March 2020

31Mar

Canadian pension scheme CDPQ to help coronavirus-hit firms with C$4 billion fund

Caisse de dépôt et placement du Québec (CDPQ), one of Canada's biggest state pension investors, said on Monday it would create a C$4 billion fund to support companies in Québec adversely affected by the coronavirus pandemic. Read also Financial market volatility brings Canadian pension health to lowest level in more than three years The fund would be used to address liquidity needs of companies, whether or not in CDPQ's portfolio, that meet certain criteria, including being profitable before the crisis,...

March 31, 2020
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31Mar

Swedish pension giant splits investment efforts and names new leaders

Swedish pension giant AP7 has restructured its investment team to split it into three new units, the Stockholm-based group has announced. A spokesperson for the institutional investor, which has $50bn (SEK 525bn) in assets under management, confirmed to Citywire Selector that its investment capabilities are now split as follows: risk management and asset allocation; alternative investments; and, fixed income and forex segments. According to AP7’s chief investment officer, Ingrid Albinsson, the split was implemented to strengthen the capabilities of...

March 31, 2020
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31Mar

Coronavirus lockdowns and social-distancing fuel surge in use of fintech apps

The coronavirus pandemic has fueled a 72% surge in the use of fintech apps in Europe in the past week as consumers adjust to social distancing, self-isolation and lockdowns, according to new research by deVere Group. “The world has changed in the last few weeks. The measures we’re now all taking to help the fight back against coronavirus are affecting the way we interact, live, work, and take care of our finances,” James Green, group divisional manager for the...

March 31, 2020
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31Mar

UK. Regulator permits three-month pension transfer freeze

The Pension Regulator had given defined benefit transfers a three month hiatus while also allowing employers to halt contributions in response to the Covid-19 crisis. The regulator published guidance on Friday (March 27) allowing DB schemes to delay member requests to transfer out of the scheme by up to three months. This is to give trustees more time to calculate cash equivalent transfer values (CETVs) as due to falling markets caused by the coronavirus pandemic, it is now more...

March 31, 2020
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30Mar

Japan. World’s largest pension fund growing greener

Japan’s massive Government Pension Investment Fund (GPIF) has been a keen proponent of investing in sustainable assets. In 2019, it committed to investing a sizeable tranche of its US$1.6 trillion assets under management into green and socially responsible investments. And by making asset managers accountable with this strategy, the GPIF is strongly pushing the boundaries of sustainability investing, not only in Japan, but in the global asset management industry as well. In its latest move towards...

March 30, 2020
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30Mar

South Africa. Use pension funds for coronavirus relief efforts – unions

South Africa’s biggest labor-union federation and a key political ally of president Cyril Ramaphosa is pushing the government to tap state institutions for a stimulus plan to combat the fallout from the coronavirus outbreak. The Congress of South African Trade Unions, which represents about 1.8 million workers ranging from miners to teachers, wants state companies such as the Public Investment Corp, which oversees government pensions, to provide relief to hard-hit industries including hospitality, manufacturing and mining. It’s also seeking...

March 30, 2020
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30Mar

Australia pension industry will face scrutiny if withdrawals can’t be paid

Australian pension funds unable to return part of their A$3 trillion savings to unemployed workers and to those in financial distress should expect to have their risk-management frameworks scrutinised by the regulator, a government official said. Responding to concerns that some funds will face liquidity problems to give early access to super - as retirement savings are called - the minister in charge of the sector, Jane Hume, said such problems would be the fault of the funds. “Those...

March 30, 2020
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30Mar

UK. State could be landed with £8bn rail pension deficit

The Telegraph reported that the massive government intervention could shift the pension deficit of franchises from the private sector to the public sector. The Department for Transport (DfT) last week effectively took the rail network into public ownership in response to the coronavirus crash which has slammed demand for travel. Transport secretary Grant Shapps gave companies the option of paying a set fee to run the franchises for six months or to return them to the government. The report...

March 30, 2020
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27Mar

US Public Pensions Lose $1 Trillion from Market Crash

Moody’s says governments are in a worse position to smooth costs than during financial crises. US public pension investment losses are approaching $1 trillion as a result of the stock market crash caused by the COVID-19 pandemic, which will “severely compound” the pension liability difficulties many governments are already dealing with, according to a report from Moody’s Investors Service.  Read also US. Pension Plan Funding Relief Needed ASAP Moody’s said US public pension systems are on pace to see investment losses of...

March 27, 2020
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27Mar

EIOPA statement on actions to mitigate the impact of Coronavirus on the EU insurance sector

The European Insurance and Occupational Pensions Authority (EIOPA) issued on 17 March 2020 a statement addressed to the EU insurance sector acknowledging the significant consequences for financial services that the Coronavirus/COVID 19 situation may cause and informing about the actions that should be taken by insurers and that will be taken by EIOPA to help insurers to curb the impact of CoronaVirus/COVID-19 on the insurance business and to guarantee the policyholders protection. These actions are focused on two main business aspects: Business...

March 27, 2020
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