May 2021
28May

UK pension asset owners join Net-Zero Asset Owner Alliance

Three UK pension asset owners have signed up to the UN-convened Net-Zero Asset Owner Alliance. As reported by our sister publication, European Pensions, Phoenix Group, Legal & General (L&G) and Rothesay all joined alongside Germany’s largest pension fund under public law, Bayerische Versorgungskammer (BVK), and Asia- and Africa-focused insurance group, Prudential plc. The five new signatories have added a combined USD 900bn AUM to the alliance, meaning it now consists of 42 assets owners managing a combined USD 6.6trn of assets. By...

May 28, 2021
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28May

US. Market Rebound Spurs Record 33.55% Return for NY State Pension Fund

The New York State Common Retirement Fund (NYSCRF) reported a 33.55% investment return for the fiscal year ending March 31, the largest one-year investment return in the fund’s history. It easily beat its long-term expected rate of return of 6.8%. Read also US. New York City Pensions to Fund $250 Million Apartment Venture The performance, which reflected the financial markets’ rebound from last year’s market crash after the COVID-19 pandemic first hit, raised the fund’s asset value to an estimated $254.8...

May 28, 2021
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28May

Africa’s Biggest Fund Manager Loses Head of Impact Investing

Roy Rajdhar, the executive head of impact investing at Africa’s biggest fund manager, has quit. Rajdhar’s departure comes after South Africa’s Public Investment Corp. told staff on May 6 that his 14-month suspension had been lifted. Rajdhar on Thursday confirmed his departure, but declined to comment further. The executive’s exit comes after employees of the Isibaya Fund, which includes the department Rajdhar ran, accused some of the money manager’s senior leaders of causing an “existential crisis” by allowing a mandate with...

May 28, 2021
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27May

Canada’s top pension funds boost investments in high-carbon oil sands

Canada's biggest pension managers boosted their investments in the country's major oil sands companies in the first quarter of 2021, raising questions about the funds' recent commitments to greening their portfolios. Read also Pension-Fund Investment in Forestry The cumulative investment by the country's top five pension funds into the U.S.-listed shares of Canada's top four oil sands producers jumped to $2.4 billion in the first quarter of 2021, up 147% from a year ago, a Reuters analysis of U.S. 13-F filings...

May 27, 2021
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27May

UK. Covid fails to inject interest in pensions

The pandemic has failed to spark interest in pensions according to a survey from Canada Life. It reveals that 67% of UK adults have not logged into their pension online in a year. This figure rises to 78% for those aged over 55 while 56% of adults said they haven’t received a pension statement that they read. The research also shows that 16% of those who have not logged into their pension were not interested in doing this. Fifteen percent admitted they did...

May 27, 2021
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27May

India. Demise of govt employees covered under NPS

Central Government employees covered under National Pension System have been given the option under rule 10 of CCS (Implementation of NPS) Rules, 2021, to choose benefits either from old pension schemes or accumulated pension corpus under NPS in the event of their death. The family of a deceased government employee cannot exercise this option. Read also Africa’s Biggest Fund Manager Loses Head of Impact Investing In case, the employees could not furnish the option in this regard, there is a default...

May 27, 2021
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27May

US. One Way To Promote Financial Literacy: Teach How The Scammers Work

In a nation more deeply divided than ever about every conceivable issue, a broad consensus has surprisingly emerged that financial literacy is broadly lacking and the need for a financial education for every American is urgent. President Biden recently issued a proclamation deeming April 2021 as National Financial Capability Month. This communication emphasizes the benefits of financial capability, the value of financial literacy, and the importance of access to financial resources. So why is financial literacy attracting such attention? Americans today...

May 27, 2021
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26May

Special Report: How to Ensure a Smooth Pension Risk Transfer

For employers, the number of reasons they should consider offloading some or all of their pension liabilities from their balance sheets seems to be growing every year. On average, beneficiaries are expected to live longer than they have in the past; generating returns to cover liabilities is becoming more challenging in a low interest rate environment; and premiums for the Pension Benefit Guaranty Corporation (PBGC) keep rising. Already, many plan sponsors are expected to power through deals this year. After...

May 26, 2021
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26May

How Far Could Pension Funds Drive Sustainable Investing?

Pension funds could be a formidable force in getting companies to embrace environmental, social, and governance (ESG) values such as combating climate change or advancing employment equity. Yet they must align those goals with their fiduciary duty of protecting the retirement funds of their members. In the U.S., they must also overcome challenges including gaps in ESG adoption metrics and ambiguity about government rules on such investing. Those were the key takeaways from a two-day conference organized by Wharton’s...

May 26, 2021
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26May

The Future of Public DC Programs Includes a Focus on Financial Wellness

There is a movement among private-sector employers to offer not just a retirement plan, but a program of benefits that addresses all aspects of employees’ finances. But employees in the public sector—including those in public defined contribution (DC) plans—need holistic financial wellness help, too. Less than half of public-sector employees (43%) feel very/extremely confident making financial decisions on their own, according to the results of a 2019 study by the Center for State and Local Government Excellence (SLGE). Fifty-four percent...

May 26, 2021
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