July 2017

13Jul

Malaysia. ANZ Bank nears deal to sell Malaysian banking stake to pension fund: sources

Australia and New Zealand Banking Group (ANZ.AX) is near a deal to sell its Malaysian banking stake to a pension fund and exit the Southeast Asian nation, sources familiar with the matter said, in a transaction that could be worth around $900 million. ANZ has been pursuing a sale of its 24 percent stake in its Malaysian affiliate AMMB Holdings (AmBank) (AMMB.KL) since early last year as part of a strategy to divest minority stakes in Asia and as AmBank...

July 13, 2017
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13Jul

UK. Gay man wins Supreme Court case on equal pension rights

A gay man has won a landmark ruling which will give his husband the same pension rights as a wife would receive. The Supreme Court unanimously ruled that if John Walker, 66, dies, his husband is entitled to a spouse's pension, provided they remain married. The ex-chemical company worker said it would "drag" the government "into the 21st Century", while human rights group Liberty said "thousands" could benefit. A government spokesman said it would review the implications of the ruling. BBC legal affairs...

July 13, 2017
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12Jul

Netherlands. CEO of pension fund manager PGGM heads to Dutch central bank

The outgoing CEO of Dutch pension fund manager PGGM, Else Bos, will take up a key position at the Dutch central bank next year, leading oversight of insurers and pension funds. Bos, who previously worked at Dutch banks ABN Amro and NIBC, will begin her role at the central bank (DNB) on July 1, 2018, the Dutch finance ministry and DNB said on Tuesday. PGGM said in May that Bos, 57, would leave in November to take an unspecified position elsewhere....

July 12, 2017
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12Jul

US. Pensions prove popular: Auto-enrolment take-up has smashed government expectations

The workplace pension has proved more popular than the government imagined, according to statistics revealed today by the Pensions Regulator (TPR). More than 8m people have signed up for a workplace pension since auto-enrolment was launched in 2012. With hundreds of thousands more employees set to enrol in the coming months, the total number will ultimately beat the expectation of 8m people in total set out five years ago. This ambitious agenda of helping workers save for retirement would not have...

July 12, 2017
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12Jul

Canada Pension Plan Investment Board and Vermilion Energy Inc. Announce Strategic Partnership in Corrib

Canada Pension Plan Investment Board ("CPPIB") and Vermilion Energy Inc. ("Vermilion") (TSX:VET)(NYSE:VET) are pleased to announce a strategic partnership in the Corrib Natural Gas Field in Ireland ("Corrib"), whereby CPPIB will acquire Shell Exploration Company B.V.'s ("Shell") 45% interest in the project, with Vermilion operating the assets after completion of the acquisition. Through its wholly owned subsidiary, CPP Investment Board Europe S.a.r.l., CPPIB has entered into a definitive purchase and sale agreement with Shell, to acquire 100% of Shell...

July 12, 2017
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12Jul

UK financial watchdog concerned about what people are doing with their pension savings

The UK’s Financial Conduct Authority has flagged concerns about the way in which people are using their pensions since the introduction of landmark rules around retirement savings in 2015. The FCA on Wednesday said that it had identified several issues, particularly relating to advice and competition. A more extensive report is due next year. Under rules introduced in 2015, savers are able to access their retirement savings without having to buy an annuity, or income for life. The FCA said that...

July 12, 2017
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11Jul

UK’s BMW Workers Accept New Pensions Deal, Ending Dispute

British workers at BMW's Mini and Rolls-Royce operations have overwhelmingly accepted a new offer from the German carmaker on Monday over the closure of its final salary pension scheme, ending a disagreement which had led to strikes. Over 80 percent of members at four sites, including BMW's Mini plant and Rolls-Royce facility in southern England and engine production site, accepted the new deal which will close the final salary scheme, Britain's biggest union Unite said. Members were offered greater flexibility regarding...

July 11, 2017
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11Jul

Pension funds ask U.S. regulators to expand companies’ workforce disclosures

A coalition that includes some of the largest U.S. pension funds want federal regulators to force big banks and other public companies to disclose details on how they manage, compensate and incentivize their employees. In a rulemaking petition seen by Reuters, a coalition of 25 institutional investors including the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) has called on the U.S. Securities and Exchange Commission to craft regulations requiring public companies to provide...

July 11, 2017
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11Jul

243 Million Reasons For A New Pan-European Personal Pension Product

It is estimated that only around 28% of the EU’s 243 million citizens aged 25 to 59 years are currently saving into a pension. The European Commission considers that offering an alternative form of pensions vehicle will drive a change in behaviour. To this end, on 29 June, the European Commission proposed Regulations setting out a framework for a bold new pan-European personal pension product (PEPP). This emerges as part of the EU’s 2015 Action Plan on Building a...

July 11, 2017
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11Jul

Canada’s OPTrust Fund Forced to Take Risks to Shore Up Returns

Frustrated by poor returns, OPTrust Chief Executive Officer Hugh O’Reilly is moving into riskier investments as contributors to the retirement pot age. “We can’t just match cash flows, we have to take risks,” O’Reilly, whose company oversees $19.2 billion of investments for Ontario government workers, said in an interview. “We don’t want to increase contributions or reduce future benefit accruals where the active members will bear the whole risk.” OPTrust is starting a C$300 million ($233 million) venture-capital portfolio and is...

July 11, 2017
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