This is one of those first world problems that we would like to have in Latin American countries: “I don’t know what to do with so much money.” Although it is a cartoon, the truth is that Iceland’s pension system, which has been listed as one of the most successful in the world, has such a gigantic amount of resources that there is now a debate in the country about what is the best way to invest those funds. With assets...
Iceland is confronting the trouble that comes with having a pension system so successful in amassing savings for future retirees that it was recently rated the best in the world. With assets now at about double the size of the north Atlantic island’s economy, the government is considering allowing investment managers to diversify by buying up more securities abroad, prompting the central bank to urge caution. The rules currently limit the share of overseas holdings in pension assets at 50%. “The...
Iceland’s second-biggest pension fund, the Pension Fund of Commerce (Lífeyrissjóður verzlunarmanna, LV), announced it is blacklisting 138 firms as the result of its new responsible investment policy, revealing it has already sold ISK3bn (€20m) of investments, with more to follow. Read also Sustainable investment ‘rebooting’ Europe’s private markets, research finds The ISK1trn pension provider said most of the exclusions were firms producing coal and oil sands, while 22 made “controversial weapons”, 15 were considered to be in breach of the UN...
Pension funds in Iceland have indicated their collective commitment to promoting sustainable development through investments, joining major players in the country’s financial sector by signing a letter of intent – alongside Prime Minister Katrín Jakobsdóttir. Read also EIOPA sets up its key priorities in the light of the pandemic In the open letter signed last week, a range of pension funds and banks declared that capital was an important driving force in shaping the economy and society as a whole,...
As reported this morning in Iceland, Jardvarmur slhf, a company jointly owned by 14 pension funds in Iceland, has decided to exercise its pre-emptive right in the only private power company in Iceland, HS Orka for the 54 per cent stake sold by Canadian energy company Innergex in HS Orka. In the sale process, a fund by Australian investment bank Macquarie put in the winning offer in Magma Energy Sweden A.B, which holds the the 54 stake in HS...
Retirement ages, or the age when some sort of government pension can be received, varies around the world. The OECD average for a normal pension age is currently 64.3 years for men and 63.7 years for women. While life expectancy has risen in many countries and governments grapple with ageing populations, any attempts to make people wait longer to collect benefits are usually met with fierce opposition, as Russia and Australia found out recently. Read more sbs
