November 2023
30Nov

US. IRS announces retirement plan contribution limits for 2024

The Internal Revenue Service has announced the dollar limitations for retirement plans for the 2024 tax year. The 403(b) & 457(b) contribution limits have increased from $22,500 to $23,000 with an age 50 catch-up contribution of $7,500, which remains unchanged. Employees wanting to enroll into a Supplemental Retirement Account or make changes to an existing account should complete the electronic Salary Reduction Agreement. The deadline to submit SRA changes or new account enrollments to begin on the first pay in 2024 (Jan. 12) is 5 p.m....

November 30, 2023
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24Nov

Romania Pension Law Could Pose Medium-Term Fiscal Risk

Romania’s new pension law could result in a less favourable sovereign debt trajectory and weaken fiscal credibility over the medium term if implemented as planned and without offsetting measures, Fitch Ratings says. The eventual impact will depend on the broader direction of fiscal policy, including efforts to exit the ongoing Excessive Deficit Procedure. The new law, which received parliamentary approval on 20 November, is intended to remove inconsistencies in how state pensions are calculated as part of efforts to improve...

November 24, 2023
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22Nov

Iran Lawmakers Pass Bill Raising Retirement Age for Men

Iranian lawmakers have approved legislation raising the retirement age for men to 62 and increasing the years of employment required to qualify for a full pension, state media reported. The bill, which requires approval by the Guardian Council, a conservative-dominated vetting body, aims "to reduce pension fund shortfalls," according to the official IRNA news agency. In Sunday's vote in the 290-seat parliament, 127 lawmakers voted in favor, 78 against and eight abstained, with the remainder absent. The speaker of parliament, Mohammad Baqer...

November 22, 2023
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22Nov

EIOPA chair pushes for action on pension dashboard, auto-enrolment, PEPP

The chair of the European pensions supervisory authority has called for “bravery” to make a pensions dashboard at European level a reality. In late 2021, EIOPA delivered its advice to the European Commission on developing pension tracking services and a dashboard to strengthen the monitoring of pension developments in EU Member States. Speaking at EIOPA’s annual conference today, Petra Hielkema said the advice was “sitting there, in Brussels”. “It’s difficult, because if you really want a full dashboard you need the labour and social...

November 22, 2023
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21Nov

What do we know about China’s new financial watchdog?

China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday (Nov 20) and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The setting up of the CFC underscores how the ruling Chinese Communist Party is tightening grip on the country's $61 trillion financial sector amid a destabilising property and local government debt crisis that has weighed on the economic...

November 21, 2023
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21Nov

Britain to launch growth funds to attract pension pot cash

The British Business Bank (BBB) will set up a new fund for pension schemes and asset managers to invest in growth companies, part of wider reforms to unlock savers' cash to boost the economy, the UK finance ministry said on Tuesday. Britain wants to encourage pension schemes to switch from a heavy focus on bonds and global blue chips to putting a portion of their cash in UK growth companies, a step it says would help improve returns for investors. The...

November 21, 2023
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21Nov

German government to make pension funds join dashboard

The German government is preparing an ordinance to make pension funds exchange data with the pension dashboard – Digitale Rentenübersicht – by the end of next year, said Imke Petersen, head of the Zentralen Stelle für die Digitale Rentenübersicht (ZfDR), the unit within the first pillar manager Deutsche Rentenversicherung responsible for designing the platform. “On 31 December 2024 all pension funds will have not only to be registered with us, but also will be able to deliver [data],” Petersen said,...

November 21, 2023
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16Nov

UK pension regulator outlines challenges and plans for scheme transformation

Louise Davey from The Pensions Regulator (TPR) addressed the complex issue of pension decumulation during an ABI webinar Today. She outlined TPR's strategy to transform UK pension schemes into full-service providers that support savers from the accumulation phase through to retirement. Davey highlighted the limitations of current trust-based pension schemes and underscored TPR's support for the Department for Work and Pensions (DWP) proposal to mandate these schemes to offer decumulation products and services. She emphasized the evolution of the UK...

November 16, 2023
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16Nov

German government drafts law to reform second pillar pension system

The German government has drafted the law to reform the second pillar occupational pension system, Rolf Schmachtenberg, state secretary for the Labour and Social Affairs Ministry, announced during the Handelsblatt conference on occupational pensions yesterday. The 24-point draft law – called Betriebsrentenstärkungsgesetz 2024 – deals with the difficult topic of opening up the social partner model to third parties not bound by collective bargaining agreements, the state secretary said, adding that the ministry is examining the legal aspects of such change...

November 16, 2023
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15Nov

U.K. names new pensions minister

Paul Maynard was named U.K. pensions minister following a reshuffling of the government. Maynard was appointed Nov. 13 as parliamentary undersecretary of state at the Department for Work and Pensions, according to a notice on the government's website. Read also UK pension funds step in to build affordable homes His previous ministerial role was as parliamentary undersecretary of state at the Department for Transport, a role he held between July 2019 and February 2020. Maynard is member of parliament for Blackpool North and...

November 15, 2023
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