News Archives - Page 326 of 981 - Pension Policy International

19JulJuly 19, 2023

US. ERISA Advisory Council Highlights Trends in Pension Risk Transfers

Shaun O’Brien, the chair of the ERISA Advisory Council, summarized many of the trends in the pension risk transfer market and commonly expressed concerns from pension fiduciaries and stakeholders at a hearing the council hosted Tuesday at the Department of Labor. The hearing was held to discuss possible changes to Interpretative Bulletin 95-1, which requires that pension fiduciaries select the safest annuity providers when executing pension risk transfers. Considering modifications to IB 95-1 was required by Section 321 of the...

July 19, 2023

NewsRegulation, Risk, savings, US

18JulJuly 18, 2023

US. New York City pension chief urges pay clawbacks at Bank of America

New York City's top pension official has urged Bank of America's (BAC.N) board to claw back pay from executives after the bank agreed to pay $250 million to settle regulatory claims that it double-charged customers and took other steps without authorization. Since the financial crisis of 2008, provisions to recover pay have been strengthened at top U.S. banks to limit risk-taking. Bank of America did not admit wrongdoing in its July 11 agreements with the Consumer Financial Protection Bureau (CFPB)...

July 18, 2023

NewsRegulation, US

18JulJuly 18, 2023

More to be done on sustainable investments despite ‘significant improvements’

The proportion of pension schemes seeking greater alignment or integration of sustainable investment beyond employer policies doubled from 20 per cent in 2021 to 40 per cent in 2022, analysis from Mercer has revealed. The group’s latest Responsible Investment Total Evaluation (Rite) report, which benchmarks around 1,000 schemes from across the defined benefit (DB) and defined contribution (DC) space, showed that schemes have made “significant improvements” in their sustainable investment credentials. In particular, the research found that 50 per cent of...

July 18, 2023

NewsESG, Investment, Sustaniability

18JulJuly 18, 2023

Fidelity Investments forms retail annuities and pension risk transfer focused reinsurer

US investment giant Fidelity Investments has formed Soteria Reinsurance Ltd., a newly incorporated Class C insurer registered in Bermuda that will focus on the US retail fixed annuities and pension risk transfer space. On June 20th, 2023, Soteria Re, which is owned directly by Soteria Reinsurance Holdings, LLC, a wholly owned subsidiary of Fidelity Management & Research Company LLC, was registered with the Bermuda Monetary Authority as a Class C insurer. In a brochure dated March 28th, 2023, Fidelity explained that...

July 18, 2023

NewsPension design

18JulJuly 18, 2023

Pension reform for St Vincent and the Grenadines

St Vincent and the Grenadines Finance Minister Camillo Gonsalves has warned that reform to the pension and benefit structure of the National Insurance Services (NIS) can begin as early as next year. Gonsalves wa briefing lawmakers on the finding of the 11th actuarial review of the National Insurance Services (NIS) and an independent analysis of the actuarial review, conducted by the World Bank’s Reserve Advisory and Management Partnership (RAMP). The Finance Minister told Parliament that according to the report, NIS reserves...

July 18, 2023

NewsPension Reform, St. Vincent and the Grenadines

17JulJuly 17, 2023

Inflation doesn’t always produce a bigger pension

Following the Great Recession and extending into the low-interest-rate environment of the 2010s, state legislatures reduced, suspended or eliminated cost-of-living adjustments among public plans in the name of protecting pension systems' health. Their record is decidedly more mixed during the recent run-up in inflation and interest rates, rejecting COLAs for underfunded pension plans and offering one-time supplemental payments to retirees as a compromise between COLAs and nothing. "My general observation is that it seems to be politically easier to reduce COLAs...

July 17, 2023

NewsDiseño de Pensiones, US

17JulJuly 17, 2023

How a Vast Demographic Shift Will Reshape the World

U.N. World Population Prospects 2022 Young populations are those in which at least a quarter of the population is under age 15. In old populations, at least a quarter of the population is 65 or older. The world’s demographics have already been transformed. Europe is shrinking. China is shrinking, with India, a much younger country, overtaking it this year as the world’s most populous nation. But what we’ve seen so far is just the beginning. The projections are reliable, and stark: By...

July 17, 2023

NewsAging

17JulJuly 17, 2023

How “old economy” companies can be an innovative investment

Innovative companies don’t need to be those that are early stage or particularly associated with technology, according to some long established investors. Francois De Bruin, who runs the Aviva Investors Global Endurance fund, told FTAdviser Vantage Point that long established companies in areas of the old economy, such as Costco, are able to win market share relative to rivals due to what he calls “network effects”, and share the benefits with their customers. Network effects are those which mean that the...

July 17, 2023

NewsInvestment, Pension Management

17JulJuly 17, 2023

China to expand national pilot project for hospice care, further improve humanistic care for elderly with an aging society

China will expand its national pilot project for hospice care with a third batch of pilot areas, further improving humanistic care for the elderly and the terminally ill across the country, a move to cope with the nation's rapidly aging population. China's National Health Commission (NHC) has issued a notice announcing the third batch of places, which include three provincial-level places - Beijing, East China's Zhejiang, Central China's Hunan - and another 61 cities or districts such as Nankai district...

July 17, 2023

NewsChina, Social Protection

14JulJuly 14, 2023

Ahorro para el retiro y cultura previsional en México

En México sí se tiene el hábito de ahorrar, esta acción se aprende desde temprana edad y aunque los medios son diversos, todos consisten en cambiar parte del consumo actual para cumplir metas financieras en el futuro. Sin embargo, hace falta una sólida cultura previsional que permita alcanzar las metas de largo plazo como lo es el ahorro para el retiro. De acuerdo con la Encuesta Nacional de Inclusión Financiera (ENIF), edición 2021, seis de cada 10 personas realizaron alguna...

July 14, 2023

NewsAhorro, Cultura Financiera, Mexico

July 2023