July 2020
02Jul

Morocco to extend social protection to 2.5 million handicraftsmen

Some 2.5 million handicraftsmen and their dependents will finally have access to social protection after the government approved a law to enlist them in the private sector pension fund CNSS. The new law was presented by tourism and handicrafts minister Nadia Fettah Alaoui to MPs as part of a reform that aims to fill a legal void in the handicrafts industry. Handicrafts accounts for 7% of Morocco’s GDP and employs 20% of the work force with a concentration in...

July 2, 2020
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02Jul

US. Manager of $240 billion pension fund says the market is absurd – he’s selling stocks

The manager of one of the country’s biggest pension funds said Wednesday that he wants to be underweight in stocks for the rest of the year because of the massive swing in markets so far in 2020. Christopher Ailman, the chief investment officer for CalSTRS, said on CNBC’s “Worldwide Exchange” that the first half of 2020 was the most difficult stretch for the market he had ever seen, calling the moves in stocks “utterly absurd.” “The stock market...

July 2, 2020
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02Jul

Australian regulator imposes new conditions on Suncorp, CBA pension arms

Australia’s prudential regulator said on Thursday said it has imposed new licensing conditions on the pension units of Commonwealth Bank of Australia and Suncorp Group following directions by a government-ordered enquiry. The new conditions would require them to record how they consider the best interests of their customers while making decisions, the Australian Prudential Regulation Authority (APRA) said. The authority noted that neither Suncorp Portfolio Services (SPSL) nor Colonial First State Investments (CFSIL) had breached pension laws. The conditions...

July 2, 2020
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01Jul

US. Labor Department Proposes Fiduciary Exemption for Retirement Plans

The Labor Department proposed a new rule Monday for retirement accounts that allow brokers and other types of financial advisers to provide fiduciary advice and still receive commissions in some cases. Read also US. Coronavirus puts company match under pressure Consumer advocates say the proposed regulation would weaken standards under the federal law that governs retirement accounts. Read also UK. Pension funds covering £3trn pressured on fossil fuel investments and net-zero alignment Read more @WSJ

July 1, 2020
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01Jul

Swiss government outlines framework for sustainable finance

Unveiling a report on sustainable finance on Friday, Finance Minister Ueli Maurer said legislators would stay in the background as a last resort measure. However, the report identified a number of criteria it would monitor and called for improvements in some areas. Banks, pension funds, insurers and asset managers are expected to step up efforts to make sure customers get full disclosure of relevant information on their investments and to better calculate the financial consequences of harmful activities. A...

July 1, 2020
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01Jul

Nigeria´s FCMB bolstering its pensions business to drive profitability

First City Monument Bank Group is set to acquire up to 96 percent of Aiico Pensions Limited, the financial services group said in a notice on the Nigerian Stock Exchange, in yet another move to expand its pensions unit. The planned acquisition follows the company’s increase of its stake in Legacy Pensions – now FCMB Pensions – to 91.6 percent last year, giving it full control of the business. As of March, FCMB Pensions had grown its assets under...

July 1, 2020
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June 2020

30Jun

UK. £127bn transferred out of workplace schemes since 2015 – ONS

Around £127bn has been transferred out of UK funded occupational pension schemes since 2015, with £36.9bn-worth of transfers out in 2017 alone, according to figures from the Office for National Statistics (ONS). The government body’s Financial Survey of Pension Schemes found that transfers in to occupational schemes bounced back the following year, rising from £2.2bn in 2017 to £9.6bn in 2018, driven by a sharp rise on transfers into defined contribution (DC) schemes, which made up £3.8bn, or 40...

June 30, 2020
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30Jun

Dutch schemes fail to push management fees below 0.5% threshold

Large Dutch pension funds have not been able to push their investment management fees to below the 0.5% threshold, even though their assets under management increased by 28% in the past five years. Consultancy LCP looked at total management fees as a percentage of total assets for the seven largest occupational funds – ABP, PFZW, PMT, PME, BpfBouw, Vervoer and PGB – and three large company pension funds (Philips, Rabobank and Shell). Together, these funds administer two thirds of all...

June 30, 2020
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30Jun

BP under scrutiny over Zambian pension shortfall

When BP sold off its Zambian fuel marketing business in 2010 to Puma Energy, it appeared to be a fairly straightforward example of a super major dispensing with non-core assets. For former employees of BP Zambia, though, it marked another setback in their struggle to win recognition for pensions earned. As BP’s new CEO Bernard Looney has set out his thoughts on tackling racial injustice and a desire to help the world “build back better”, the case of ageing...

June 30, 2020
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30Jun

UK. Regulator to focus on protecting savers amid Covid

The Pensions Regulator has said it will prioritise protecting savers during the coronavirus pandemic, as well as schemes continue to deliver benefits. The regulator's corporate plan for 2020-21, published this morning (June 29), sets out how it will continue to address the risks to the savers through regulatory interventions and scheme supervision. It also highlights the regulator’s determination to continue to fight against pension scams by taking action against fraudsters and working with other key industry organisations to...

June 30, 2020
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