May 2017

12May

UK. ACA opposes additional powers for The Pensions Regulator

On member protection and new powers for the Pensions Regulator, the ACA response says ‘we do not believe that there is any significant evidence that members need additional protection or that substantial new powers are needed for the Pensions Regulator. Whilst several recent high-profile cases have raised the question of whether members have adequate protection, the outcome of these cases has seen members generally receiving (or expecting to receive) benefits above PPF minimum levels, which should be regarded as...

May 12, 2017
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11May

UK. Firms warned to take pension auto-enrolment seriously or risk big bills

The ACT is reporting that those not taking seriously the need to get their pension commitments in order are likely risking substantial bills. Highlighting a case where Johnsons Shoes was issued with a £400 fixed penalty notice having failed to comply with the law, the retailer paid the fine, but then continued to ignore its duties, subsequently racking up a £40,000 bill before meeting its obligations. Charles Counsell, The Pensions Regulator’s Executive Director of Automatic Enrolment, said: “The failure by Johnsons...

May 11, 2017
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11May

Canadian pension fund bats off Brexit worries with City expansion

One of Canada's largest investment managers has promised to spend £4.6bn on expanding in London in the next five years, batting off any concerns of a Brexit exodus as it pledges to add brainpower to the capital. The Public Sector Pension Investment Board said it had picked London as its European hub on Wednesday in a move its president André Bourbonnais said was "evidence of our confidence and commitment to the region". Its targets, which including growing the office from its...

May 11, 2017
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11May

China. AMAC calls for development of third-pillar pension products

The Asset Management Association of China (AMAC) is calling on Chinese authorities to facilitate the development of private pension schemes – the third pillar in a pension structure – to mitigate mounting financial pressure on the country’s retirement system. AMAC Chairman Hong Lei says China’s pension system became more comprehensive with the establishment of the enterprise annuity (EA) system in 2004, a supplemental defined-contribution (DC) retirement plan for Chinese enterprises – the second pillar, along with the occupational annuity (OA)...

May 11, 2017
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11May

India. PFRDA asks govt to resolve uncertainty over regulation of pension products

In an attempt to bring all pension products under the purview of a single regulator, Pension Fund Regulatory and Development Authority (PFRDA) has sought a final word on the matter with the government. In an exclusive interaction with Moneycontrol, Hemant Contractor, Chairman of PFRDA said that they are hopeful of the government deciding on a single-source regulator. Currently, the National Pension System alone is regulated by the PFRDA. However, pension products sold by insurance companies are overseen by the Insurance Regulatory...

May 11, 2017
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10May

Canada’s Largest Pension Fund Opposes Re-Election of Bombardier Chairman

Bombardier (BBDb.TO) faced fresh pension fund opposition to the re-election of its executive chairman and the Quebec government said the plane and train maker should listen to the growing number of institutional shareholders citing governance concerns. The Canada Pension Plan Investment Board (CPPIB), the country's largest pension fund manager, withheld its vote for the re-election of Pierre Beaudoin at Bombardier's annual meeting on Thursday. The Ontario Teachers Pension Plan (OTPP) also withheld its vote on his re-election on Tuesday, echoing similar...

May 10, 2017
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10May

Aviva exits more Spanish businesses

Aviva announced the sale of its 50% shareholdings in life insurance and pension joint ventures Unicorp Vida and Caja España Vida, as well as its retail life insurance business Aviva Vida y Pensiones, to Santalucía on Wednesday. The FTSE 100 firm said total consideration of the transaction was €475m (£403m). It said the transaction was in line with Aviva's strategy of allocating capital to markets where it can deliver higher returns, and was part of a strategic review of its Spanish...

May 10, 2017
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10May

European Parliament calls for pension fund swaps clearing exemption

The European Parliament will push to exempt pension funds from mandatory central clearing for over-the-counter swaps on a permanent basis, according to Kay Swinburne, vice chair of the European Parliament's Economic and Monetary Affairs Committee. Speaking to reporters at ISDA's Annual General Meeting in Lisbon today, Swinburne said that recent European Commission proposals for a three-year exemption as part of the European Commission's review of European Market Infrastructure Regulation would likely be extended following negotiations with the European Parliament and...

May 10, 2017
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10May

Canadian pension investment manager to expand London operations

The Public Sector Pension Investment Board, one of Canada's largest pension investment managers, said on Wednesday it planned to expand its London operations, hiring staff and boosting investments. PSP, which manages C$125.8 billion ($92 billion) across a range of markets, said it would increase staffing in London to 40 from 28 over the next 12 months. It opened the office in 2015. The team will focus on private equity, private debt, infrastructure and real estate, PSP said, and help it...

May 10, 2017
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09May

Prudential names new Prudential Retirement CEO

Prudential Financial, Inc. (NYSE: PRU), announced that Phil Waldeck has been named President and Chief Executive Officer of Prudential Retirement, a division of Prudential Financial, Inc., effective June 5. He succeeds Christine Marcks, who has informed the company of her decision to retire after more than 13 years of distinguished service, 10 of which were in the role of President and CEO. “Under Chris’s leadership, Prudential Retirement created a talent-centered, customer-focused culture that has inspired and created significant business growth...

May 9, 2017
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