February 2025
13Feb

Don’t expect AI to make pension decisions just yet, says CFA Institute

AI is steadily shaping the world of pension management, offering new efficiencies, deeper insights, and consistent challenges for pension managers, according to recent research from the CFA Institute. Genevieve Hayman, senior research affiliate at the CFA Institute, explained while AI’s role in pension management is still developing and surpassing efficiency gains, it’s not yet replacing the human decision-making process. Rather, machine learning tools are enhancing their ability to be more informed and accountable in their fiduciary duties, with AI being...

February 13, 2025
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13Feb

Canada. How safe is your pension from climate change? A new tool could predict that — if companies use it

Corporate bean counters can now implement “landmark,” made-in-Canada environmental standards as part of their bookkeeping, to be more transparent about how profits could be affected by climate change. In December, Chartered Professional Accountants of Canada enshrined the standards in its official handbook used for preparing financial statements. Industry watchers say the push towards corporate transparency is likely to continue despite recent moves by businesses and politicians in the opposite direction. Transparency rules help the public see where risks are hidden. Take real estate...

February 13, 2025
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13Feb

India. Atal Pen­sion Yojana enrol­ments grow 29% annu­ally since 2019

The Centre’s ambi­tious Atal Pen­sion Yojana (APY), launched in 2015 to provide uni­ver­sal social secur­ity to India’s unor­gan­ised work­force, has wit­nessed a remark­able surge in enrol­ments, with five States alone account­ing for nearly half of the total sub­scribers. FOCUS. Accord­ing to the latest data presen­ted in the Lok Sabha, Uttar Pra­desh leads with 16.11 per cent of total enrol­ments, fol­lowed by Bihar (9.59 per cent), Maha­rashtra (7.96 per cent), West Bengal (7.68 per cent), and Tamil Nadu (6.69 per cent). Com­bined,...

February 13, 2025
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13Feb

US. DOL Finalizes Update to Voluntary Fiduciary Correction Program

On January 15, 2025, the Department of Labor (“DOL”) issued notice amending its Voluntary Fiduciary Correction Program (“VFCP”), along with related final amendments to Prohibited Transaction Exemption 2002-51 (“PTE 2002-51”), which provides exemptive relief for certain transactions identified in VFCP.  Most notably, the final amendments allow plan fiduciaries to self-correct late-deposited participant contributions or loan repayments, as well as certain other participant loan errors by filing a notice of correction with DOL, in lieu of filing a full VFCP...

February 13, 2025
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13Feb

How to unlock the potential of micro pension schemes

The informal economy plays a critical role in Kenya, contributing significantly to economic growth and vitality. Comprising diverse workers, from market traders and artisans to small-scale entrepreneurs and gig workers, this sector represents the backbone of the country's workforce. Yet, despite its significance, individuals in the economy often find themselves excluded from traditional pension arrangements. The absence of employer-provided benefits and access to formal pension schemes leaves millions vulnerable, with little to no safety net to secure their futures when they are...

February 13, 2025
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12Feb

Global pension assets climb to record $58.5 trillion

Global pensions assets rose by 4.9% year-on-year in 2024, reaching a record USD 58.5 trillion, led by growth in the largest DC markets, according to the Thinking Ahead Institute’s (TAI) latest Global Pension Assets Study. This compares to USD 55.7 trillion at the end of 2023, when the same study by the TAI measured a return to growth after the sharp fall in global pension assets in 2022. Despite the rise in overall assets, there are significant differences between regions. The US...

February 12, 2025
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12Feb

Blue state US pension funds ‘lack consistency’ on climate voting

The Sierra Club has warned of “problems with consistency” at US public pension funds in its latest analysis of sustainability-related voting, with differences in support across resolutions and a reluctance to oppose directors at climate laggards. The group last year analysed a number of pension funds in Democrat-leaning states, and has now expanded to include large funds in Republican-leaning and swing states, meaning the latest edition covers more than 30 of the “largest and most influential public pension funds in...

February 12, 2025
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12Feb

Poverty hits older adults harder in fast-aging society

Kim Young-soon, an office cleaner in her early 70s, says she grapples with high costs of living as her disposable income has been decreasing in recent years. Disposable income refers to the amount of money that is left for personal expenses and savings, after taxes, insurance, interest and other payments. “The employer would not hike my salaries, due to the high vacancy rate of office buildings amid the sluggish economic growth,” Kim said, adding she is financially distressed with high borrowing...

February 12, 2025
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12Feb

UK. Labour Confirms No WASPI Compensation Despite Ombudsman Findings

The Labour government has announced that it will not provide compensation to WASPI (Women Against State Pension Inequality) campaigners, despite findings of maladministration by the Parliamentary and Health Service Ombudsman (PHSO). The decision comes after years of campaigning by women born in the 1950s, who argue that failures in state pension communication left them financially unprepared for increases to the state pension age. While the government has accepted the ombudsman’s findings and apologised for delays in notifying affected women, it has ruled out compensation, citing the difficulty of identifying those who suffered financial losses and the potential...

February 12, 2025
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11Feb

UK. Bereaved families asked to return pension overpayments

Bereaved relatives have been asked to repay state pensions that were wrongly sent to people who have died by the Department for Work and Pensions (DWP). The DWP has confirmed it has no legal right to reclaim the money but argues that it does so to protect public funds. Former Pensions Minister Sir Steve Webb says the letter the department sends out to families does not make it clear the repayments are voluntary. Over the past five years, the DWP mistakenly paid more...

February 11, 2025
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