May 2021
17May

The transition of financial services to ESG and green finance

As we tackle one of the biggest global crises of our time, green and sustainable issues are becoming more critical than ever for business leaders in the financial services sector. Julian Wells, director and financial services & FinTech lead at Whitecap Consulting, shares some perspectives. Sustainability in business has tended to be primarily associated with long-term commercial performance issues such as with balance sheet strength, brand reputation, and enterprise value. Now, there is an additional movement gaining significant momentum and...

May 17, 2021
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14May

China population: state pension fund under pressure from ‘unprecedented challenge’ as nation gets older

This is the fifth in a series of stories about China’s once-a-decade census conducted in 2020. The world’s most populous nation released its national demographic data on Tuesday, and the figures will have far-reaching social policy and economic implications. Zhao Baidong, a 28-year-old property agent in Beijing, would like to travel when he retires, but with China and its state pension system facing a “challenge unprecedented in human history” as its population gets older, he is concerned he might be...

May 14, 2021
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14May

Can green fintechs solve the polluting pension problem?

Fintechs have seen green, launching apps that help us track the carbon emissions of our shopping habits, play the stock market in a planet-friendly way and even fight plastic pollution with our debit cards. These offerings are nudging consumers towards better behaviours, but there is one far bigger and far less sexy financial problem this crop of startups now wants to tackle. Pensions. A new survey from YouGov and Money Matter found that 44% of people would switch over to a...

May 14, 2021
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14May

NFTs And Your Retirement Account

Non-fungible tokens (NFTs) have been a hot asset class in 2021. Through the end of March, the combined market cap of major NFT projects was up 1,785%, year to date. As the name suggests, a non-fungible asset is meant to be a unique asset that is non-fungible. This means an NFT cannot be interchanged with other assets of the same type. This is what is particularly exciting about them for many investors. Each NFT is made up of information that...

May 14, 2021
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14May

Australia Considers Paying Pensions on Parental Leave Program

Australia could chip into the pension funds of eligible workers who take up its 18 weeks of paid parental leave, just not yet, amid criticism the government isn’t doing enough to ensure women are financially secure in retirement. The policy was changed last year to also pay fathers to take time out of the workforce to help raise kids, however it hasn’t yet had time to “manifest,” Jane Hume, minister for superannuation and newly-installed minister for women’s economic security, told...

May 14, 2021
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14May

Chileans drain $10 bln more from pension funds as pandemic drives withdrawals

Chileans flocked for a third time to withdraw money from their retirement funds this week, draining nearly $10 billion from the country’s privatized pension system in a move some billed as a lifeline amid a fierce second wave of the coronavirus pandemic. Read also Chicago Boys’ Free-Market Pension Model Is Unraveling in Chile Chile’s Congress in late April approved a bill allowing citizens a third opportunity to withdraw 10% of savings held in privately held pension funds. Many Chileans have already...

May 14, 2021
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14May

South Africa: Green light for infrastructure investment by retirement funds?

In South Africa, the draft Amendments to Regulation 28 of the Pension Funds Act were published by National Treasury earlier this month. These amendments will allow retirement funds to invest up to 45% of their assets in infrastructure. This is set to open a huge potential source of funding for domestic infrastructure projects, but there has been some debate around whether this will be enough to help bridge the country’s infrastructure gap. Draft Amendments to Regulation 28 of the Pension...

May 14, 2021
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14May

US. Biden’s $86 Billion Pension Rescue Set to Boost Corporate Bonds

U.S. President Joe Biden’s pension bailout might do more than just support troubled retirement plans. It could also spur tens of billions of dollars in demand for corporate bonds with the lowest investment-grade ratings, according to Citigroup Inc. Struggling multi-employer pensions, which are often tied to unions, will be able to apply for special financial assistance, thanks to the $1.9 trillion pandemic-relief bill signed into law in March. Pension Benefit Guaranty Corp., which insurers the plans, will make a single...

May 14, 2021
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14May

UK. Pensions Dashboard Programme publishes updated timeline with breakdown of next six months

The Pensions Dashboard Programme (PDP) has published an updated timeline outlining steps and timings for data providers to enable the industry to prepare for connecting with the dashboard ecosystem. The PDP - set up by the Money and Pensions Service (Maps) - has outlined further timings for the industry to connect with the programme as part of its third progress update report including a breakdown... Read also UK. DB transfer victims lose up to 40% of compensation The PDP - set up...

May 14, 2021
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13May

US. Pension Funds Are Desperate to Cut Costs, but Consolidation Isn’t the Answer

Public pension funds that merge with their peers have historically hailed it as a smart way to cut costs and achieve economies of scale. But the strategy of consolidating funds, particularly for large ones, is not yielding the benefits it once once did, new research shows. In fact, for some funds, the economies of scale they are achieving is “rather mediocre,” according to a paper published this month by researchers Jacob Antoon Bikker and Jeroen Meringa from De Nederlandsche Bank, the...

May 13, 2021
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