April 2020

08Apr

Why Switzerland is struggling to guarantee pensions for the next generation

The Swiss pension system is complex, and is based on three so-called pillars: old-age and survivors’ insurance (known as the AVS), occupational pension planning (often referred to as LPP) and private saving for old age encouraged through tax breaks. This set-up enables risk-sharing and, although “unfortunately not perfect”, could be “a model for other States”, says Thomas Gächter, professor of social insurance law at Zurich University. Read also UK. Wakefield man who failed to claim pension gets...

April 8, 2020
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07Apr

Cost and past performance 2020 report

By EIOPA The European Insurance and Occupations Pensions Authority (EIOPA), has today published its second report on cost and past performance of insurance-based investments products (IBIPs) and personal pension products (PPPs) in the European Union. The report is published following a request from the European Commission to the European Supervisory Authorities to periodically report on the costs and past performance of retail investment products. This report provides an analysis of costs for 2018 and past performance for the period...

April 7, 2020
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07Apr

Irish Demand for Social Benefits Soars as Coronavirus Bites

The number of people in Ireland dependent on social welfare income support amidst the coronavirus outbreak has soared to more than 700,000 based on numbers released on Monday by the Department of Employment Affairs and Social Protection. On April 3, 507,000 people were paid the COVID-19 Pandemic Unemployment Support payment, which is a weekly stipend of 350 euros ($377.93) for those who have lost jobs or had hours cut due to coronavirus disruption. That was in addition to 207,000...

April 7, 2020
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07Apr

EIOPA publishes second report on costs and pasts performance of insurance based investment products and personal pension products

The European Insurance and Occupations Pensions Authority (EIOPA), has today published its second report on cost and past performance of insurance-based investments products (IBIPs) and personal pension products (PPPs) in the European Union. Read also Cost and past performance 2020 report The report is published following a request from the European Commission to the European Supervisory Authorities to periodically report on the costs and past performance of retail investment products. This report provides an analysis of costs for 2018 and...

April 7, 2020
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06Apr

UK. Wakefield man who failed to claim pension gets £140k payout

He mistakenly thought he was not allowed to claim a state pension because he had continued to work long after reaching retirement age. He is now set to receive more than a decade's worth of payments in one lump sum. The error only came to light after Wakefield Council made inquiries on the man's behalf. In a report, councillor Michael Graham said: "To help our residents get more money in their pocket, we are using information we hold to...

April 6, 2020
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03Apr

Pension Policy in Europe and the United States – Towards a New Public-Private Pension Mix

By Onorato Castellino, Elsa Fornero, Christina Benita Wilke Pension reform has occupied and will continue to occupy an important place in the welfare state reform agenda on both sides of the Atlantic. In both the European Union (EU) and the United States (US) demographic forces in the form of an aging population and low fertility pose significant long-run fiscal challenges to traditional public pay-as-you-go (PAYG) systems. In addition, the pace of pension reforms in most EU countries has accelerated...

April 3, 2020
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02Apr

Dutch pension funds invest in coronavirus bond

Dutch pension funds invested a total €36 million ($38 million) in a new bond aimed at combating the coronavirus pandemic. Pension funds managed by APG and PGGM have invested in the Nordic Investment Bank's €1 billion Response Bond, which matures in April 2023. Proceeds of the bond will finance projects that help to alleviate the social and economic effects of the coronavirus pandemic in NIB's eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. APG has...

April 2, 2020
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01Apr

British Gov’t Delays Levy Hike On Pension Schemes

Pensions schemes will not have to face a planned 10% hike on their general levies due to the financial stress caused by the COVID-19 crisis, the U.K. government has said. The government said Friday that it will hold off on the planned 10% increase on the General Levy on Occupational and Personal Pension schemes, which was scheduled to take effect on April 1. Minister for Pensions and Financial Inclusion Guy Opperman said the government wants to support businesses through...

April 1, 2020
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March 2020

31Mar

Swedish pension giant splits investment efforts and names new leaders

Swedish pension giant AP7 has restructured its investment team to split it into three new units, the Stockholm-based group has announced. A spokesperson for the institutional investor, which has $50bn (SEK 525bn) in assets under management, confirmed to Citywire Selector that its investment capabilities are now split as follows: risk management and asset allocation; alternative investments; and, fixed income and forex segments. According to AP7’s chief investment officer, Ingrid Albinsson, the split was implemented to strengthen the capabilities of...

March 31, 2020
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31Mar

UK. Regulator permits three-month pension transfer freeze

The Pension Regulator had given defined benefit transfers a three month hiatus while also allowing employers to halt contributions in response to the Covid-19 crisis. The regulator published guidance on Friday (March 27) allowing DB schemes to delay member requests to transfer out of the scheme by up to three months. This is to give trustees more time to calculate cash equivalent transfer values (CETVs) as due to falling markets caused by the coronavirus pandemic, it is now more...

March 31, 2020
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