Regulation Archives - Page 38 of 78 - Pension Policy International

18JanJanuary 18, 2023

Key Actuarial Changes for Public Pension Plans in 2023

Funding valuation reports for public pension plans will have to include additional information following several actuarial changes approved by the Actuarial Standard Board, part of the American Academy of Actuaries, in the finalized Actuarial Standards of Practice No. 4., Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. “In some cases, these are things that some [public pension plan] reports already include. So for any given public pension plan, they may see all of these as changes or some...

January 18, 2023

NewsPublic Pensions, Regulation, US

17JanJanuary 17, 2023

Bank of England says shake-up of insurance rules increases risks

The Bank of England on Monday warned that a much-heralded overhaul to insurance rules “increases risk” and could result in a corporate failure that ultimately hits the public purse. The BoE’s top officials also sounded alarm bells about other aspects of the government’s sweeping plan to turbocharge the City of London’s growth, warning that some of the changes could jeopardise financial stability. The comments from BoE governor Andrew Bailey, and Sam Woods, head of its Prudential Regulation Authority, came a month...

January 17, 2023

NewsRegulation, UK

16JanJanuary 16, 2023

US. Retirement legislation to cool off after SECURE 2.0

The retirement industry received some welcome news late last year when lawmakers passed another major bipartisan retirement security package, but industry sources aren't expecting 2023 to yield many more legislative victories when it comes to retirement issues. "Everything that they could find where there was bipartisan agreement made it into this bill," said Michael P. Kreps, Washington-based principal and co-chairman of the retirement services practice at Groom Law Group, about SECURE 2.0, a retirement security bill attached to a $1.7...

January 16, 2023

NewsRegulation, US

03JanJanuary 3, 2023

UK. Industry criticises 2022 as an adverse year for pensions

Results from our last Pensions Buzz survey of 2022 revealed 54% of respondents felt the last 12 months have not been positive for the industry, against 36% who disagreed and 14% who voted don't know. Of the respondents who said 2022 had not been a positive year, several pointed to the liability-driven investment (LDI) crisis as a result of September's Mini Budget. One respondent said: "The LDI crisis was very damaging. Stock market has been volatile, pension valises have fallen and...

January 3, 2023

NewsInvestment, Pension Management, Regulation, UK

02JanJanuary 2, 2023

UK. Work and pensions minister quits for ‘personal reasons’

Work and pensions minister Baroness Stedman-Scott has stepped down for “personal reasons”, Downing Street has said. Lady Stedman-Scott, 67, has been a minister in the department since 2019, having previously been a Government whip in the House of Lords. She is replaced by Viscount Younger of Leckie, who moves from the whips’ office where he is in turn replaced by Lord Evans of Rainow. Read more @cityam 268 views

January 2, 2023

NewsRegulation, UK

29DecDecember 29, 2022

U.K. Investors must innovate to stay ahead of FCA’s SDR proposal

The FCA’s new sustainability disclosure requirements may prove to be a defining moment for financial services, the chief project officer at the Global Returns Project has said. Jack Chellman told FTAdviser the FCA’s rules, which are currently being consulted on, cannot come soon enough. “Investors are increasingly concerned about greenwashing,” he said. “Looking ahead to 2023, asset managers must embrace innovative approaches to demonstrate their sustainability credentials if they are to satisfy their clients and rise to the challenge of constructing attractive, competitive...

December 29, 2022

NewsESG, Investment, Regulation, UK

29DecDecember 29, 2022

India. PFRDA proposes bringing gig workers into pension fold

India's pension fund regulator has recommended the federal government introduce a UK-like pension scheme for the country's gig workers, a move aimed at bringing about 90% of the overall workforce into the pension fold, its chairman told Reuters. The Pension Fund Regulatory and Development Authority (PFRDA), which manages over $102 billion in assets, has proposed that workers at food and cab aggregators be automatically enrolled into the National Pension Scheme (NPS), Chairman Supratim Bandyopadhyay said in an interview on Tuesday. The...

December 29, 2022

NewsIndia, Informal Sector, Pension design, Regulation

29DecDecember 29, 2022

U.S. New York Raises Cap on Pensions’ Private Equity, Hedge Fund Assets

New York Governor Kathy Hochul signed a bill on Friday that allows the state’s and New York City’s pensions to increase allocations to more expensive and opaque asset classes like private equity that could potentially deliver higher returns. The bill raises the cap on alternative assets — which also include hedge funds, private real estate and direct loans to companies — as well as foreign stocks, to 35% from 25%. Boosting the limit will allow pensions, including the $233 billion...

December 29, 2022

NewsInvestment, Regulation, US

28DecDecember 28, 2022

U.S. New retirement account rules make it easier to tap savings early for emergencies

It will soon be easier for cash-strapped Americans to tap their retirement savings for emergency expenses. President Joe Biden is poised to sign a $1.7 trillion bill that amends rules related to so-called hardship distributions from 401(k) plans. The measures are tucked into “Secure 2.0,” a collection of retirement reforms attached to the overall legislative package, which will fund the federal government for the rest of the fiscal year through next September. The House and Senate passed the bill last week. Current...

December 28, 2022

NewsPension design, Regulation, US

27DecDecember 27, 2022

UAE’s Pension Authority raises awareness on incorrect contribution practices

Private sector entities that do not pay monthly contributions or provide incorrect data for their Emirati employees risk incurring additional penalties and, under certain conditions, imprisonment,' as per the federal pension and social security law. At the end of its campaign to educate insured Emiratis and the entities in which they are employed about an insured’s rights and duties in accordance to the NAFIS programme, the General Pension and Social Security Authority (GPSSA) stated that charging an insured person with...

December 27, 2022

NewsRegulation, savings, System Characterization, UAE

January 2023

Key Actuarial Changes for Public Pension Plans in 2023

Bank of England says shake-up of insurance rules increases risks

US. Retirement legislation to cool off after SECURE 2.0

UK. Industry criticises 2022 as an adverse year for pensions

UK. Work and pensions minister quits for ‘personal reasons’

December 2022

U.K. Investors must innovate to stay ahead of FCA’s SDR proposal

India. PFRDA proposes bringing gig workers into pension fold

U.S. New York Raises Cap on Pensions’ Private Equity, Hedge Fund Assets

U.S. New retirement account rules make it easier to tap savings early for emergencies

UAE’s Pension Authority raises awareness on incorrect contribution practices