June 2022
27Jun

China: Securities regulator proposes rules for inclusion of mutual funds in private pension scheme

The China Securities Regulatory Commission (CSRC) has said that mutual funds with at least CNY50m ($7.48m) of assets over the past four quarters are eligible to participate in the country's pilot private pension scheme. The securities regulator has proposed rules to regulate mutual funds, setting the criteria for qualified products and sales agents under a private pension scheme that will channel fresh savings into the country's capital markets, reported Reuters. The draft rules, published on 24 June, follow the launch by...

June 27, 2022
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23Jun

US. BlackRock offers feedback to SEC on climate-risk disclosure proposal

BlackRock, which embraces climate-conscious investing and is pushing other companies to do the same, still supports the rules proposed by the SEC requiring climate-related disclosures from public companies. But the money manager has some notes for the regulator. In a June 17 letter to the SEC, BlackRock reiterated its belief that "climate risk is investment risk" and that related disclosures aligned with the Task Force on Climate-related Financial Disclosures framework should be mandated. However, the firm does not agree with...

June 23, 2022
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21Jun

US. Senate Version of SECURE 2.0 Set to Move Forward

The Senate version of SECURE 2.0, titled the “Enhancing American Retirement Now (EARN) Act,” is scheduled for mark up Wednesday morning. The news comes two weeks after Senators Patty Murray, D-Wash., and Richard Burr, R-N.C., introduced a SECURE 2.0-like bill titled the “Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act.” “Americans deserve dignified retirements after decades of hard work, and our bill is an important step forward,” Senate Finance Committee Chair Ron...

June 21, 2022
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20Jun

UK. State pension age increase doubles poverty rate among pensioners

Nearly 100,000 65-year-olds fell into poverty as the state pension age rose from 65 to 66, depriving them of an income of £142 per week as the government saved £4.9bn. According to research by the Institute for Fiscal Studies (IFS) the latest increase in state pension age from 65 to 66 meant that the absolute income poverty rate for 65-year-olds rose by 14 percentage points, or nearly 100,000 people, to reach 24% by late 2020. The higher state pension age also...

June 20, 2022
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14Jun

UK. TPR’s new DB funding code expected in September 2023

The Pensions Regulator expects its much-anticipated new defined benefit funding code to be in place and operational by September 2023, according to its latest corporate plan. In the document published on June 13, the regulator explained that the delay in the new funding rules, and in its second consultation on the matter, has allowed it to take the time it needs “to develop the right shape for our DB funding code”, while wanting to take the “opportunity to learn from...

June 14, 2022
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14Jun

United States: IRS Announces New Retirement Plan Pre-Examination Program

The Internal Revenue Service announced last week that it was piloting a pre-examination retirement plan compliance program beginning this month. This program involves the IRS notifying an employer by letter in advance that the employer's retirement plan was selected for an upcoming examination. The letter gives the employer a 90-day window to review its retirement plan's document and operations to determine if they meet all current tax law requirements. If the employer does not respond within 90 days, the IRS...

June 14, 2022
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09Jun

UK. TPR to finalise CDC code by 1 August; work to tackle pension scams continues

The Pensions Regulator (TPR) has confirmed that it is on track to finalise the collective defined contribution (CDC) code of practice by 1 August 2022, while further work on the issue of pension scams will be published "in due course". Speaking at the Pensions Age Northern Conference 2022, TPR lead investment consultant, Fred Berry, confirmed that TPR has been analysing industry feedback following its consultation on the draft code of practice earlier this year. Industry experts previously urged TPR to publish...

June 9, 2022
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09Jun

Hong Kong passes long-awaited labour bill to scrap MPF offsetting mechanism, protecting workers’ pensions

Move ends decade-long debate between bosses and unions, preventing employers from dipping into staff pensions to cover severance and long-service payments Three legislators from pro-business Liberal Party were among those who opposed bill Hong Kong’s legislature has passed a long-awaited labour bill that will stop bosses from dipping into staff pensions to cover severance and long-service payments, ensuring the city’s workers have better retirement protection. The Legislative Council on Thursday voted 72-5 to approve the Employment and Retirement Schemes Legislation...

June 9, 2022
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09Jun

US. Senate committee approves nominees to Fed, SEC

The Senate Banking Committee on Wednesday advanced a Federal Reserve Board of Governors nominee and two Securities and Exchange Commission nominees. Michael S. Barr, President Joe Biden's nominee as the Fed's vice chairman for supervision, and Jaime E. Lizarraga and Mark T. Uyeda, the president's nominees to the SEC, were each approved by the committee Wednesday. The three nominees testified jointly before the committee in May. Mr. Barr, a law professor at the University of Michigan who served as the Treasury...

June 9, 2022
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08Jun

US. Senators introduce SECURE 2.0 companion

Less than two weeks after releasing a discussion draft, leaders of the Senate Health, Education, Labor, and Pensions Committee introduced a retirement security bill that will likely serve as a piece of the Senate's SECURE 2.0 package. Sens. Patty Murray, D-Wash., committee chairwoman, and Richard Burr-R-N.C., the committee's ranking member, introduced the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act, or RISE & SHINE Act, and said their committee will markup the bill on...

June 8, 2022
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