December 2021
16Dec

Aegon strikes deal with RGA to reinsure longevity risk in pensions

Aegon, the Dutch insurer, said on Wednesday it has struck a deal with Reinsurance Group of America (RGA) to hedge the risk that people in its Dutch pensions business will live longer than expected. The move "improves the risk profile of this business and is another step to generate stable, regular, and reliable cash flows," said CEO Lard Friese in a statement. Aegon said under the deal "initially" it would sacrifice 40 million euros ($45 million) in operating capital generation at...

December 16, 2021
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15Dec

UK. Pension risk settlement market set to pass £45bn by end of 2021

The UK pension risk settlement market is expected to exceed £45bn by the end of 2021, representing the third year in a row that activity has reached this level, according to analysis from Aon. The firm explained that whilst the market was “relatively subdued” in the first half of 2021, with £7.7bn of bulk annuity deals completed, the pace has since accelerated. As a result, Aon predicted that there will be close to £30bn of bulk annuity deals completed by the...

December 15, 2021
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15Dec

Retirement trends: Customizing planning post-pandemic

Retirement may seem like table stakes in the benefits landscape, but we’ve entered a new era where many employees are thinking about their retirement plans differently. Just 62% of workers are confident they will have enough put away to retire, according to the Employee Benefit Research Institute. And recent Morgan Stanley and SHRM research in Sept. 2021 found there are three top fears around retirement: Not having enough saved, outliving retirement savings, or losing it all in a down market....

December 15, 2021
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14Dec

IMF warns that Chile’s $173bn pension industry is at risk

A joint investigation by the International Monetary Fund (IMF) and the World Bank has found that Chile’s AFP pension fund industry is facing long-term structural issues as a result of a policy allowing pensioners to withdraw large portions of cash from their accounts. The Financial Sector Stability Assessment conducted by the global financial institutions found that the AFP system was ‘under threat due in part to a series of withdrawals’, and its executive board recommended that continued withdrawals and life...

December 14, 2021
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14Dec

US. Support builds for reversing Trump’s limits on ESG investing

A Department of Labor rule that would make it easier for retirement plan sponsors to account for social and environmental risks is garnering support from environmentalists and the financial services industry. The agency announced plans in October to roll back two rules adopted by the Trump administration that placed additional scrutiny on “sustainable investments.” The Trump-era rules did so by making it more complicated for 401(k) and pension plan managers to consider climate change and related issues when investing on...

December 14, 2021
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14Dec

EU. EIOPA highlights key risks for the insurance and pension sectors

The European Insurance and Occupational Pensions Authority (EIOPA) published today its December 2021 Financial Stability Report. The analysis underpinning the report examined key macroeconomic developments and the prevalence of risks that are key for the insurance and pension sectors. On the macroeconomic side, the COVID-19 pandemic continues to pose a challenge to European economies. Uncertainties relating to the path of the pandemic and supply chain disruptions weigh on the growth outlook. Despite the recent pick-up in long-term yields, markets still operate...

December 14, 2021
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14Dec

Japan’s Lesson for the World: Robots Won’t Save Us

Japan affords a preview of what the future of the United States, Australia, and Western Europe will become unless meaningful steps are taken to ensure that a nation’s relevance is measured by how it creates lives of dignity for its citizenry. But seeing this relevance has become difficult as much of the luster has gone from Japan studies. Wistful comments about heady days during the 1980s, when scholars of Japan were in demand, are still heard. But China now...

December 14, 2021
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13Dec

E.U. Plan to Boost Gig Economy Workers Is Latest Blow to Apps

European Union plan to improve conditions for the growing number of gig economy workers could mean millions more of them are classified as employees entitled to benefits, the latest setback for digital platforms that rely on independent contractors to deliver food and offer rides. The draft rules outlined Thursday aim to clarify the labor status of people employed by app-based companies like ride-hailing service Uber and food delivery business Deliveroo and would add oversight for the algorithms they use to...

December 13, 2021
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13Dec

US. Senate democrats Call for End to Retirement Plan Discrimination Against Same-Sex Couples

A group of 45 Senate Democrats are urging the Treasury and the Internal Revenue Service to revise old guidance that permits retirement plans to discriminate against same-sex couples. Yesterday, U.S. Senator Patty Murray (D-WA), Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Senator Ron Wyden (D-OR), Chair of the Senate Finance Committee, and 43 of their Senate Democratic colleagues sent a letter to Secretary of the Treasury Janet Yellen and Commissioner of the Internal Revenue Service Charles...

December 13, 2021
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13Dec

Nigeria. PenCom says 72,000 participants registered for Micro Pension Plan

The National Pension Commission (PenCom) has disclosed that 72,000 participants have been registered under the Micro Pension Plan (MPP) as at November 2021. This was disclosed by Head, Micro Pension Department, PenCom, Mr Dowda Ahmed, in an interview on Friday with NAN during the Pension Fund Operators Association of Nigeria (PenOp) Annual Media Parley in Lagos, themes, “Micro Pension – Challenges and Opportunities.” He also pointed out the category of people under the scheme. What PenCom is saying Ahmed stated that the scheme...

December 13, 2021
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