December 2019

11Dec

Worst Australian Pension Funds Warned to Improve or Shut Down

Australia’s prudential regulator has vowed to weed out under-performing pension funds after publishing its first ranking of firms, including those it fears don’t have a sustainable business model. The inaugural heatmap assessment of default investment plans found 15 had issues with net cash flow or growth that jeopardized their future survival, the Australian Prudential Regulation Authority said Tuesday. Some 28 funds were found to be charging excessive fees, and nine had net returns significantly below a reference portfolio of...

December 11, 2019
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11Dec

Danish Pension Assets Swell to $680 Billion as Funds Add Risk

Denmark’s pension industry has grown to more than double the country’s gross domestic product after adding about $100 billion this year alone. “The first nine months of 2019 saw considerable growth in the companies’ balance sheets as a result of substantial returns on pension wealth,” the central bank said on Tuesday. That followed a substantial increase in holdings of asset classes outside the traditional bond and stock allocations. Pension funds have been shifting their allocation to alternative assets as...

December 11, 2019
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11Dec

French PM warns of long pensions standoff in face of new protests

French Prime Minister Edouard Philippe warned ruling party lawmakers Tuesday (Dec 10) to brace for a long battle over the government's pension reforms, as tens of thousands took to the streets to back a transport strike that has caused six days of travel misery. The industrial action, which has paralysed public transport in Paris and severely disrupted national rail services, is the biggest show of union force since President Emmanuel Macron came to power in 2017 vowing to cut...

December 11, 2019
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11Dec

UK. The new pensions levy is deeply unfair

By Gregg Mcclymont Most of us spent our childhoods being conditioned to the reality that life is not fair. However, that does not make it any easier to digest when confronted with a situation that requires us to make our disquiet known. Plenty within the industry are allowing their voices to be heard in regards to the current situation surrounding the General Levy – the mechanism through which the Department for Work and Pensions extracts funding for The Pensions Regulator (TPR), the...

December 11, 2019
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10Dec

Latin American AuM will more than double by 2025: PwC report

Despite a number of Latin American countries facing political and economic uncertainty, the long term growth prospects for the asset and wealth management industry remain strong across the continent according to a report published today by PwC and Sura Investment Management. The report, titled Asset and Wealth Management Revolution: Latin America's flourishing opportunities, finds that, despite the challenges faced by the region, assets have grown by 7.9% compounded annual growth rate (CAGR) since 2015 to reach $2.4trn in 2018....

December 10, 2019
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10Dec

Nigeria. 36 states given 7 days to disclose pension payments to ex governors.

Nigeria’s Scio-Economic Rights and Accountability Project (SERAP) has sent a Freedom of Information Act request to the Chairman and Deputy Chairman of the Governors’ Forum, Ekiti state governor Dr Kayode Fayemi and Sokoto state governor Aminu Tambuwal, and other 34 governors urging them to use their “leadership position to urgently disclose details of payment of pensions to former governors and other ex-officials between 1999 and 2019 under your state’s pension law, and to provide a copy of the said...

December 10, 2019
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10Dec

Canada’s second largest pension fund gets deadly serious about climate crisis

As world leaders converge at this week’s climate summit in Madrid to debate how best to shift to a net zero-economy, Michael Sabia is leaving the helm of Canada’s second-largest pension plan having firmly placed Quebec’s retirement savings at the forefront of the global movement for low-carbon investing. Sabia, who recently announced he’s stepping down from the Caisse de dépôt et placement du Québec (CDPQ) in early 2020, ushered in a fundamental change in how the $326 billion Quebec...

December 10, 2019
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10Dec

With France in Uproar Over Pensions, Macron May Need One Early

By Adam Nossiter With his country in turmoil, more chaos looming and no resolution in sight, President Emmanuel Macron of France tried changing the subject. Last Thursday, nearly a million people had taken to the streets to protest his plan to remake France’s uniquely generous pension system. But a day later, Mr. Macron, instead of addressing what was on everyone’s minds — how to get out of the standoff, which has stranded thousands of commuters — delivered a lyrical tribute far...

December 10, 2019
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10Dec

UK. What does 2020 hold for pensions?

By Andrew Tully Many changes will be taking place in the world of pensions as we move towards the end of 2019 and into 2020. Ongoing regulatory developments seem inevitable, but nonetheless it is important for firms to be aware of what changes are due and what they will mean to clients. Wake-up packs New requirements to provide wake-up packs to clients were introduced on 1 November. Traditionally, these packs were issued between four and six months before the selected...

December 10, 2019
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09Dec

France pensions overhaul to go ahead despite huge protests

The French government has vowed to press ahead with its overhaul of the pensions system despite a hardening nationwide strike that will keep transport at a standstill next week amid another round of planned massive street protests. Four days after at least 800,000 people took part in one of the biggest demonstrations of trade union strength in a decade on Thursday, transport remained virtually at a halt over the weekend as the president, Emmanuel Macron, held talks with ministers...

December 9, 2019
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