December 2022
21Dec

US. New Spending Bill Makes It Easier for Americans Saving for Retirement

After years of negotiation, lawmakers introduced a retirement security package as part of a $1.7 trillion omnibus spending bill early Tuesday. The package, referred to as SECURE 2.0, includes several provisions, such as expanding automatic enrollment in 401(k) and 403(b) plans, enhancing the tax credit for small businesses launching a retirement plan and allowing employers to make matching contributions to a 401(k) plan, 403(b) plan or SIMPLE IRA based on qualified student loan payments. The package combines three bipartisan bills from...

December 21, 2022
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21Dec

UK. Pensions regulator unveils consultation on defined benefit funding

A draft funding code of conduct and consultation on defined benefit (DB) pension schemes has been unveiled by The Pensions Regulator, requiring trustees to think carefully about risk management to improve security for their members. Under the draft code and consultation, schemes will be expected to set a long-term objective and a “journey plan” for achieving it. The regulator expects schemes will reduce their reliance on sponsoring employers as they reach maturity. The consultation requires trustees to raise the bar...

December 21, 2022
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19Dec

Ghana. Debt Exchange Programme Extended to December Ending

The expiration date of the Debt Exchange Programme (DEP) has been extended to the end of December this year, the Ministry of Finance, has announced. It said in view of the of the festive season, the government had decided to extend the Expiration Date of the voluntary offer to Friday December 30, 2022, with a contemplated settlement date on Friday January 6th, 2023. The voluntary programme should have expired today December 19, 2022. A statement issued by the Ministry of Finance in...

December 19, 2022
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16Dec

Malawi. Parliament passes Pensions amendment Bill

Parliament yesterday passed the Pensions Amendment Bill which, among others, provides for increasing the proportion of pension benefits to be paid as a lump sum at retirement from 40 to 50 percent. The bill also seeks to repeal the Pensions Act and replace it with a new piece of legislation. The new law—if assented to by President Lazarus Chakwera—will reportedly address current implementation challenges in the pension sector, enhance coverage of the pension sector and strengthen compliance and supervision over entities...

December 16, 2022
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16Dec

US. Republicans introduce SEC oversight bill

As Republicans prepare to take control of the House next month, a trio a GOP lawmakers introduced a bill signaling added oversight and scrutiny coming to the Securities and Exchange Commission. The Review the Expansion of Government Act, or REG Act, introduced Wednesday by Rep. Young Kim, R-Calif.; Rep. French Hill, R-Ariz.; and Rep. Bill Huizenga, R-Mich., would require the SEC to review every final rule it promulgates every three years after implementation. The agency would be required to create a...

December 16, 2022
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14Dec

UK. BoE to stress test non-banks for first time after pensions turmoil

Investment funds and other non-bank financial institutions face their first 'stress test' next year to apply lessons from the near-meltdown in Britain's pension fund sector, the Bank of England (BoE) said on Tuesday. The BoE had to step in from September to buy 19.3 billion pounds ($23.75 billion) of government bonds to stabilise markets after turmoil caused by the fiscal plans of Liz Truss's short-lived government. Liability-driven investment (LDI) funds, used by pension funds to ensure their long-term payouts, struggled to...

December 14, 2022
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14Dec

US. What SECURE Act 2.0 passage would mean for retirement plans

In these uncertain economic times, America's workforce has not lost sight of the importance and value of employer-sponsored retirement savings plans. These popular programs — such as 401(k) plans — are an essential tool in attracting and retaining talent in a tight labor market, as well as bringing financial security to workers and retirees. So it's important that the governing rules provide savings opportunities for workers and clarity and efficiency for employer plan sponsors. These rules could be significantly improved...

December 14, 2022
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13Dec

UK. TPR calls for trustees to increase investment decision skills

Trustees should take advantage of available support and guidance to increase their skills in relation to investment decisions, The Pensions Regulator (TPR) executive director of policy, analysis and advice, David Fairs, has said. In a blog post, Fairs argued that defined contribution (DC) pension scheme trustees should take action to enable pension savers access to the investment opportunities that best support good outcomes. Fairs suggested that while DC trustees are at a fork in the road on their DC journey, “the...

December 13, 2022
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09Dec

UK. Mystery of missing state pension credits deepens, as DWP and HMRC fob people off with a legion of excuses over incorrect records

Savers with holes in their state pension records are being stonewalled by staff in three separate Government departments, who have all refused to help them. After we revealed a mystery 'glitch' in the state pension system, many readers got in touch to say their valuable National Insurance credits were missing - contradicting the Government which had told us there was no indication of a wider issue. Eamon Campbell, pictured right, turned 66 in February and is two years short of getting...

December 9, 2022
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06Dec

Ghana. Pensions will be protected against Debt Exchange – TUC assures workers

The Trades Union Congress(TUC) has assured that it will take steps to safeguard workers’ pensions amid the implementation of government’s Domestic Debt Exchange (DDX) Programme. In a statement issued on Monday, the TUC expressed disquiet about the failure of government to engage Labour ahead of the launch given that substantial portion of workers’ pension is invested in government bonds. Read also Shelter Afrique target East African bourses, pension funds in USD 500mn housing bond Nonetheless, the TUC appealed to all workers...

December 6, 2022
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