November 2022
03Nov

UK pensions dashboards may lead to industry consolidation

Final regulations to enable people in the UK to access information on their pensions through online pension dashboards have been laid before parliament. The pensions dashboard regulations set out how pension schemes will connect to the online dashboard ecosystem and what providers must do to become a qualified pensions dashboard service. It comes in the year that marks 10 years since the introduction of automatic enrolment. According to UK Department for Work and Pensions (DWP), with more people managing their finances...

November 3, 2022
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03Nov

South Africa. Africa’s largest pension fund, the GEPF, is still backing SA and investments in the country

The Government Employees Pension Fund, which manages R2.24-trillion in pension savings belonging to 1.26 million public servants, is still optimistic about SA’s economy and investment prospects. It is allocating most of its capital to SA-based investments and backing state-owned enterprises. The continent’s largest pension fund is bullish about investments that are exposed to SA’s economy and has not taken a dim view on state-owned enterprises, despite many being regarded as basket cases. The Government Employees Pension Fund (GEPF) manages...

November 3, 2022
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01Nov

UK. Pension dashboards near live testing stage

The Pensions Dashboards Programme has moved into the testing of digital architecture phase, with more than 20 organisations taking part as early participants, programme principal Chris Curry has said. The next stage of the process will see early participants, including pension providers, schemes and integrated service providers, connecting to the “dashboards ecosystem”. In an update report on the programme, Curry said the central digital architecture has been completed and testing is now underway alongside the development of operational and technical standards. “Over...

November 1, 2022
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October 2022
31Oct

UK. Increased pension engagement could trigger ‘unintended consequences’

Successfully engaging people with their pensions could result in “unintended consequences”, particularly given the current economic environment, Aon has said. Although Aon highlighted UK Pensions Awareness Week as an “opportunity” for the financial industry to connect with people and encourage active engagement with retirement savings, it acknowledged the difficulties presented by to the current cost-of-living issues. Among the issues highlighted by Aon was the possibility that individuals could be more inclined to cease their contributions or request early access to their...

October 31, 2022
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31Oct

Hong Kong pension fund arrears hit 3-year high as coronavirus impact continues to devastate businesses

Pension fund contribution arrears among Hong Kong employers have hit a three-year high amid the Covid-19 slump and an average of 28,500 default notices a month have been issued to non-compliant businesses since April, the city’s pensions supervisor has revealed. Ayesha Macpherson Lau, the chairwoman of the Mandatory Provident Fund Schemes Authority, wrote on her official blog on Sunday she was concerned the increase in defaulting companies could weaken retirement protection for employees and promised to take steps to help...

October 31, 2022
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26Oct

Nigeria. How data analytics, artificial intelligence will help PFAs enhance customer service

The importance of Artificial Intelligence (AI), Data Analytics and Big Data in helping business drive transformation and customer management has attracted the attention of Pension Fund Administrators(PFAs) and players in the pension industry. According them, these have a key role to play in shaping how industries evolve, and has become a massive force driving the transformation of all businesses in today’s world. With this in mind the Pension Fund Operators Association of Nigeria (PenOp) recently put together a seminar for the...

October 26, 2022
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26Oct

Canada. Most employer retirement plans don’t support decumulation

Defined-contribution pension plans and group RRSPs have become the dominant forms of employer retirement programs, but they’re proving inadequate once plan members reach the decumulation phase, a report from the C.D. Howe Institute says. Capital accumulation plans (CAPs) such as DC pensions and group RRSPs focus on accumulating assets rather than providing retirement income for life to plan members. That leaves many retirees unprepared for restructuring their assets into income after they retire, the report said. “We believe the time is right...

October 26, 2022
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25Oct

Canada pension fund to pour $470m into Japanese renewables company

Major Canadian pension fund CDPQ plans to invest 70 billion yen ($474 million) in Shizen Energy, a Japanese developer of renewable energy. Demand is increasing for environmentally conscious investing globally. If Japanese renewable energy companies can build a track record at home and abroad, they will be able to attract global decarbonization money. CDPQ will invest 20 billion yen by subscribing to Shizen Energy convertible bonds in October. In addition, 50 billion yen has been set aside for an investment framework...

October 25, 2022
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20Oct

EU urged to help pension funds on margin calls stress

Derivatives trade body calls for access to central bank-backed facility to avoid fire-sales European pension funds should have access to a central bank-backed facility as a last resort to help them avoid the fire-sale of assets forced on UK pension managers, the derivatives industry’s main trade body has said. Read also Dutch central bank urges pension funds to guard against UK-style crisis The International Swaps and Derivatives Association (Isda) on Wednesday called for a system that would allow pension funds to more...

October 20, 2022
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18Oct

Returns on Kenya’s pension fund beat inflation as income surges

Kenya’s National Social Security Fund (NSSF) has paid an interest of 10% on retirement savings in the year ended June 30, 2021, up from 7% a year earlier, Business Daily newspaper reported. Read also Kenya. Pension-backed housing starts dimly amid calls for its overhaul The interest payout, considered the largest on the retirement savings in seven years, comes from a 237% rise in net investment income to 32.3 billion Shillings ($267.72 million), supported by dividends from Nairobi Securities Exchange-listed firms. NSSF returns...

October 18, 2022
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