January 2025
15Jan

Torsten Bell named new UK pensions minister

Torsten Bell has been appointed as the new pensions minister for the UK government in yet another quickfire change to the line-up of people responsible for this important and complex area. Bell’s appointment follows the resignation of Tulip Siddiq as Economic Secretary to the Treasury yesterday (14 January) over an anti-corruption investigation in Bangladesh. Consequently, the previous pensions minister, Emma Reynolds, was appointed as the new Treasury minister, leaving the pensions role vacant for Bell. Kate Smith, head of Pensions at Aegon...

January 15, 2025
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14Jan

UK pension schemes in “robust position” to deal with market movements

Pension schemes in the UK are in a "robust position" to deal with market fluctuations, an industry body has said. The pound fell to a fresh 14-month low on Monday, while UK government bonds, also known as gilts, continued to see 10-year yields hit highs not seen since 2008. Yields are a key indicator of market confidence, moving inversely to bond prices. There has been speculation over potential impacts for pensions from the gilt market rout, as well as mortgages, with comparisons...

January 14, 2025
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14Jan

US. IRS, Treasury Release Proposed Regulations on SECURE 2.0 Provisions

The Department of the Treasury and the Internal Revenue Service Friday issued proposed regulations for several provisions of the SECURE 2.0 Act of 2022. The first proposed regulations address the rules for new Roth catch-up contributions, beginning in 2026, as well as other catch-up contributions across different defined contribution plan types. Later Friday, Treasury and the IRS issued another set of proposed regulations for the SECURE 2.0 provision that requires newly established 401(k) and 403(b) plans to automatically enroll eligible employees beginning with...

January 14, 2025
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13Jan

Turkish Parliament set to discuss new bills, pensions

Parliament’s General Assembly will resume its weekly work on Tuesday with an agenda dominated by draft bills and a debate on pensions. Lawmakers will discuss the ruling Justice and Development Party’s (AK Party) bill for the establishment of the Turkish Justice Academy, an educational institution first of its kind for intra-judiciary training. The bill proposes the eligibility of judges and prosecutors with at least an eight-year career in the profession for assignment to the academy. The academy will also host...

January 13, 2025
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13Jan

Pension managers urge UK to ditch ‘megafund’ scale test

UK pension managers have objected to government plans to force the creation of a series of “megafunds”, arguing it could stifle competition and hamper investment returns. Fund managers say that the government should focus on optimising value for savers rather than applying an “arbitrary” scale test for pension funds that could discourage new market entrants and force some funds to merge with underperforming peers. The criticisms come after the government said last year defined contribution (DC) workplace pension schemes should consolidate...

January 13, 2025
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08Jan

Japan’s GPIF-commissioned report finds gaps in infrastructure assets data

Fund managers’ current data reporting practices for infrastructure assets do not provide Japan’s Government Pension Investment Fund and other asset owners with adequate information to measure fair value and manage risks in their portfolios, a report commissioned by the pension fund found. Tokyo-based GPIF had ¥252.86 trillion ($1.61 trillion) in assets as of Sept. 30. Money managers that follow ethical guidance under the Global Investment Performance Standards are expected to provide “a full and fair disclosure of their performance,” but research...

January 8, 2025
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08Jan

Kenya. Govt Introduces New Tax Laws on Pensions & Retirement Benefits

The Retirement Benefits Authority (RBA) has announced new tax reforms on pensions and retirement benefits. In a notice, the authority indicated that the reforms were introduced by the Tax Laws (Amendment) Act 2024, effective December 27, 2024. Further, the notice indicated that the changes would address current economic challenges by offering increased tax-free pension contribution limits among other changes. “The Retirement Benefits Authority (RBA) is informing stakeholders and the public about important reforms introduced by the Tax Laws (Amendment) Act 2024, which...

January 8, 2025
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06Jan

Government must collaborate with industry to ensure pension investment in UK

In her first Mansion House speech as Chancellor, Rachel Reeves set out a vision to harness the UK’s pension capital to drive investment and growth. The government's aims are worthy and can set industry on a path to unlocking investment opportunities; however, there are several challenges ahead if their ambitions are to be realised. As a UK business, and one whose sponsors almost entirely operate in the UK, Independent Governance Group (IGG) has an inherent interest in supporting continued and sustained...

January 6, 2025
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December 2024
23Dec

‘Heartless’ multinationals exploiting pensions loophole for UK workers

Some of the world’s richest companies are accused of exploiting a loophole in pension law to freeze increases in payouts for many former UK employees, despite the cost of living crisis. The companies, which include Hewlett Packard Enterprise (HPE), American Express and Pfizer, are being urged to “do the right thing” and increase these frozen pension payouts in line with inflation. MPs have condemned the failure of companies to increase the payments in the face of high inflation in recent years as...

December 23, 2024
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18Dec

Canada. Navigating Change: Developments in the Pensions and Benefits Sector

Recent regulatory changes, case law precedents and best practices are reshaping the pensions and benefits sector. These changes emphasize the need for robust compliance, governance and strategic planning to effectively navigate emerging risks and obligations. Below are five key developments that plan administrators and stakeholders should keep in mind. Regulatory Updates. The federal government has introduced proposed amendments that would require OSFI to publish investment information with respect to certain federally regulated pension plans. Provincially, Ontario filed various regulations to implement...

December 18, 2024
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