September 2026

Value for Money: Industry flags concerns over forward-looking metrics

The Financial Conduct Authority’s (FCA) consultation process closed this week, as it continues to develop the proposed Value for Money (VfM) rulebook that the government hopes will strengthen and future-proof DC savings. Pension providers and trade bodies have widely welcomed the proposed system, but several have flagged concerns over issues such as forward-looking performance metrics and the absence of collective defined contribution arrangements from the rulebook. In its response, TPT Retirement Solutions argued that regulators needed to ensure that “forward-looking projections...

Chile. ¿Conflicto de interés? Gobierno de Kast designa al exdirector de AFP Provida y Hábitat como nuevo superintendente de pensiones

Hace un par de días, el Presidente José Antonio Kast anunció a Joaquín Cortez como el nuevo superintendente de pensiones. Sin embargo, este anuncio encendió las alarmas debido a los estrechos lazos que mantiene el economista con AFP Provida y Hábitat. Según diversas fuentes, el reconocido economista tuvo que deshacerse rápidamente de sus lazos con Prudential Administradora General de Fondos (AGF) y las filiales de AFP Habitat en Perú y Colombia en donde ejercía como director, hasta antes de asumir....

August 2026

US. Retirement Plans Could Be Sharing Your Personal Data. Are You at Risk?

If you’re one of the millions of Americans saving for retirement with a 401(k) or similar account, you assume (and hope) your financial and personal information are safe. But did you know that retirement plan service providers may share or sell your personal information or use it to market other financial products and services? Today’s WatchBlog post looks at our new report on why retirement plans share data and what’s being done to protect your personal information. When and why do retirement...

June 2026

Panamá. Detectan más de 220 incumplimientos a beneficios de jubilados y pensionados

La Autoridad de Protección al Consumidor y Defensa de la Competencia (Acodeco) detectó 222 incumplimientos a los beneficios establecidos para jubilados, pensionados y personas de la tercera edad entre enero y mayo de 2026. De acuerdo con la entidad, las principales irregularidades corresponden a 76 casos relacionados con la tasa de interés en préstamos, 46 por no aplicar el 25% de descuento en restaurantes y 26 por la falta de letreros informativos sobre los beneficios que establece la Ley 6 de 1987. Entre los descuentos establecidos por la Ley 6 de 16 de junio de...

May 2026

The Duty to Explain: Fiduciary Intelligibility Under ERISA

By Ian Edwards This Essay examines whether the Employee Retirement Income Security Act of 1974 (“ERISA”) contains an emerging principle of fiduciary intelligibility within its participant disclosure framework. ERISA requires Summary Plan Descriptions (“SPDs”) to be written in a manner “calculated to be understood by the average plan participant.” While modern pension disclosure has become increasingly sophisticated and financially technical, this Essay argues that administrative and financial disclosure are not necessarily equivalent to fiduciary intelligibility. The Essay does not propose a...

Agency Costs Beyond Corporations: Evidence from Pension Funds

By Clemens Böhlen This paper examines the role of agency costs in pension fund performance. Grounded in corporate agency theory, it exploits institutional variation in a unique dataset on the Swiss pension system to assess how differences in monitoring incentives affect investment outcomes. Specifically, I examine the role of the sponsoring company and show that multi-employer funds underperform institutionally comparable single-employer funds by 25-31 basis points per year, in line with weaker governance incentives. Consistent with corporate agency theory, these...

Chile. ¿No más deudas? Así es el nuevo sistema que cobra a empleadores por cotizaciones previsionales impagas

Desde el 1 de junio de 2026, entrará en vigor el Sistema Único de Cobranza de Cotizaciones (SUCC), que buscará cobrar los montos previsionales no abonados a los trabajadores. Cuando un empleador no paga las cotizaciones previsionales de sus trabajadores, las instituciones del sistema previsional deben encargarse de recuperar esa deuda, explica el Instituto de Previsión Social (IPS). Hasta ahora, ese proceso se realizaba de manera fragmentada: cada AFP gestionaba por separado las deudas de un mismo empleador, lo que generaba duplicidades y mayor carga para los tribunales. Eso...

NPRA deploys risk-based supervision to fortify Ghana’s pension industry

The National Pensions Regulatory Authority (NPRA) has taken a major step toward strengthening oversight and protecting contributors’ retirement funds with the full deployment of its Risk-Based Supervisory System (RBSS). According to the Chief Executive Officer of the Authority, Christopher Boadi Mensah, the reform marks a major institutional shift from traditional compliance-based supervision to a more targeted, intelligence-driven regulatory framework. Under the new system, NPRA can better monitor compliance and profile risks among industry players, identify early warning signs, and take preventive...

March 2026

Managing Retirement Risk: Policy Choices in Pension Fund Administration

By Fawaz Adediran & Oluwatobiloba Yomi-Oshatimi This article critically examines the legal and institutional framework governing pension administration and Pension Fund Administrators in Nigeria under the Pension Reform Act 2014. It analyses the structure of the contributory pension scheme, focusing on the statutory separation between Pension Fund Administrators and Pension Fund Custodians as well as the fiduciary obligations imposed on administrators, and the supervisory mandate of the National Pension Commission. The study situates Nigeria's pension reforms within the broader global...

February 2026

México. Endurecen controles a asesores previsionales de las Afores.

Ahora los asesores y promotores que atienden tu cuenta Afore estarán sujetos a reglas más estrictas, de acuerdo con lo publicado este miércoles 25 de febrero en el Diario oficial de la Federación. Para mejorar la atención y proteger el ahorro de los trabajadores, la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar) actualizará la normativa con el fin de reforzar la supervisión, mejorar los procesos de certificación y fortalecer los controle ¿Qué cambia? Las nuevas disposiciones ajustan la forma en que se certifica, registra y...