July 2021
12Jul

Lack of climate risk analysis in US federal retirement fund sparks concern

The board overseeing the largest public retirement plan in the United States has not comprehensively assessed the risks climate change poses to its investments, a U.S. federal agency says, sparking fears retirement savings pots could be at risk. Read also US. How Benchmarks Keep Pension Stakeholders in the Dark The Federal Retirement Thrift Investment Board (FRTIB) says its investment strategies already price in such risks to its portfolio as they track broader indices of companies coming under new pressure to disclose...

July 12, 2021
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June 2021
29Jun

US. GAO Studied Retirement Plan Climate Change Risk Assessments

The agency recommended that the Federal Retirement Thrift Investment Board (FRTIB) evaluate the risk of climate change on the Federal Thrift Savings Plan (TSP)'s investment offerings. The Government Accountability Office (GAO) has recommended that the executive director of the Federal Retirement Thrift Investment Board (FRTIB) evaluate the Federal Thrift Savings Plan (TSP)’s investment offerings in light of risks related to climate change. Read also US. Now Is The Time To Re-Think Retirement Plan Conventional Wisdom “Climate change is expected to affect financial...

June 29, 2021
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14Jun

UK. Watchdog warns of imbalance in pension schemes

Almost two thirds of pension schemes’ liabilities of €64 billion have been accumulated to pay the pensions of the one third of members who have already retired. The lopsided nature of scheme finances is revealed in figures from the Pensions Authority, which show that providing a guaranteed income in retirement is becoming increasingly unsustainable for the dwindling number of employers that offer them. The Pensions Authority warned that trustees were running too much investment risk as schemes struggled to remain solvent. “This...

June 14, 2021
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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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11May

UK. DB transfer victims lose up to 40% of compensation

Victims of defined benefit transfer mis-selling stand to lose an average 40 per cent of compensation payments thanks to changes in the way redress is calculated. While this problem could affect every victim of DB transfer misadvice across the UK, the discrepancy has come to light because steelworkers at Port Talbot have been 'comparing notes' on the compensation levels they have received so far. As a result, campaigners helping former British Steel Pension Scheme members to get redress have warned the way the...

May 11, 2021
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April 2021
29Apr

UK. FCA mulls online test for high risk investments

The Financial Conduct Authority (FCA) has proposed to force people to take an online test before they can invest in high risk assets, as part of a round up of ideas on curbing risks in the market. In a discussion paper out this morning (April 29) the regulator said it was keen to prevent consumers from accessing high-risk investments that they do not understand. The FCA is concerned that despite its existing marketing restrictions, too many consumers are still investing in...

April 29, 2021
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28Apr

México. Jubilados protestan frente a CONSAR por inconformidad con manejo de su Afore

Jubilados del Instituto Mexicano del Seguro Social (IMSS) de varios estados de la República realizaron una manifestación en las oficinas de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar) ubicada en Periférico sur y Camino Santa Teresa en la colonia Jardines del Pedregal en la alcaldía de Tlalpan. Los afectados mencionan que han recibido malos tratos de los empleados de las diferentes afores y su atención es pésima, argumentan que los problemas iniciaron desde el año 2015...

April 28, 2021
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01Apr

Ireland. Pensions complaints process needs more teeth

Have a complaint about an investment? You can bring it to the Financial Services and Pensions Ombudsman (FSPO) and potentially benefit from compensation of up to €500,000. Have such concerns about a pension, however, and you can bring it to the same office, but don’t expect a windfall, even if you should be due one. Yes, it’s a curious state of affairs that the FSPO has greater oversight to award compensation against a wide range of financial services providers, including...

April 1, 2021
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January 2021
01Jan

Collecting and transferring pension contributions

By Rafael Rofman & Gustavo Demarco Collecting social security contributions is an important operational issue in all types of pension systems. Many regimes are plagued by poor compliance and weak, inefficient administration. Some countries have tried to introduce an automatic incentive to contribute by moving systems closer to"actuarial fairness,"where pension benefits are more strictly related to individual contributions. Examples include the systems of individual accounts introduced in a range of countries in Latin America and Eastern Europe. But in these...

January 1, 2021
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December 2020

18Dec

Australian Regulator Questions 10 Pensions Over Poor Performance

Australia’s prudential regulator will consider using its enforcement powers on 10 default retirement savings plans that were found to be among the nation’s worst performers for a second year. The Australian Prudential Regulation Authority said Friday it is assessing whether the eight trustees managing the plans have failed their obligations to members and will seek information on how they’re addressing the underperformance. APRA will then determine what action will be taken, including whether to use its power to force...

December 18, 2020
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