October 2021
04Oct

Ireland. Call for measures to end pensions ‘discrimination’ against private sector

Small business lobby Isme and Brokers Ireland, which represents financial advisers, have called on the Government to increase financial support for private pensions. The groups have written to Ministers outlining measures that, it says, would remove “pensions discrimination against the self-employed and private sector workers”. “The gold-plated pensions available to our politicians and our public servants are simply not affordable for workers in the private sector,” Isme said as they presented what they call a pensions “white paper”, drawn up in...

October 4, 2021
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01Oct

Uber to Begin Rolling Out Pensions to 70,000 UK Drivers

More than seven months after the United Kingdom’s Supreme Court ruled that Uber drivers are not self-employed and thus are entitled to a retirement savings plan, the ride-sharing firm said it will begin offering pensions to its 70,000 drivers working in the country. The move will cost the ride-sharing firm millions of pounds in missed pension payments that stretch back as far as 2107. The company had previously deemed its drivers independent self-employed contractors, part of an ongoing struggle in...

October 1, 2021
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April 2021
05Apr

India. PFRDA revises Investment Management Fees to be charged by pension funds in NPS – Check details

Investment Management Fees charged by pension funds in the National Pension System (NPS) have been increased by the Pension Fund Regulatory and Development Authority (PFRDA) effective April 1, 2021. The fund management fees which were 0.01 per cent of the asset will now stand increased but will be capped at 0.09 per cent depending on the total asset under management of the pension fund. The revised revenue structure for the pension funds will be a staggered based model, under...

April 5, 2021
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05Apr

US. New PEPs targeting firms without retirement plans

As providers of pooled employer plans scramble to attract sponsors of small- and midsize 401(k)s into their new pooled plans, at least two are taking a different tack. Rather than pursuing employers already offering workers a retirement plan, they're chasing those not offering one at all. Payroll provider Paychex Inc. has already signed up 1,000 such employers into its PEP — a milestone it hit in February, a month after its launch on Jan. 1, said Michael Majors, senior director...

April 5, 2021
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November 2020

17Nov

Peru prepares for pension fund tender amid political turbulence

Peru’s financial services regulator SBS published rules governing a forthcoming tender for a contract to gain new workers entering the private pension fund, or AFP, system. Bids are due to be presented and opened on December 18, SBS said in a statement. The winning party will accept workers from June 1, 2021 to May 31, 2023. These will remain with the AFP for a minimum of two years. But contributors can, after 180 days, move to a new AFP...

November 17, 2020
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September 2020

17Sep

UK. Has your state pension been underpaid? Pressure grows on government to tackle issue

State pension: Campaigners have launched the next stage in their campaign, as they call on the Department for Work and Pensions (DWP) to use their records to track down all the women who are missing out and receiving underpaid state pension payments. Pressure on the Government when it comes to the issue of women who have been underpaid via their state pension payments has risen, following the tabling of a new petition on Parliament's website. The petition has ben...

September 17, 2020
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17Sep

US. DOL Issues Guidance for Including Lifetime Income Disclosures in Defined Contribution Benefit Plan Statements

As required by the SECURE Act of 2019, the U.S. Department of Labor (DOL) published an interim final rule requiring plan administrators of individual account plans (including 401(k) plans, 403(b) plans and other defined contribution plans) to express a participant’s current account balance as both a single life annuity and a qualified joint and survivor annuity income stream. These new disclosures are intended to help participants better understand how the amount of money they saved so far converts into...

September 17, 2020
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January 2020

06Jan

UK. More than 10,000 retirees set to lose £3,500 a year in state pension

That's because the government is cutting the extra payments for "adult dependents", worth up to £70 a week. In total, 11,000 retirees are expected to lose a collective £33million, according to a Freedom of Information request by Steve Webb, policy director of insurer Royal London. The so-called "adult dependency increase" (ADI) is typically paid for a partner who is below state pension age but who is financially dependent on someone receiving the basic state pension. These extra payments closed...

January 6, 2020
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July 2019

02Jul

Australia’s Top Pension Fund Explores Merger

Australia’s top-performing pension fund is considering merging with a smaller peer as consolidation grips the nation’s retirement industry. Melbourne-based Host-Plus Pty, which manages about A$43 billion ($30 billion) of retirement savings from hospitality and tourism workers, signed an agreement with Club Super to formally begin due diligence on a merger, the funds said in an emailed statement Tuesday. It’s anticipated the transaction will be approved, bringing greater benefits to members, the statement said. It’s the second merger in Australia’s A$2.8 trillion...

July 2, 2019
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02Jul

EIOPA outlines key financial stability risks of the European insurance and pensions sector

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its June 2019 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area.The risk of a prolonged low yield environment has become more prominent in recent months, as central banks have put the process of monetary policy normalisation on hold amid concerns over economic growth following growing trade tensions and political uncertainty. The low yield environment remains the key risk for both, the insurance and pension...

July 2, 2019
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