May 2021
20May

UK. TPR sets three priorities in its new corporate plan

The Pension Regulator (TPR) laid out three priorities for the next three years in its new corporate plan. Implementing the Pension Schemes Act, combating scams and developing a framework to measure value for money will be the objectives of TPR over the next three years. The regulator sees these three objectives as the continuation to its response to economic uncertainty following the Covid-19 pandemic. The plan also provide information to the industry about how TPR’s work will be measured. TPR has set itself...

May 20, 2021
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17May

Spain. Government And Social Agents Will Evaluate The Formula For Raising Pensions

The soap opera of the revaluation of pensions could close the chapter. The Government and the social partners will carry out, within the framework of social dialogue, a periodic evaluation every five years of the effects of the new formula for the revaluation of pensions with the CPI, to which the Minister of Inclusion, Social Security and Migrations finally agreed. , José Luis Escrivá , for the maintenance of purchasing power. This is reflected in the draft agreement on pensions...

May 17, 2021
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13May

Turkey: The Regulation On The Private Pension System Has Been Amended

Amendments regarding the Regulation on the Private Pension System ("Regulation") were published in the Official Gazette No. 31476 dated 6 May 2021. With the changes introduced by the Insurance and Private Pension Regulation and Supervision Agency ("Agency"), new regulations have been created regarding the use of electronic means of communication, the maximum number of changes allowed in a fund distribution and the purchase and sale of pension investment funds via a central electronic platform. You can read the amendments...

May 13, 2021
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05May

UK. FCA proposes Pension Wise nudge for DC savers

In a consultation today, the Financial Conduct Authority (FCA) today proposed that providers will need to go further than the current signposting in a bid to improve take-up of the free guidance service. Consumers would see appointments made for them, if requested, although they will not be mandatory after MPs on several occasions voted against the idea, believing it could be seen as a tick-box exercise, as opposed to a beneficial part of the process. Upon deciding, in principle, how to...

May 5, 2021
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April 2021
22Apr

Australian regulator issues long-awaited climate risk guidance

Australia's prudential regulator unveiled long-awaited guidance for banks, insurers and pension funds on managing and disclosing climate-related risks, including physical, transition and liability exposures. Issuing a draft version for consultation, the Australian Prudential Regulation Authority (APRA) said the guidance paper did not create new requirements or obligations, but gave more clarity about its expectations. The guide was developed in consultation with peer regulators globally and is aligned with the recommendations from the global Task Force on Climate-related Financial Disclosure (TCFD), set...

April 22, 2021
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20Apr

UK. Industry tightens up on pension scams as losses hit £10bn

Pension schemes face tougher due diligence requirements on transfer requests as new figures show the amount lost to pension scams and fraud has hit £10 billion five years after the introduction of the pension freedoms. Regulators, courts and The Pensions Ombudsman (TPO) have all made significant statements in recent months which cover both the fall-out from previous scams and the prevention of future scams. In its recent report, the House of Commons Work and Pensions Committee called on the government...

April 20, 2021
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19Apr

Ireland. Government in bid to resolve pensions dispute in community employment sector

The Government is set to table new proposals to resolve a long -running dispute over access to pensions for hundreds of community employment scheme supervisors. Minister for Public Expenditure Michael McGrath and Minister for Social Protection Heather Humphreys informed Government politicians that they had agreed on measures to deal with the issue. They told Government TDs and senators on Saturday that the Department of Social Protection would provide details to trade unions in the coming days. The proposal is expected to involve...

April 19, 2021
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15Apr

The Macro Challenges of Population Aging

A new paper jointly released today by The Concord Coalition and the Global Aging Institute (GAI) warns that the aging of the U.S. population not only threatens to overwhelm the budget, but could also usher in a future of permanently slower economic growth and diminished geopolitical stature. The paper, entitled The Macro Challenges of Population Aging, is the fifth in a series of issue briefs on the aging of America called The Shape of Things to Come. Read also Spain....

April 15, 2021
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14Apr

US. Florida Senate Passes Bill to Move Most State Workers to DC Plan

The Florida state Senate has passed a bill that would eliminate the option for nearly all new state employees to participate in a defined benefit (DB) plan, instead requiring them to join a defined contribution (DC) plan. Read also New York pension fund divests $7 million from Canadian oil sands firms The bill, which was sponsored by Republican Sen. Ray Rodrigues, would require new hires as of July 1, 2022, to enroll in a 401(k)-style investment plan. Employees are currently given...

April 14, 2021
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09Apr

The U.K.’s policy on overseas pensions is costing Canadian taxpayers

"This is not a party matter," said Ian Andexser of Nanaimo, B.C., who heads the Canadian Alliance of British Pensioners. "This is a snub to Canada." And across the pond in England, Conservative MP Sir Roger Gale has come to the same conclusion: the government of which he is a member has acted "in very bad faith indeed" toward Canada. The matter angering both individuals is a British government policy that excludes U.K. pensioners who live mostly in Canada and Australia...

April 9, 2021
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