February 2025
04Feb

Hong Kong. HSBC warning as thousands locked out of pensions with no access to savings

HSBC is refusing to transfer £978million in pension savings belonging to thousands of Hong Kong exiles who have fled to Britain. The FTSE 100 bank is withholding funds from tens of thousands of former Hong Kong residents who sought refuge in the UK following pro-democracy protests and the introduction of national security laws. The banking giant, which has its headquarters in London but maintains significant operations in China, claims legal barriers prevent it from releasing the pension funds to those who...

February 4, 2025
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04Feb

Asset owners ‘increasingly aware’ of risks of biodiversity loss, report says

Close to two-thirds of asset owners are now incorporating nature and biodiversity into their sustainability strategies whilst a further one-fifth intend to do so, according to a survey by Pensions for Purpose, the UK-based industry body. The report was based on interviews with 20 asset owners and managers across the UK, Europe, Asia-Pacific, North America and Latin America. These included the Bedfordshire Pension Fund, Cambridge Associates, PGGM, JANA Investment Advisers and the Wiltshire Pension Fund. Asset owners are “at a critical point in...

February 4, 2025
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04Feb

Greece Moves to Digitize Pension Records in Effort to Speed Up Payments

As part of this modernization effort, EFKA is upgrading its ATLAS pension allocation system by digitizing paper records from 1980 onwards across all primary and supplementary insurance funds. Greece’s national social security agency, EFKA, is launching a digital registry to record all insured workers’ social security contributions dating back to 1980. This initiative is part of a broader digital transformation aimed at expediting pension processing, a longstanding issue in the country’s bureaucracy. As part of this modernization effort, EFKA is upgrading...

February 4, 2025
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January 2025
31Jan

US. DOL Issues New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Synopsis: The Department of Labor (DOL) has issued a much awaited amendment to its Voluntary Fiduciary Correction Program (VFC Program). Notably, the amendment adds a self-correction feature for the delinquent transmittal of participant contributions and loan repayments under certain circumstances. This self-correction program allows plan fiduciaries, including plan sponsors, to correct these types of transactions without the additional hassle and expense of formally submitting an application with the DOL’s Employee Benefits Security Administration (EBSA) for approval and relief. Background The...

January 31, 2025
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31Jan

South Africans face the prospect of retiring at 80

Based on data from over 300 000 Sanlam Umbrella Fund members. While 65 remains the official retirement age, most South Africans will need to work until 80 before they can afford to retire comfortably. This is according to data from Sanlam Corporate, based on insights into its over 300 000 Sanlam Umbrella Fund members. The company’s research highlights a growing retirement funding crisis, with estimates that only one in four South Africans will be able to retire at 65. Sanlam Corporate CEO Kanyisa...

January 31, 2025
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31Jan

Iran’s Aging Population: A Looming Crisis

On January 28, the state-run website Eco Iran published a report titled “Iran’s Population Is Getting Older,” highlighting the significant demographic shifts in Iranian urban households over the past decade (2014–2024). The report reveals a troubling trend: the decline of the young population and the rapid aging of society, posing serious economic and social challenges. Demographic Shifts: A Declining Young Population A review of official statistics underscores a clear decline in the birth rate. The share of children under one year...

January 31, 2025
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30Jan

US. More than 4 in 5 retirement plans have at least one regulatory ‘red flag’ violation

More than 4 in 5 workplace retirement plans in the U.S. (84%) have at least one regulatory “red flag” violation that could put them at risk of fines, legal penalties or fiduciary failure, according to consultant Abernathy Daley 401k Consultants. Of the nearly 765,000 defined contribution plans analyzed, 43% had at least one “regulatory infraction red flag” or RIRF, the most severe type of violation that could result in civil legal penalties, discovery leading to trial, or both, Abernathy said. RIRF...

January 30, 2025
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30Jan

Chile’s Congress approves reform to private pension system

Chile's Congress approved a reform to the country's controversial private pension system on Wednesday, clearing the way for the bill to be signed by President Gabriel Boric. With 110 votes in favor and 38 against, the reform includes increased employer contributions, raises the guaranteed minimum pension and modifies the country's private Chile's Pension Fund Administrators (AFP) system. Pension reform was a key campaign promise by Boric, who rode a wave of left-wing optimism to the presidency following mass protests against inequality. Chile's...

January 30, 2025
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30Jan

UK. Pensions experts react to government’s DB surplus plan

Pensions experts have largely welcomed new proposals from the government to allow surplus funds in DB schemes to be invested in the wider economy. It intends to allow part of a DB fund surplus to be returned to the employer for them to invest in their core business, or bolster pension-scheme members’ benefits. However, Rachel Vahey – head of public policy at AJ Bell – said in doing so, the government is “encouraging trustees to take risks with other people’s money”. TPR...

January 30, 2025
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30Jan

More Nigerians transfer pension savings into mortgage

More Nigerians  are relying on their pension savings to acquire residential mortgage as the number of Retirement Savings Account, RSA, holders that transferred part of their pension savings into residential mortgage increased by 65.03 per cent quarter on quarter, QoQ, to 3,804 in the third quarter of 2024, Q3’24 This form of transfers recorded 2,305 in the second quarter of 2024, Q2’24. According to the Pension Industry Performance Dashboard released by the National Pension Commission, PenCom, yesterday, the value of funds transferred in...

January 30, 2025
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