August 2022
05Aug

CFA Society Germany proposes merger of occupational with private pension systems

CFA Society Germany, the association of investment professionals, has proposed the merger between the country’s occupational and private pension systems under a format based on models in place in Sweden and Canada to cut administrative and sales costs that would lead to an increase in the level of pensions. The models would cater for two different market segments, one including savers opting for a standardised, state-run pension product, and another for savers who demand control over investments, the association said...

August 5, 2022
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04Aug

Coca-Cola Consolidated to terminate primary U.S. pension plan

Coca-Cola Consolidated Inc., Charlotte, N.C., plans to terminate its primary U.S. pension plan. The consolidated bottling company said it began the process of terminating the plan during the first half of 2022, according to its 10-Q filing with the SEC on Tuesday. Read also CF Industries offloads $375 million in U.S. pension liabilities In the filing, the company said it plans to offer a lump sum to "certain plan participants" before completing the purchase of a group annuity contract from an insurance...

August 4, 2022
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04Aug

Kenya. Risk-averse pension schemes bag higher returns

Pension funds that eschew risk are reaping the benefits of their conservative approach to investments, outperforming their more aggressive peers whose returns are being dented by bigger exposure to underperforming equities and offshore assets. Conservative schemes, which on average allocate over 80 percent of their assets under management to risk-free, stable yielding government securities, recorded a return of 2.9 percent in the year to June 2022, industry analysis done by fund administrator Zamara shows. Schemes with a moderate approach to investment,...

August 4, 2022
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04Aug

Iranian Pensioners Continue Protests Amid Economic Woes

Pensioners and retired government employees have continued protests in more than a dozen Iranian cities for a second day as they seek a hike in pensions to offset rising prices amid the country's growing economic woes. Reports from eyewitnesses from 16 cities, including Mashhad, Shushtar, Ilam, Yazd, Qazvin, Karaj, Bandar Abbas, Kermanshah, Abadan, and Isfahan, showed protesters on June 7 demanding more money, saying their pensions aren't enough to live on. In the city of Ilam, retirees spread an empty tablecloth...

August 4, 2022
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04Aug

Sensitive data of Indian pension fund holders exposed online

A huge cache of data containing the full name, bank account number and nominee information of pension fund holders in India has surfaced online. Security researcher Bob Diachenko found two separate IP addresses storing more than 288 million records — with some 280 million records available under one IP address and about 8.4 million a part of the second IP address. Both IP addresses were publicly exposing the data to the internet but were not protected by passwords, the researcher...

August 4, 2022
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04Aug

U.S. corporate pension plan funding holds steady in July above 93% – 3 reports

U.S. corporate pension plan funding ratios remained relatively stable in July after months of poor investment returns had negatively affected the health of the plans, according to three new reports. Legal & General Investment Management America in its report estimated the average funding ratio of the typical U.S. corporate pension plan rose to 95% as of July 31 from 94% a month earlier. LGIMA in its latest Pension Solutions Monitor cited positive equity returns during the month, noting the S&P 500...

August 4, 2022
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03Aug

Africa’s Largest Asset Manager PIC Leads Pension Funds Investing in Continent’s Infrastructure via AFC

In a significant milestone for African pension capital being deployed for domestic infrastructure and industrial development, the Public Investment Corporation (PIC), Africa’s largest asset manager, with over US$150 billion in assets under management, plans an inaugural investment in the Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider. Read also Kenya. Risk-averse pension schemes bag higher returns PIC has given formal notification to make a US$100 million equity investment in the AFC. The approved investment from the South African pension...

August 3, 2022
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03Aug

CF Industries offloads $375 million in U.S. pension liabilities

CF Industries Holdings Inc., Deerfield, Ill., purchased a group annuity contract from an insurance company to transfer about $375 million in U.S. pension plan liabilities. The agricultural chemical company purchased the contract from the undisclosed insurer on July 22 and was funded with plan assets, according to an 8-K filing with the Securities and Exchange Commission Tuesday. The insurer will take on the benefit-paying responsibility for about 4,000 retirees and beneficiaries, according to the filing. The company expects to recognize a non-cash...

August 3, 2022
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03Aug

UK. DWP adds new way for people of State Pension age to claim income boost of up to £3,300

The Department for Work and Pensions (DWP) recently confirmed that new claims for Pension Credit made between April 1 and July 3, took an average of 40 days to process. This means those over State Pension age who submit an application this week, could receive financial support by the end of September. To help even more people over 66 claim support worth around £3,300 on average each year, DWP has introduced a new interactive Pension Credit claim form which can...

August 3, 2022
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02Aug

US. Average Public Pension Assumed Rate of Return Hits 40-Year Low

The average investment return rate assumption for U.S. public pension funds has fallen below 7.0%, to its lowest level in more than 40 years, according to the National Association of State Retirement Administrators. Among the 131 funds that NASRA measured, more than half have reduced their investment return assumption since fiscal year 2020 as rising interest rates and other factors have contributed to more volatile investment returns. For the 30‐year period that ended in 2020, public pension funds accrued approximately $8.5...

August 2, 2022
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