February 2021
17Feb

Deutsche Bank inks buy-in deal for U.K. pension fund with L&G

DB (U.K.) Pension Scheme, England, insured £570 million ($783 million) in liabilities through a buy-in with Legal & General Assurance Society, a spokesman confirmed. The transaction, the first for the £4.5 billion plan, was structured to allow for further risk transfer deals with Legal & General to be completed on pre-agreed terms when favorable pricing arises. The spokesman said the plan will look to complete further transactions. Lane Clark & Peacock advised the trustees and Deutsche Bank, the plan sponsor, on...

February 17, 2021
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17Feb

Canadian Pensions Adapt Investment Strategies for Post-COVID-19 World

Canadian pension funds are adapting their investment strategies for a post-COVID-19 world by shifting their investments away from infrastructure to private equity, and by moving more of their asset management in-house, according to a new report from CIBC Mellon. The report was based on a survey completed last year of 50 Canadian pension managers—half of which had more than C$1.2 billion ($950 million) in assets under management (AUM), with the other half having between C$600 million and $1.2 billion assets...

February 17, 2021
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17Feb

US. To Plug a Pension Gap, This City Rented Its Streets. To Itself.

The City of Tucson, Ariz., decided last year to pay rent on five golf courses and a zoo — to itself. In California, West Covina agreed to pay rent on its own streets. And in Flagstaff, Ariz., a new lease agreement covers libraries, fire stations and even City Hall. They are risky financial arrangements born of desperation, adopted to fulfill ballooning pension payments that the cities can no longer afford. Starved of cash by the pandemic, cities are essentially using...

February 17, 2021
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17Feb

Australia. Pension transfer balance cap increase is not all bad news

By Meg Heffron There has been plenty of doom and gloom about the increase in the transfer balance cap that will come into effect on July 1. Remember, the transfer balance cap is the limit on the amount anyone can transfer into what is known as a “retirement phase” pension over their lifetime Retirement phase pensions (so called because they are usually started by people who have retired) are the ones that give the best tax breaks – they allow self-managed super...

February 17, 2021
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16Feb

México. Desde esta semana trabajadores podrán cambiar de Afore desde su celular

Desde esta jueves 18, los trabajadores tendrán la opción de hacer el cambio de Afore por medio de su celular, en los siguientes meses se espera que también puedan hacer hacer retiros parciales por desempleo, según lo dado a conocer por el presidente de la Asociación Mexicana de Afores (Amafore), Bernardo González. Leer también México. Pese a pandemia y a ser voluntaria, afiliación de trabajadoras del hogar al IMSS subió El programa "Traspaso móvil" tiene la finalidad de que los trabajadores puedan hacer el...

February 16, 2021
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16Feb

Chile. Casi tres millones de personas han quedado sin saldo en sus cuentas de ahorro previsional obligatorio

De acuerdo con los datos reportados por las administradoras de fondos de pensiones (AFP), hasta el pasado viernes 12 de febrero el sistema había desembolsado un total de US$ 34.244 millones en pagos entre el primer y segundo retiro de ahorros previsionales y 2.888.805 personas han quedado sin saldo en sus cuentas. En el primer proceso, se pagaron en total US$ 19.809 millones, con un monto promedio de $ 1.385.446 entregado por persona. En el segundo retiro, los pagos suman US$ 14.435 millones, mientras que...

February 16, 2021
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16Feb

Uruguay. Reforma previsional, primer diagnóstico del gobierno: “subsidios implícitos”, jubilación por incapacidad y financiación de cajas paraestatales

La comisión de expertos convocada por el gobierno para realizar, en una primera etapa, un diagnóstico del sistema de seguridad social, integrada por 15 representantes de los partidos políticos y sectores sociales, ya está discutiendo un nuevo documento borrador presentado por su presidente, Rodolfo Saldain. Tras la prórroga del plazo –originalmente la comisión debía presentar el informe a principios de mes, y ahora antes del 20 de marzo–, es el primer paso en busca de lograr un diagnóstico de...

February 16, 2021
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16Feb

Global retirement assets to GDP ratio hits record 80% in 2020

Total assets in the 22 largest major retirement markets reached a record 80% of GDP in 2020, up 11.2 percentage points for the year. Read also Canadian Pensions Adapt Investment Strategies for Post-COVID-19 World The Thinking Ahead Institute's latest Global Pension Assets Study, for the year ended Dec. 31, said the rise in the ratio of retirement assets to average GDP was the largest year-on-year rise since the study began in 1998. Read also International retirement, savings plans grow in popularity While this...

February 16, 2021
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16Feb

€573bn Dutch pension group appoints first female CEO

Dutch pension group APG has appointed Annette Mosman as chief executive officer, the firm has announced. Mosman will assume the role on 1 March 2021 succeeding Gerard van Olphen, who will be stepping down in April of this year for personal reasons. Mosman is a member of the board of directors and has been chief finance and risk officer since February 2018. She will also be the firm’s first female CEO. Pieter Jongstra, chairman of the supervisory board, said: ‘For the pension...

February 16, 2021
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16Feb

​EC’s sustainable governance play: Asset owners wary of potential snags

The idea of drawing up EU rules to ensure companies embed sustainability into the way they operate has met with steady applause from pensions and asset management industry representatives – as well as warnings of potential unintended consequences. Read also Spain Counts on Citizens to Buy Into Revolution for Pensions Questions put out by the European Commission in its consultation on an initiative on sustainable corporate governance – which closed in early February – centred around topics such as directors’ duty...

February 16, 2021
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