October 2022
11Oct

US. Congress is still considering changes to the retirement system, including catch-up contributions

There’s still a decent chance that changes to the U.S. retirement system will be enacted before the end of the year. Despite there being just a few months left before the next Congress convenes Jan. 3 — the midterm elections will be Nov. 8 — the push to improve Americans’ ability to save for retirement is supported by both Republicans and Democrats. The proposals are collectively called “Secure 2.0” — which is a nod to the 2019 Secure Act, whose provisions...

October 11, 2022
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10Oct

UK. Bank of England Announces Extra Steps to Help Pension Funds

The Bank of England announced extra measures on Monday to support pension funds hit by the sharp falls in U.K. government prices in recent weeks. The Bank, which had set up a 65 billion-pound ($72 billion) liquidity facility to keep the Gilt market functioning at the end of September, said it will increase the daily limit for the auctions at which it has bought Gilts for the last two weeks. The Bank has been sparing in its purchases so far, buying...

October 10, 2022
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10Oct

US. Young versus old will define fight over public pensions

The market rout is exposing the vulnerability of U.S. public retirement programs and plannin The firestorm among U.K. pension funds is a wake-up call for their peers across the Atlantic. The end of an era of cheap money is exposing an industry that’s chronically underfunded and overexposed to market turbulence. Imagine a meeting of executives of a typical public pension fund following last quarter’s rout. Chief investment officer: 2022 has been brutal. Sixty percent of our fund is invested in equities, they’re...

October 10, 2022
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04Oct

Sustainable finance regulation grew around the world in 2022

Sustainable finance regulation around the world increased in both scope and pace in 2022, according to a report released Monday by ISS ESG, the responsible investment arm of Institutional Shareholder Services. The Depth & Breadth of Sustainable Finance Regulatory Initiatives: Global Developments in 2022 report analyzes initiatives proposed or implemented to date and breaks that down by region and country. The report is based on a proprietary ISS ESG index. "All regions see sustainable finance regulation as critical to increasing market...

October 4, 2022
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03Oct

MPs to inquire into pensions strategy behind UK market sell-off

MPs are to probe the pensions regulator over its role in supervising thousands of pension plans that were this week left teetering on the edge of default following unprecedented market turmoil. The work and pensions committee said on Sunday that it intended to write to The Pensions Regulator, which supervises about 5,200 corporate defined benefit plans that deliver a secure income to around 10mn members. Thousands of pension plans that had used derivatives contracts to mitigate the impact of movements in...

October 3, 2022
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September 2022
27Sep

UK. TPR reveals compliance and enforcement figures

Use of regulatory powers remained steady in most areas with some notable exceptions The Pensions Regulator has published its latest compliance and enforcement bulletin – showing how many times the regulator used its AE and frontline regulation powers between January and June this year. The watchdog said the use of powers had remained "broadly steady" since the previous bulletin covering the six-month period of July to December 2021 - with TPR using its powers 203 times during this period as opposed...

September 27, 2022
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26Sep

Officials Quit $137 Billion Pension Fund in Kuwait Shakeup

A broad shakeup of state institutions deepened in Kuwait after top officials in the Gulf state’s pension fund were asked to resign. Director General Meshal Al-Othman and three of his deputies, including Raed Al-Nisf, were asked to quit Kuwait’s Public Institution for Social Security (PIFSS). The officials had spent years revamping the roughly $137 billion fund, which owns a quarter of US private equity firm Stone Point Capital LLC. The shift comes ahead of parliamentary elections in the OPEC member state...

September 26, 2022
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21Sep

UK. Guy Opperman ends role as Pensions Minister

Longest serving pensions minister Guy Opperman has lost his role after being in the post for the past five years. In a statement released today (September 20), Opperman said he had been relieved of his duties on September 8, but delayed the announcement to respect the period of mourning for Queen Elizabeth II. “It has been the honour of my life to serve as a government minister for the last seven years,” he said, thanking his parliamentary and civil service colleagues...

September 21, 2022
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21Sep

UK. Govt appoints new pensions minister

Alex Burghart has been appointed as the new parliamentary under secretary of state in the Department of Work and Pensions in Liz Truss’ latest cabinet reshuffle. Burghart has been elected twice as MP for Brentwood and Ongar. He was previously parliamentary under-secretary for the Department for Education between September 2021 and July 2022. The Department for Work and Pensions confirmed the appointment, but did not comment on it. In a statement released yesterday (September 20), Truss sacked the UK’s longest serving pensions...

September 21, 2022
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15Sep

US. State treasurers, NYC react to ESG backlash

An open letter signed by 13 state treasurers and New York City's comptroller Wednesday takes aim at what they call the "political backlash" against ESG investing by public pension and related funds. "Several states in our country have started blacklisting financial firms that don't agree with their political views," said the letter signed by state treasurers from California, Colorado, Delaware, Illinois, Maine, Massachusetts, Nevada, New Mexico, Oregon, Rhode Island, Vermont, Washington and Wisconsin, and New York City Comptroller Brad Lander,...

September 15, 2022
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