November 2023
09Nov

Public Retirement Systems Need Sustainable Policies to Navigate Volatile Financial Markets

Over the past decade, policy reforms and increased financial contributions have dramatically improved the cash flow situation of some of the nation’s most troubled state pension plans. Thanks to these changes, which include reforms to benefit designs, a commitment to fiscal discipline, and greater monitoring of the financial health of public retirement systems, no state is at risk of pension plan insolvency. Nevertheless, many states still have more to do to ensure the long-term sustainability of pension promises. As recently...

November 9, 2023
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09Nov

UK pensions minister urged to encourage schemes to invest in sustainability

LCP and Pensions for Purpose have written an open letter to UK pensions minister Laura Trott calling for investment in social and environmental sustainability and for intergenerational inequality to be at the heart of planned pension reforms. In July’s Mansion House speech, the chancellor of the exchequer Jeremy Hunt introduced a number of measures aimed at unlocking the growth potential of UK defined benefit (DB) schemes. LCP and Pensions for Purpose are urging the government to encourage pension schemes to invest more in areas...

November 9, 2023
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08Nov

U.S. Treasury to propose rule to ban investment on China’s tech

Deputy Treasury Secretary Wally Adeyemo said Nov. 7 the Treasury Department hopes to propose a rule "in the coming weeks" to implement the president's executive order prohibiting investments in certain Chinese technology sectors. "I think the president and his counterparts across the G7 have made very clear that our goal is not to decouple but rather to derisk the relationship with China," Adeyemo said at the Securities Industry and Financial Markets Association's annual meeting. 2 House lawmakers ask Treasury to 'urgently'...

November 8, 2023
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08Nov

UK. Pensions notably excluded from King’s Speech

Speaking at the 2023 State Opening of Parliament this morning, the King did not mention any new pensions legislation to build on chancellor Jeremy Hunt's Mansion House reforms announced earlier this year. Reforms included the creation of the Mansion House Compact, alongside several consultations on issues such as defined benefit (DB) superfunds, deferred small pots, collective defined contribution and a value money for money framework. ‘Disappointed' The pensions industry has aired its disappointment over the lack of mention of pensions in the monarch's first King's Speech. Aegon pensions director Steven Cameron...

November 8, 2023
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07Nov

British pensions could invest 1.2 trln pounds in climate projects, with policy help-report

 Britain's pensions industry could invest up to 1.2 trillion pounds ($1.5 trillion), half the capital needed by 2035 to put the UK on track to its net-zero goals, if there were more attractive projects and fewer regulatory barriers, a report on Tuesday showed. The UK pensions industry currently invests 4% of its assets in "climate solutions" and is on course to invest just 300 billion pounds by 2035, according to research from British life insurer Phoenix Group and campaign group...

November 7, 2023
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06Nov

UK. DWP urging almost a million people to claim extra £67 each week

People are being urged to claim extra benefits worth about £67 a week from the Department for Work and Pensions (DWP). X (formerly Twitter ) was used to send out an alert regarding benefits and pensions on Wednesday. As part of its efforts to encourage people to check if they are eligible for financial support worth thousands of pounds each year, the DWP continues to urge people to do so. A post from its official account said: "Don't miss out on #PensionCredit....

November 6, 2023
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03Nov

UK. FCA bans Geoffrey Armin for failures in advice given to British Steel Pension Scheme Members, with £200k to be paid in compensation

The FCA found that Mr Armin, while running Retirement and Pension Planning Services Limited (dissolved), was seriously incompetent when advising on defined benefit (DB) pension transfers. Mr Armin advised 422 customers on the transfer of their DB pensions, including 183 members of the British Steel Pension Scheme – 174 of whom transferred out of the scheme following his recommendation. These fees added up to £2.2m for all DB transfer advice, 55% (approximately £1.2m) of which was retained by Retirement...

November 3, 2023
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October 2023
31Oct

UK trustees should challenge advisors but government needs to lead change

Around £1.2 trillion of UK pension fund assets lies in around 5,000 defined benefit schemes that primarily invest in Gilts and corporate bonds. With a suite of initiatives, the government is attempting to get the country’s fragmented DB (and DC) pension sector to invest more in illiquid assets and help fuel economic growth, as well as exploring how to consolidate these funds into larger pools. The biggest UK pension funds like Railpen, Nest and LGPS already invest in alternatives and nine...

October 31, 2023
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20Oct

UK. Government urged not to direct pension fund investment policy

The Pensions and Lifetime Savings Association (PLSA) has told the government that it should not direct the investment of defined benefit (DB) pension funds and should instead allow trustees to invest in assets that meet a scheme's risk-return characteristics and offer appropriate diversification. In a policy paper unveiled at PLSA’s Annual Conference 2023, the body called on the government and regulators to give DB schemes the freedom to take on more investment risk so that they can invest in assets...

October 20, 2023
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19Oct

UK. DWP taskforce launches new pensions guide consultation

A taskforce set up by the Department for Work and Pensions (DWP) has launched a consultation on a new guide. The guide includes 30 recommendations for how the UK pensions sector can better incorporate social factors into investment decisions. The Taskforce on Social Factors (TSF) consultation aims to help pension schemes address the risks and seize opportunities of the “social” element in environmental, social, and governance (ESG) investing. The TSF was established in February 2023 and includes representatives from pensions schemes, asset...

October 19, 2023
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