November 2021
09Nov

UK gov’t unveils stricter pension transfer rules to fight scams

The UK’s Department for Work and Pension (DWP) has introduced a set of laws designed to prevent pension transfer scams. Fraudsters often use pension freedoms and the statutory right to transfer to another scheme as a way to persuade consumers into moving their life savings into a bogus pension. As a result, the DWP has set out that savers will not be able to invoke their right to transfer on every single occasion, but only if they are moving their pots...

November 9, 2021
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08Nov

Kenya. Pension scheme providers urged to adopt new regulations

The government has asked pension scheme providers in the country to adhere to the new pension regulations. The new regulations came into force after the adoption of the Pensions Amendment Bill of 2020. The Bill allows subscribers of pensions schemes to access up to 40 per cent of their pension to own houses. Previously, upon discharge, employees were entitled to their own contributions, 50 per cent of their employer’s contributions, and any investment income that accrued after those contributions. Furthermore, the regulations...

November 8, 2021
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05Nov

US. IRS Announces 2022 Retirement Plan Contribution and Benefit Limits

The IRS has announced contribution and benefit limits for qualified retirement plans for 2022. The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan will increase to $20,500, up from $19,500 in 2021. The catch-up contribution limit for employees aged 50 and over who participate in 401(k)s, 403(b)s, most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $6,500. The limitation regarding SIMPLE [savings incentive match...

November 5, 2021
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04Nov

Germany’s $400 Billion Pension Fund Eyes Capital Markets Boost

Germany’s future government plans to let the country’s pension system invest in the capital markets for the first time in what would be a small revolution in how Europe’s largest economy manages money for its growing ranks of retirees. Negotiators for the Social Democrats, Greens and the market-oriented Free Democrats are seeking to hammer out details that would allow the $400 billion pension system to start investing some of its reserves into stocks and bonds, which would bring it more...

November 4, 2021
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03Nov

UK. House of Lords votes for changes to pension triple lock freeze

The government has been defeated in the House of Lords over its one-year suspension of the "triple lock" formula to increase the state pension. Ministers plan to temporarily break the link between pensions and the rise in earnings, breaching a manifesto pledge. It followed concern that a post-pandemic rise in average wages would have meant pensions increasing by 8%. Peers voted to restore a link with earnings. But MPs could still go on to reject their amendment. The House of Lords backed an...

November 3, 2021
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01Nov

US. DOL ESG investing rule could be here to stay

Democrats and Republicans in Washington broadly view retirement plan fiduciaries considering ESG factors in investment decisions much differently, with the Trump and Biden administrations promulgating vastly dissimilar regulations on the issue. A new rule proposal from the Department of Labor, which marks the latest move in a long-lasting regulatory fight, would explicitly permit retirement plan fiduciaries to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder rights. The proposal, which was unveiled Oct. 13...

November 1, 2021
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October 2021
25Oct

UK. FCA creates LTAF, a new investment fund for pension schemes and specialized investors

Sophisticated investors and pension funds are among those who will have access to new types of investment opportunities following changes made by the FCA. The FCA has confirmed that it will be taking forward proposals to create a new type of open-ended authorised investment fund which will help support investment in assets like infrastructure and private equity. Investment in these assets has the potential to generate better returns for investors, including those saving for retirement in defined contribution (DC) pension...

October 25, 2021
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21Oct

UK financial regulator faces probe over pension advice scandal

The UK’s financial regulator is to be investigated by the parliamentary spending watchdog over its handling of a multimillion pound pension scandal which has left thousands of steelworkers facing retirement losses. Read also UK. 39% of DC schemes failing to take account of ESG in default strategies The National Audit Office on Wednesday announced a probe into the Financial Conduct Authority’s activities in relation to the British Steel Pension Scheme (BSPS), dating back to 2017. Read also UK. Survey highlights lack of...

October 21, 2021
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21Oct

Ghana. NPRA to target informal sector as it holds Pensions Week in Western Region

Mr Stanley Ogoe, Western Regional Director of the National Pensions Regulatory Authority (NPRA) has hinted that the Authority is taking steps to enlighten the informal sector workers on the benefits of having a retirement plan and becoming members of pension schemes to enable them to start their retirement plans early. He noted that workers in the informal sector so far, have shown the least interest in the 3-tier pension scheme and for that matter the NPRA was therefore encouraging workers...

October 21, 2021
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15Oct

Pensions and ESG: An Institutional and Historical Perspective

By P. Brett Hammond & Amy O'Brien Sustainable investing is growing into its moment. Funded pensions, which were among the first institutions to respond to sustainability concerns, are showing renewed interest in better ways to reflect responsible investing objectives, along with regulators, asset managers and shareholder groups. Looking back, the principal elements of sustainability—environmental, social and governance (ESG)—all have different origins and took different pathways. Looking across, sustainable investing developed differently depending on region and country. Viewing it today, we...

October 15, 2021
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