News Archives - Page 433 of 983 - Pension Policy International

22JulJuly 22, 2022

US. Pension unfunded liabilities rising with market volatility

The markets giveth and the markets taketh away. Unfunded liabilities for state pension funds are expected to climb from $783 billion in 2021 to $1.3 trillion in 2022. The funded ratio of state pensions would fall from 85% last year to 75% in 2022. That’s according to the Reason Foundation, which states that after the market expansion of 2021 helped pensions; the rather lackluster performance of markets this year could see an average rate of return for state pensions at...

July 22, 2022

News2022, Funding, US

22JulJuly 22, 2022

Caisse admits $150-million investment in bankrupt Celsius ‘raises a number of questions’

Quebec’s pension manager broke its silence about its investment in Celsius Network LLC, saying it will “take time” to resolve claims around the bankrupt cryptocurrency lender but admitted the investment didn’t pan out. Caisse de Dépôt et Placement du Québec invested $150 million in Celsius in October as part of a $400 million funding round co-led by WestCap Investment Partners LLC. Equity holders are likely to be wiped out after Celsius filed for Chapter 11 bankruptcy protection in a U.S. court,...

July 22, 2022

News2022, Canada, Cryptocurrency, Investment

22JulJuly 22, 2022

Iranian Pensioners Protest Again, Demand Full Hike In Pensions As Promised

Pensioners and retired government employees have again taken to the streets in several cities across Iran shouting anti-government slogans and demanding a full 38 percent increase in their pensions, which was promised by the Supreme Labor Council. The recent wave of protests by pensioners and retirees comes after the government announced on June 6 that it would increase the monthly incomes of non-minimum-wage retirees by 10 percent, far below a previous pledge to raise them by 38 percent plus 5.15...

July 22, 2022

News2022, Iran, Public Pensions

21JulJuly 21, 2022

US. Here’s How Badly the Market Crash Has Hurt Pension Funds

Public pension plans in the U.S. saw significant losses in 2022 as interest rates rose and stock markets tanked. In its annual state of pensions report, Equable Institute, a non-profit that provides public pension research and information, found that in the fiscal year ending in June 2022, the aggregate funded ratio of statewide and municipal public pensions plans dropped by 6.9 percentage points — a loss of about half of 2021’s gains. In fact, the report said this drop is...

July 21, 2022

NewsSystem sustainability, US

21JulJuly 21, 2022

Canada. Pensions need to up their climate-risk management game

As the United Kingdom sweats under record-high temperatures, pension fund managers on this side of the pond are being warned about their net-zero targets. Pension fund administrators should continue to adopt net-zero emissions targets for 2050, and have their targets vetted through third-party certification standards — such as the Science-Based Target initiative or Glasgow Financial Alliance for Net-Zero — according to Building Climate Resilience in Canada’s Pension Funds, a report released by the Smart Prosperity Institute on Wednesday. The institute...

July 21, 2022

News2022, Canada, Climate crisis

21JulJuly 21, 2022

Saudi’s Social Insurance office shakes-up stock market investments in 30 companies

The Saudi government agency responsible for social insurance has reorganised its investments in 30 listed companies in a bid to reap greater returns. The move came after the General Organization of Social Insurance took on all the assets of the Kingdom’s Public Pension Agency as part of a merger of the two departments, announced last June. The rejigging of the government’s holdings has been led by Hassana Investment Co, the investment arm of GOSI established in 2014, as part of a...

July 21, 2022

News2022, Pension Management, Saudi Arabia

21JulJuly 21, 2022

South Korea huge pension fund a local force driving won lower

South Korea's strenuous attempts to defend a sharply weakening currency have run into an unstoppable home-made force working in the opposite direction: the national pension fund. The National Pension Service (NPS), the world's third-largest such fund, has a hefty and growing appetite for equity and bond investment abroad, which it can feed only by selling won for foreign currency. It made net purchases of about $10 billion of foreign bonds and stocks in the first five months of 2022, central bank...

July 21, 2022

News2022, Pension Management, Political economy, South Korea

20JulJuly 20, 2022

FedEx to deliver $800 million to U.S. pension plans in fiscal year 2023

FedEx Corp., Memphis, Tenn., plans to make $800 million in voluntary contributions to its U.S. pension plans during its fiscal year ending May 31, 2023. The shipping company disclosed the contribution in its 10-K filing with the SEC on Monday. The injection of cash into the plans will come despite the lack of minimum required contributions under the Employee Retirement Income Security Act of 1974. In the most recent fiscal year ended May 31, FedEx contributed $533 million to the plans. FedEx...

July 20, 2022

News2022, Occupational Pensions, savings, US

20JulJuly 20, 2022

UK. Cross-industry Pension Attention campaign unveiled

The Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have unveiled the 'Pension Attention' campaign slogan and logo, ahead of the campaign launch in September. Plans for the campaign were initially announced in April 2022, with over 30 million pension savers to be targeted in an effort to boost people's understanding of and engagement with their pensions. It has received "unprecedented" cross industry support from 17 providers, including 13 sponsors and four official supporters, with those...

July 20, 2022

News2022, System sustainability, UK

20JulJuly 20, 2022

Brazilian insurance regulator publishes guidelines on sustainability requirements for the insurance sector

The Brazilian Superintendence of Private Insurance (“SUSEP”) published Regulation No. 666/2022, setting forth sustainability requirements applicable to the Brazilian insurance sector. Its goal is to establish guidelines for management of risks that are directly related to ESG policies of insurance and capitalization companies, local reinsurers and pension funds. Pursuant to the new requirements, regulated entities must ensure that sustainability risks are properly managed, particularly by preparing a triennial materiality assessment identifying, assessing and classifying the risks to which the entities...

July 20, 2022

News2022, Brazil, ESG, Regulation

July 2022