new ESRS will reduce the number of mandatory data points by more than 60 per cent and the number of...

The other side of longevity: more years of life, but also greater inequality

Longevity is one of the great economic and scientific achievements of the last century, but it risks becoming a new source of deep social division. Today, it is no longer enough to focus on how long we will live: the real question is who will be able to live longer in good health and who, on the other hand, will accumulate, over the course of their lives, disadvantages that are bound to result in additional years of frailty. This was...

Aging Alone? What Living Single Means for Retirement Taxes

Traditional retirement planning has long assumed a household of at least two people and often the involvement of adult children in managing financial decisions later in life. But more and more, that assumption no longer applies to a growing share of retirees. Surveys and data show that many people living in the U.S. are charting a different course, with roughly 1 in 5 over the age of 50 living alone. (That number rises to 27% for those age 60 and...

UK government proposes faster route for straightforward pension transfers

The UK government is consulting on draft regulations that would reform the conditions governing pension transfers, introducing a new "reputable scheme" route for low-risk cases and revising the scam-protection flags that trustees are required to assess. The draft changes to The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 apply to transfers to schemes other than public service pension schemes, Pensions Regulator-authorised defined contribution (DC) master trusts and Pensions Regulator-authorised collective defined contribution (CDC) schemes. The consultation closes...

What CUSMA’s ‘uncertain’ path means for Canadian plan sponsors

The CUSMA review is underway this week and the range of possible outcomes stretches wide enough to make any institutional investor uneasy. While world leaders of the US, Mexico and Canada had until July 1 to come to an agreement, it’s almost certain that negotiations will be extending far into the future. Kathy Tausz, vice president of fixed income at Beutel Goodman, believes the agreement's review has been overshadowed by competing global crises. "It almost feels like the CUSMA negotiations are taking...

Insurer unit buys Milliman’s retirement and benefits arm for US$340 million

Empower, a subsidiary of Great-West Lifeco, has agreed to acquire Milliman Inc's retirement plan and benefits administration business for US$340m. The deal brings a defined benefit administration platform in-house and opens a new line in health and welfare administration. The business administers defined contribution, defined benefit and health and welfare plans for corporate, public sector, trade labour union, multi-employer and non-profit clients, holding roughly US$130bn in assets across 1.5m participants. Great-West Lifeco said the acquisition lifts Empower's workplace platform to about 21m...

German coalition agrees on sweeping reform package in key breakthrough

German Chancellor Friedrich Merz’s ruling coalition has unveiled a sweeping package of tax, labour and pension reforms aimed at reviving Europe’s largest economy and countering a surge by the far right. The “Programme for Revival and Employment” announced on Thursday includes about 10 billion euros ($11.4bn) in annual income tax relief targeted at lower and middle-income earners, taking effect from January 1, 2027. The 34 reform measures also include an overhaul of the creaking pension system, tougher rules for employees’ sick...

UK Pension Schemes Act a mixed bag for impact investors

The UK Pensions Scheme Act, which became law in April, seeks to reinforce the consolidation of a fragmented pensions industry to improve outcomes for savers and, potentially, direct more institutional funding into under-invested areas of the economy. That could herald greater institutional investment in impact funds and other impact-related investment vehicles, but it remains unclear how effective the act will be in achieving that. One headline measure is the creation of multi-employer, defined contribution (DC) megafunds of at least £25bn (€28.9bn),...