May 2017

11May

China. AMAC calls for development of third-pillar pension products

The Asset Management Association of China (AMAC) is calling on Chinese authorities to facilitate the development of private pension schemes – the third pillar in a pension structure – to mitigate mounting financial pressure on the country’s retirement system. AMAC Chairman Hong Lei says China’s pension system became more comprehensive with the establishment of the enterprise annuity (EA) system in 2004, a supplemental defined-contribution (DC) retirement plan for Chinese enterprises – the second pillar, along with the occupational annuity (OA)...

May 11, 2017
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11May

India. PFRDA asks govt to resolve uncertainty over regulation of pension products

In an attempt to bring all pension products under the purview of a single regulator, Pension Fund Regulatory and Development Authority (PFRDA) has sought a final word on the matter with the government. In an exclusive interaction with Moneycontrol, Hemant Contractor, Chairman of PFRDA said that they are hopeful of the government deciding on a single-source regulator. Currently, the National Pension System alone is regulated by the PFRDA. However, pension products sold by insurance companies are overseen by the Insurance Regulatory...

May 11, 2017
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10May

Canada’s Largest Pension Fund Opposes Re-Election of Bombardier Chairman

Bombardier (BBDb.TO) faced fresh pension fund opposition to the re-election of its executive chairman and the Quebec government said the plane and train maker should listen to the growing number of institutional shareholders citing governance concerns. The Canada Pension Plan Investment Board (CPPIB), the country's largest pension fund manager, withheld its vote for the re-election of Pierre Beaudoin at Bombardier's annual meeting on Thursday. The Ontario Teachers Pension Plan (OTPP) also withheld its vote on his re-election on Tuesday, echoing similar...

May 10, 2017
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10May

Aviva exits more Spanish businesses

Aviva announced the sale of its 50% shareholdings in life insurance and pension joint ventures Unicorp Vida and Caja España Vida, as well as its retail life insurance business Aviva Vida y Pensiones, to Santalucía on Wednesday. The FTSE 100 firm said total consideration of the transaction was €475m (£403m). It said the transaction was in line with Aviva's strategy of allocating capital to markets where it can deliver higher returns, and was part of a strategic review of its Spanish...

May 10, 2017
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10May

European Parliament calls for pension fund swaps clearing exemption

The European Parliament will push to exempt pension funds from mandatory central clearing for over-the-counter swaps on a permanent basis, according to Kay Swinburne, vice chair of the European Parliament's Economic and Monetary Affairs Committee. Speaking to reporters at ISDA's Annual General Meeting in Lisbon today, Swinburne said that recent European Commission proposals for a three-year exemption as part of the European Commission's review of European Market Infrastructure Regulation would likely be extended following negotiations with the European Parliament and...

May 10, 2017
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10May

Canadian pension investment manager to expand London operations

The Public Sector Pension Investment Board, one of Canada's largest pension investment managers, said on Wednesday it planned to expand its London operations, hiring staff and boosting investments. PSP, which manages C$125.8 billion ($92 billion) across a range of markets, said it would increase staffing in London to 40 from 28 over the next 12 months. It opened the office in 2015. The team will focus on private equity, private debt, infrastructure and real estate, PSP said, and help it...

May 10, 2017
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09May

Prudential names new Prudential Retirement CEO

Prudential Financial, Inc. (NYSE: PRU), announced that Phil Waldeck has been named President and Chief Executive Officer of Prudential Retirement, a division of Prudential Financial, Inc., effective June 5. He succeeds Christine Marcks, who has informed the company of her decision to retire after more than 13 years of distinguished service, 10 of which were in the role of President and CEO. “Under Chris’s leadership, Prudential Retirement created a talent-centered, customer-focused culture that has inspired and created significant business growth...

May 9, 2017
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09May

IMF warns Asia to act early on rapidly-ageing population

The International Monetary Fund called on Asian economies to learn from Japan's experience and act early to cope with rapidly aging populations, warning that parts of the region risk "getting old before becoming rich." Asia has enjoyed substantial demographic dividends in the past decades, but the growing number of elderly is set to create a demographic "tax" on growth, the IMF said in its economic outlook report for the Asia-Pacific region on Tuesday. "Adapting to aging could be especially challenging for...

May 9, 2017
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09May

Survey finds national pension provisions inadequate in Asia

The provisions of national retirement systems in Asia are inadequate, opening up opportunities for private pension providers to fill the gap, according to findings from a new survey. US consulting firm Milliman polled over 100 insurance companies and financial institutions in eight countries in Asia Pacific – Australia, Hong Kong, India, Indonesia, Malaysia, Singapore, Taiwan, and Thailand – in order to analyse the retirement income market in the region. It found that 14% of Australian respondents and 34% of non-Australian respondents...

May 9, 2017
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09May

Americans Fail Retirement Planning Literacy Quiz, Low Literacy Linked to Poor Planning

Americans nearing and in retirement don’t know enough about retirement income planning according to a new survey by The American College of Financial services, as roughly 75% of survey respondents failed the 38-question retirement planning quiz. (The quiz can be taken here.) The research surveyed a total of 1,244 Americans between February 16, 2017 and March 1, 2017. The literacy rate survey had a sampling error at the 95% confidence level of +/- 2.8%. According to David Littell, the...

May 9, 2017
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