September 2021
23Sep

CDCs could be the new annuities, say regulators

Collective defined contribution schemes could become a popular alternative to annuities if their risks can be contained, according to the Pensions Regulator and Financial Conduct Authority. Speaking at a Work and Pensions Committee hearing this morning, David Fairs, executive director at The Pensions Regulator, said CDC schemes had many advantages over defined contribution schemes and in future could be rolled out to multiple employers and master trusts, hence become the new pension product of choice for many. CDCs are a half-way...

September 23, 2021
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23Sep

Nigeria: Challenging Times for PFAs

The Contributory Pension Scheme administered by the PFAs has since inception, 17 years ago, recorded some achievements as well as met obstacles. In this report, Ebere Nwoji takes a look at the performance of the scheme in the face of the down turn in Nigeria's economy. The Contributory Pension Scheme (CPS) regime in Nigeria was established by the Pension Reform Act 2004 amended in 2014, which put the Management of pension fund in the hands of private Organisations called Pension...

September 23, 2021
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22Sep

Chilean President presents Reform proposal that taxes profits to finance better pensions for the poor

Chile’s government plans to remove a series of tax exemptions, including one on securities trading, to help finance an increase in pensions for the poor. Read also Puerto Rico House to Unveil Bond-Cutting Bill Next Week: Speaker The pension reform, which will cost the government about $1.1 billion a year, was presented to Congress Monday for immediate discussion, President Sebastian Pinera said in a video address posted on his Twitter account. Read also CDCs could be the new annuities, say regulators The tax...

September 22, 2021
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22Sep

US. Milliman: Pension risk transfer premiums fall for second straight month

Pension risk transfer premiums fell slightly for the second month in a row in August, a study by Milliman showed. According to a report of the Milliman Pension Buyout index, the estimated buyout cost as a percentage of accounting liabilities (accumulated benefit obligation) was 102.2% as of Aug. 31, down from 102.3% as of July 31. That month's premium was down from 102.4% as of June 30. Meanwhile, the average annuity purchase rates among the most competitive rates remained steady in...

September 22, 2021
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22Sep

German parties vague on pension plans as they court older voters

The churned-up garden of the clubhouse for pensioners is preoccupying Peter Klotsche. “It’s the raccoons,” he says. “They come at night and toss up the earth looking for worms and we really don’t know how best to stop it.” The clubhouse, Stille Strasse, in northern Berlin, is abuzz with members wanting to put questions to local politicians before Sunday’s elections. The raccoons are a central talking point, as well as affordable housing and, not least, the future of the club...

September 22, 2021
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22Sep

UK. The Pensions Regulator’s new criminal powers – how worried should companies and pension scheme trustees be?

The Pension Schemes Act 2021 (Act), which came into force on 11 February 2021, introduced new criminal offences to bolster the Pensions Regulator's moral hazard regime. Most notably, it will now be a criminal offence to engage in activity that has a materially detrimental impact on scheme benefits. The offence is punishable by an unlimited fine and up to seven years in jail. This offence operates alongside a civil penalty of up to £1 million. In this article, we take...

September 22, 2021
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22Sep

Puerto Rico House to Unveil Bond-Cutting Bill Next Week: Speaker

Puerto Rico lawmakers plan to file legislation next week that allows the commonwealth to sell new bonds to replace existing debt, a necessary step to help finalize the island’s record bankruptcy. The commonwealth’s House of Representatives is set to file the bill as soon as Monday, Rafael “Tatito” Hernandez, speaker of the House, said in a telephone interview. The legislature plans to pass a debt-restructuring bill by Oct. 4 for Governor Pedro Pierluisi to consider, Hernandez said. “We need to fix...

September 22, 2021
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21Sep

US. SEC Is Exploring Reforms Regarding Private Fund Disclosure Of Conflicts Of Interest And Fees and Expenses

On September 14, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler testified before the Senate Committee on Banking, Housing, and Urban Affairs. During his testimony, he stated that the SEC is exploring “potential reforms” regarding investment funds and managers. Chair Gensler explained that one of the potential reforms under consideration by the SEC was ways to enhance disclosures by private fund managers regarding conflicts of interest and allocation of fees and expenses. He stated that he believed the...

September 21, 2021
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21Sep

UK. Guy Opperman reappointed as pensions minister

Guy Opperman has been reappointed as pensions and financial inclusion minister after a reshuffle that saw the governmental pensions team largely unchanged. Minister since 2017, Opperman has spearheaded multiple pensions policy initiatives, including dashboards, collective defined contribution, superfunds, and simpler statements. Writing on Twitter yesterday (19 September), Opperman said: "Serving as a minister on behalf of the elected government, the prime minister and Her Majesty is a genuinely great honour and wonderfully challenging." He said he was "very proud of what we...

September 21, 2021
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21Sep

Singapore- Ministry of Manpower Sets up Advisory Committee to Protect GIG Economy Workers

Singapore’s Ministry of Manpower announced the formation of the Advisory Committee on Platform Workers. The Committee aims to strengthen protections for self-employed persons who work for online platforms, specifically delivery persons, private-hire car drivers, and taxi drivers. Read also Uber to pay pensions to all its UK drivers, backdated to 2017 At its first meeting last week, the Advisory Committee noted the lack of basic job protections due to the nature of platform work, and decided on three priority areas to...

September 21, 2021
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