August 2025

Pensions Investment Review: Final Report

By HM Treasury, Department for Work and Pensions & Ministry of Housing Communities and Local Government The Final Report sets out the conclusions of the Pensions Investment Review, launched in July 2024.  Legislation to implement the reforms will form part of the forthcoming Pension Schemes Bill. The reforms will deliver a major consolidation in the Defined Contribution (DC) workplace pensions market. This will enable more investment in productive assets and greater potential returns for members of DC workplace schemes. A reserve power will also...

July 2025

Chile. Gobierno nombra a Osvaldo Macías como Superintendente de Pensiones

La incertidumbre en torno a quién asumiría como superintendente de Pensiones se despejó este martes luego de que el Presidente Gabriel Boric tomara la decisión de apostar por la continuidad y nombrar a Osvaldo Macías por tres años más. Fueron tres meses y dos días el plazo por el que se extendió el concurso vía Alta Dirección Pública (ADP).  Se trataba de una definición clave y que mantenía atento al mundo previsional y financiero, pues se daba en plena implementación...

UK. Government revives landmark Pensions Commission to confront retirement crisis that risks tomorrow’s pensioners being poorer than today’s

Millions of people could benefit from a more secure retirement as the Government today [Monday 21 July 2025] revives the landmark Pensions Commission to examine why tomorrow’s pensioners are on track to be poorer than today’s and make recommendations for change. The Commission of 2006 was a huge success, building a consensus for the roll-out of Automatic Enrolment into pension saving that means 88% of eligible employees are now saving, up from 55% in 2012. However, new analysis shows that there...

Eiopa calls for stricter supervision of liquidity risk at pension funds

The EU pensions regulator has issued binding guidance requiring national supervisors to oversee liquidity risk at institutions for occupational retirement provision (IORPs) more closely, citing margin call risks, asset fire sales and the need for proportionate stress testing and liquidity buffers. The European Insurance and Occupational Pensions Authority (Eiopa) concluded that better supervision of liquidity risk management across institutions for occupational retirement provision (IORPs) was necessary to preserve financial system stability and ensure pension schemes could meet their obligations. In...

Addressing the Challenges for Asset-backed Pensions in Indonesia

By Organisation for Economic Co-operation and Development This report assesses the challenges to ensuring adequate benefits in retirement for the Indonesian population. The design of the asset-backed pension system aims to help individuals to accumulate resources to finance their retirement. However, the rules of the system may not help achieve the desired objectives, appropriate schemes or vehicles may not always be available and individuals may not necessarily make use of those available. This can lead to retirement savings gaps that...

May 2025

Decoding Pension Funds: Sustainability Indicators for Annual Report Analysis

By Leticia Martins Medeiros, Clea Beatriz Macagnan & Rosane Seibert Pension funds' growth highlights the need to emphasize fiduciary duty and investment sustainability, considering the current and future participants' interests (priority stakeholders) and systemic risk reduction (environmental, social, economic, and governance effects). Therefore, this study builds sustainability indicators based on the interests of pension fund stakeholders. The methodology comprised five stages: the first consisted of analyzing Annual Information Reports to create a preliminary list of indicators; the second involved examining...

April 2025

Brasil investiga fraude de pensiones que robó 1.000 millones de dólares a jubilados

La policía federal de Brasil investiga un esquema que desvió más de 6.000 millones de reales (1.050 millones de dólares) de pensiones pagadas por el Instituto Nacional del Seguro Social, informaron autoridades el miércoles. La investigación gira en torno a 11 organizaciones que operaron entre 2019 y 2024, informaron las autoridades a los periodistas. El esquema incluía a jubilados listados como miembros de asociaciones que recaudaban parte de sus pensiones mensuales como cuotas para las organizaciones. Sin embargo, los jubilados...

Brazilian police probe a pension fraud scheme that stole $1 billion from retirees

Brazil 's federal police said Wednesday they are investigating a scheme that diverted over 6 billion reais ($1.05 billion) from pensions paid by the National Social Security Institute. The probe targets 11 organizations that operated between 2019 and 2024, authorities told reporters. The scheme had retirees listed as members of associations that collected part of their monthly pensions as fees for the organizations. However, the retirees had never joined such associations nor authorized the deductions. As part of the probe, the president...

Spain. AIReF’s evaluation of the pension reform: first match ball saved, but with big challenges on the horizon

At the end of March, the Independent Authority for Fiscal Responsibility (AIReF) published its estimate, as was its mandate, of the average impact during the period 2022-2050 of the new revenue measures introduced as part of the pension reforms and other economic measures implemented since 2020 in order to fund the pension system.1 This estimate was the last missing piece needed to determine whether the expenditure rule previously agreed between the government and the European Commission within the framework of the...

EIOPA launches liquidity stress test of European pension funds

The European Insurance and Occupational Pensions Authority (EIOPA) has launched its fifth stress test of European occupational pension funds, assessing the impact of two adverse economic scenarios on the liquidity position of IORPs and the overall sector. The two scenarios simulate sharp increases and declines in interest rates, respectively. “In the ‘yield curve up’ scenario, EU interest rates increase sharply as market participants anticipate economic developments related to the abrupt escalation of geopolitical tensions,” said EIOPA. “These geopolitical tensions cause disruptions in...