November 2022
09Nov

UK. How Pensions Threatened Financial Stability

Speech By Sarah Breeden, Bank Of England Executive Director, Financial Stability Strategy And Risk, Given At ISDA & AIMA On the afternoon of 28 September, I found myself in a rather unusual position: having to explain to journalists why a part of the pensions industry, unheard of to most of their readers, had posed such a large threat to financial stability that it warranted intervention in the gilt market from the Bank of England. Financial markets globally had been volatile for...

November 9, 2022
News, ,
Read more...
04Nov

Kenya. Pension assets fall Sh33bn on bonds, equities hit

Pension industry assets under management shrank by Sh33.4 billion in the six months to June on the back of paper losses on equities and government bond holdings, representing the first half-year decline in retiree assets in 19 years. The Retirement Benefits Authority (RBA) said the contraction in the assets by 2.16 percent to Sh1.514 trillion was due to volatility in the financial markets and the political campaigns ahead of August’s general elections. The value of government bond holdings by the industry...

November 4, 2022
News, , ,
Read more...
03Nov

The Story of UK Pensions: An engaging guide to the pensions system

By Matthew Rhodes This book explains the wonderful world of UK pensions. It starts with a brief history of how the system has developed over time, covering the different arrangements provided by the private and public sectors, as well as the State. It then investigates the system in more detail, explaining some of the complexitiies and why pensions so often make news headlines. This book is suitable for anyone - whether you know nothing about pensions, or are someone in...

November 3, 2022
Books, Books, System Characterization, , ,
Read more...
03Nov

Chile’s Boric announces plan to end private pension system

Chile’s President Gabriel Boric on Wednesday announced his long-awaited plan to reform the country’s controversial private pension system. In a televised address, Boric said he was planning to end Chile’s Pension Fund Administrators (AFP) system in lieu of a new private-public social security system that would see new contributions from employers and the state. “The AFPs, in this reform, are finished,” Boric said, adding that new private entities would still be allowed to invest pension funds, but there will also be...

November 3, 2022
News, , , , ,
Read more...
03Nov

UK pensions dashboards may lead to industry consolidation

Final regulations to enable people in the UK to access information on their pensions through online pension dashboards have been laid before parliament. The pensions dashboard regulations set out how pension schemes will connect to the online dashboard ecosystem and what providers must do to become a qualified pensions dashboard service. It comes in the year that marks 10 years since the introduction of automatic enrolment. According to UK Department for Work and Pensions (DWP), with more people managing their finances...

November 3, 2022
News,
Read more...
03Nov

South Africa. Africa’s largest pension fund, the GEPF, is still backing SA and investments in the country

The Government Employees Pension Fund, which manages R2.24-trillion in pension savings belonging to 1.26 million public servants, is still optimistic about SA’s economy and investment prospects. It is allocating most of its capital to SA-based investments and backing state-owned enterprises. The continent’s largest pension fund is bullish about investments that are exposed to SA’s economy and has not taken a dim view on state-owned enterprises, despite many being regarded as basket cases. The Government Employees Pension Fund (GEPF) manages...

November 3, 2022
News,
Read more...
01Nov

UK. Pension dashboards near live testing stage

The Pensions Dashboards Programme has moved into the testing of digital architecture phase, with more than 20 organisations taking part as early participants, programme principal Chris Curry has said. The next stage of the process will see early participants, including pension providers, schemes and integrated service providers, connecting to the “dashboards ecosystem”. In an update report on the programme, Curry said the central digital architecture has been completed and testing is now underway alongside the development of operational and technical standards. “Over...

November 1, 2022
News, ,
Read more...

October 2022
31Oct

UK. Increased pension engagement could trigger ‘unintended consequences’

Successfully engaging people with their pensions could result in “unintended consequences”, particularly given the current economic environment, Aon has said. Although Aon highlighted UK Pensions Awareness Week as an “opportunity” for the financial industry to connect with people and encourage active engagement with retirement savings, it acknowledged the difficulties presented by to the current cost-of-living issues. Among the issues highlighted by Aon was the possibility that individuals could be more inclined to cease their contributions or request early access to their...

October 31, 2022
News, , , ,
Read more...
31Oct

Hong Kong pension fund arrears hit 3-year high as coronavirus impact continues to devastate businesses

Pension fund contribution arrears among Hong Kong employers have hit a three-year high amid the Covid-19 slump and an average of 28,500 default notices a month have been issued to non-compliant businesses since April, the city’s pensions supervisor has revealed. Ayesha Macpherson Lau, the chairwoman of the Mandatory Provident Fund Schemes Authority, wrote on her official blog on Sunday she was concerned the increase in defaulting companies could weaken retirement protection for employees and promised to take steps to help...

October 31, 2022
News, , ,
Read more...
26Oct

Nigeria. How data analytics, artificial intelligence will help PFAs enhance customer service

The importance of Artificial Intelligence (AI), Data Analytics and Big Data in helping business drive transformation and customer management has attracted the attention of Pension Fund Administrators(PFAs) and players in the pension industry. According them, these have a key role to play in shaping how industries evolve, and has become a massive force driving the transformation of all businesses in today’s world. With this in mind the Pension Fund Operators Association of Nigeria (PenOp) recently put together a seminar for the...

October 26, 2022
News, ,
Read more...