August 2020

17Aug

South Africa. ANC planning to use pension funds to launch state-owned bank

Reports have surfaced which reveal that the African National Congress (ANC) is working on plans to create a state-owned bank which will use pension funds to gain access to favourable rates. Read also South Africa. Enoch Godongwana: Prescribed assets won’t be used to bailout struggling SOEs A report published by the Sunday Times on Sunday Augst 16, which revealed that the ANC has developed a recovery plan and one of the efforts involved would be an effort to invest in...

August 17, 2020
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17Aug

Ireland. Kicking pensions can down the road will cost us all

During this pandemic the Government must not ignore the urgent need for pension reform. After protracted negotiations to form a new Government, urgent attention is now required to reform the pension system and protect the retirement security of future pensioners. The underlying issues are clear: our population continues to age; the cost of providing State pension support is growing; and the participation rates and adequacy of private pension saving remain too low. Experience shows that longer-term issues such as...

August 17, 2020
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17Aug

Campaign launched to nurture interest in ESG investing

In recent months there has been much debate about the risks and opportunities associated with investing in environmental, social and governance companies. The growing evidence weighted in favour of ESG, particularly in light of the fossil fuel crisis, has led to interest in how to make investing in green companies easier and more transparent for advised clients. The recent launch of the Make My Money Matter campaign aims to encourage the public and the finance sector to work together...

August 17, 2020
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14Aug

Regulation of the European Parliament and of the Council on a pan-European Personal Pension Product

By EIOPA THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP)1 , and in particular the fourth subparagraph of Article 28(5), third subparagraph of Article 30(2), third subparagraph of Article 33(3), second subparagraph of Article 36(2), third subparagraph of Article 37(2), third subparagraph of Article 45(3) and the third subparagraph...

August 14, 2020
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14Aug

Where Did the Pre-COVID World Stand on Protecting the Seniors?

By Natalia Milovantseva, PhD By 2050, the elderly population is expected to reach 2 billion, with 80% living in low- and middle-income countries. In today’s COVID-19 pandemic reality, income and health support for these older adults is a critical concern. What have the world’s countries been doing to ensure that their elderly do not live in poverty? Are there national policies to ensure their health needs are adequately met? How are the countries helping working adults who are responsible...

August 14, 2020
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14Aug

G7 Pensions: ESG, SDGs, Green Growth and the Road to Camp David

By M. Nicolas J. Firzli The ‘COVID Crisis’ has accelerated the mainstreaming of SDG-driven investment, with pension board members (trustees) playing an increasingly active role across all asset classes, from Sacramento to Sydney: governments (debt) and CEOs (equity) are having to commit more seriously to pressing environmental, social and societal matters, or face the risk of abrupt divestment (Brazil, Facebook etc.). Beyond financial economics and investment policy, the advent of fiduciary capitalism will have a profound impact on the...

August 14, 2020
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14Aug

Public Pension Reforms and Fiscal Foresight: Narrative Evidence and Aggregate Implications

By Huixin Bi Sarah Zubairy We explore the evolution of pension policy across countries and investigate the macroeconomic impact of pension structural reforms in recent decades, in particular those with implementation delays. We first document chronological changes in pension policy for ten OECD countries between 1962 and 2017. The new data set uncovers that changes in pension policy come in waves, with a rapid expansion of pension systems between 1960s and 1980s followed by a wave of retrenchments since...

August 14, 2020
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14Aug

US. Massive 401(k) Suit Settlement Struck

In a remarkably short period, an excessive fee suit involving proprietary funds has settled for what may be the largest monetary settlement among those cases to date. The suit—filed on Feb. 15, 2019 by plaintiff (and former McKinsey plan participant) Tushar Bhatia against McKinsey and MIO (MIO Partners, Inc., a subsidiary of McKinsey)—asserted claims for breach of fiduciary duty, prohibited transactions, and equitable restitution under ERISA. More specifically, he alleged that McKinsey adopted certain in-house funds for the...

August 14, 2020
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14Aug

UK. TPR responds to questions on their effectiveness on a pension scam case to WPC

The Pensions Regulator (TPR) chief executive, Charles Counsell, has written to Work and Pensions Committee (WPC) chair, Stephen Timms, in response to questions posed by Timms concerning TPR’s handling of the Norton Motorcycles case. Following The Pensions Ombudsman’s (TPO) decision to uphold the complaints relating to the Norton Motorcycles pension schemes, Timms wrote to Counsell asking about TPR’s plan of action. At the time, Timms described the case as “shocking” and said it raises “serious questions” about the “effectiveness...

August 14, 2020
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13Aug

Nearly half of young people have lost income due to the crisis, UN study finds

Some 42% of young people around the world, who were still working during the pandemic, have seen a drop in income as a result of the coronavirus crisis, a study by the United Nations’ labor body has found. Drew Gardiner, youth employment specialist for the UN’s International Labour Organization, told CNBC’s “Squawk Box Europe” on Wednesday that young people were in a “disadvantaged position” in the labor market even before the pandemic hit. This is partly because...

August 13, 2020
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