December 2020

04Dec

EIOPA launches discussion paper on a methodology for integrating climate change in the standard formula

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published a discussion paper on a methodology for the potential inclusion of climate change in the Solvency II standard formula when calculating natural catastrophe underwriting risk. This discussion paper is a follow-up to EIOPA’s Opinion on Sustainability within Solvency II issued in September last year, which concluded that there is a need to consider if and how climate change-related perils could be better captured in the Solvency II framework...

December 4, 2020
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04Dec

Why a Canadian Pension Fund Performs Better Than Yours

Over the period from 2004 through 2018, Canadian pension funds outperformed their international peers in asset performance and liability hedging, according to a research paper that says a key to this success is a three-pronged business model that would have boosted the returns of US and other pensions had they used the same tactics. The three-pillar business model consists of managing assets in-house to reduce costs, redeploying resources to investment teams for each asset class, and funneling capital toward...

December 4, 2020
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04Dec

Nigeria: FG inaugurates 16 board members of PENCOM

WorldStage Newsonline– The Federal Government of Nigeria has inaugurated 16 members of National Pension Commission (PENCOM) board, to proffer innovative and feasible solutions to the challenges of the pension administration in Nigeria. Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), at the inauguration on Thursday in Abuja, said members of the board were also urged to ensure the implementation of sustainable pension policies. While congratulating the board members, Mustapha noted that Nigeria, in recent times had some...

December 4, 2020
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04Dec

How Pension Payments Will Change for 150,000 Bulgarians

154,000 pensioners with smaller pensions because of insurance payed to a private pension fund will be able to ask the National Insurance Institute to recalculate their pensions next year, provided they transfer their money for a second pension to state insurance institution. However, only one-third of people will benefit from it, for the rest the pension received will not be higher. For a third of pensioners, the transfer of the money to the National Social Security Fund will increase...

December 4, 2020
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03Dec

South African expats face stricter pension rules

The South African government has tabled a tax relief meaure that would benefit expats stuck in the country during lockdown, while passing a bill that would potentially make it more difficult for them to access their pension funds until three years after they emigrate. South African expats earning up to ZAR1.25m (£61,000, $81,000, €68,000) through foreign employment need to spend at least 183 days out of the country during a 12-month period, of which 60 days must be continuous,...

December 3, 2020
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03Dec

Ghana: Pres Launches Cocoa Farmers Pension Scheme

A cocoa farmers pension scheme for farmers was yesterday launched here by the President, Nana Addo Dankwa Akufo-Addo. In pursuit of Section 26 of the Ghana Cocoa Board (COCOBOD) Law, 1984 (PNDC L.81), which mandates COCOBOD to establish a contributory insurance for cocoa farmers, the government, in collaboration with COCOBOD and the National Pensions Regulatory Authority (NPRA), set up the scheme. It is open to all cocoa farmers in the country to make contributions toward their retirement while COCOBOD makes...

December 3, 2020
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03Dec

UK. Majority of employers oppose multiple pensions dashboards

The majority (82 per cent) of employers are opposed to multiple dashboards and dashboards that do not include state pensions, research from the Association of Consulting Actuaries (ACA) has revealed. It also found that less than half of employers have cleaned their data in readiness for pensions dashboards. The ACA's survey revealed "strong support" for elements of the Pension Schemes Bill, although a quarter of employers remain opposed to the regulator's direction of travel. In particular, the research found...

December 3, 2020
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03Dec

Why economics needs to wake up to ageing populations

Economics generally pays surprisingly little attention to demography, even though the ageing and shrinking of the population in so many parts of the world is a striking and new phenomenon in human history. Take Italy. Last year the country recorded the smallest annual number of births since the Risorgimento of the mid-19th century and nearly a third of its population is over 60. There has been an absolute decline in the number of people in Italy since 2015, even...

December 3, 2020
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02Dec

Proposed Fee Cap for Mexican Pension System Could Bring Challenges

On Sept. 25, 2020, a Mexican Pension System (SAR) reform bill was submitted to the congress containing enhancements previously proposed by Mexico’s president. The bill also proposes a cap on management fees charged by pension fund managers (Afores) that would reduce annual fees by over 40%. The SAR continues to undergo changes aimed at improving the projected adequacy of pension savings. The target-date fund framework aims to improve investment returns. Contributions would increase to 15% under the current reform...

December 2, 2020
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02Dec

Europe’s ‘Ambitious Plans’ for ESG Disclosure Rules

New European rules on sustainability disclosure requirements in the financial services sector take effect in March, affecting institutions such as banks, insurance companies, pension funds, and investment firms. And while details of the Sustainable Finance Disclosure Regulation (SFDR) have not been finalized, law firm Akin Gump says the move to increase requirements shows the EU and the UK have “ambitious plans” for improving environmental, social, and governance (ESG) disclosures for financial firms. In 2018, the European Commission established an...

December 2, 2020
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