July 2024
18Jul

Hong Kongers fleeing to Britain leave $5.1b trapped behind

Emigration has been top of mind for many residents after Hong Kong’s government in March passed Article 23, a domestic security law. For those moving to the UK, not being able to access their pension money has palpable financial impacts. “With Article 23, there will be more people trying to leave Hong Kong, more people trying to get early withdrawals to build their new lives, and more denials,” said Ms Megan Khoo, research and policy adviser at British-based activist group...

July 18, 2024
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17Jul

Malaysia’s pension fund strengthens sustainable investment with new stewardship policy

The Employees Provident Fund (EPF), Malaysia’s pension fund, has published the EPF Sustainable Investment Stewardship Policy, becoming the first institutional investor in Malaysia to publish a standalone stewardship policy for sustainable investment. EPF said in a statement on Wednesday that the policy outlines the processes and guidelines the EPF follows to promote good sustainability practices among its investee companies and external fund managers. It said the stewardship undertaking has strengthened the EPF’s commitment to help build a better retirement future for Malaysians...

July 17, 2024
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15Jul

US. The $25 Trillion System of Retirement Savings Needs Fixing

Few Americans today know much about Studebaker or Packard automobiles. Classic car aficionados recall their sleek, innovative designs, but the brands are also a reminder of another bygone era: the traditional defined benefit pension. Studebaker and Packard merged in 1954 and later went out of business. Their pension plans were terminated, leaving thousands of workers without their expected benefits. That, along with other pension plan failures, prompted efforts to make retirement savings safer, culminating in federal legislation that has shaped much...

July 15, 2024
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12Jul

US. DOL may review ‘derisking’ pension risk transfers, says congressional report

A recent Department of Labor report to Congress reaffirming current fiduciary standards for selecting annuity providers in defined benefit pension plans also includes notice that it may review the increasingly common, and controversial, practice of companies transferring pension risks to life insurers, commonly known as “derisking.” The report by the DOL’s Employee Benefits Security Administration (EBSA), which was mandated by 2022’s SECURE 2.0 Act, reviews its 1995 Interpretive Bulletin 95-1 that outlined the responsibilities of fiduciaries under the Employment Retirement Income Security...

July 12, 2024
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11Jul

UK. Wish list for new Pensions Minister

The new pensions minister, Emma Reynolds, must address the key challenges of adequacy, sustainability and intergenerational fairness facing the industry and the millions of savers across the UK as a priority, says Hymans Robertson. The leading pensions and financial services consultancy also says, it would like to see the new government deliver on the key pensions’ initiatives that are underway as the firm lays out its pensions policy wish list. Commenting on the need for rapid action from the new...

July 11, 2024
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08Jul

UK. The Pensions Regulator to challenge master trusts on investments

The Pensions Regulator will shift its focus onto the making sure master trust investments deliver for savers, now it has taken regulatory responsibility of these vehicles. The growth of master trusts has been driven by the introduction of automatic enrolment in 2012 and in 2018 the Government introduced a regulatory framework which meant only master trusts authorised by TPR were permitted to operate. Neil Bull, TPR’s executive director of market oversight, said following the completion of this process the regulator would...

July 8, 2024
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08Jul

Hong Kong. HSBC fined $3 mln over incentives given to unauthorised agents for MPF scheme

HSBC has been fined HK$24 million ($3.07 million) for offering incentives to "unregistered intermediaries" to get clients to join its Mandatory Provident Fund (MPF) scheme in 2020 and 2021, Hong Kong's pension regulator said. The Mandatory Provident Fund Schemes Authority (MPFA) also said that it disqualified Yip Sze Ki, former head of pensions at HSBC, from taking up senior executive positions at any MPF operator for the next 18 months, according to a statement on Friday. "The MPFA concluded that HSBC...

July 8, 2024
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08Jul

Empowering India’s Gig Workers: The Need for Comprehensive Legislation

In the bustling streets of India's cities, where the hum of traffic meets the aroma of street food, a new workforce is silently shaping the future. These are the gig workers  the delivery drivers rushing through narrow lanes to bring you a warm meal, the freelance coders burning the midnight oil to meet a deadline, and the rideshare drivers ensuring you reach your destination safely. They are the backbone of a rapidly growing digital economy, offering flexibility and convenience...

July 8, 2024
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05Jul

Pensions industry awaits review as Labour wins UK election

After a landslide election win last night, the UK will be looking to Labour to advance key priorities within the pensions industry, including a promise to “review the current state of the pensions and retirement savings landscape”, as per the party’s manifesto. Morten Nilsson, chief executive officer of Brightwell (former BT Pension Scheme Management, the asset management arm of the UK’s largest corporate defined benefit pension scheme), said: “A top priority for the new Labour government will be getting the planned pensions review under way.” He...

July 5, 2024
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04Jul

United States: US court vacates the SEC Private Fund Adviser rule

On 5 June 2024, the United States Court of Appeals for the Fifth Circuit vacated the Private Fund Adviser rule (“Rule“) in its entirety on the grounds that the SEC, in enacting the Rule, had exceeded its statutory authority. The Rule was adopted by the SEC in August 2023 and would have fundamentally changed the regulatory landscape for private equity funds and their investors. The outcome was somewhat unexpected as in oral arguments the petitioners only directly challenged three...

July 4, 2024
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