November 2024
08Nov

UK. Govt to present regs on CDC to parliament ‘as soon as able to’

Pensions Minister, Emma Reynolds, has said the government intends to present regulations to extend collective defined contribution (CDC) provision beyond single or connected schemes to parliament “as soon as [they] are able to”. Earlier this month, a consultation was launched by the Department for Work and Pensions on legislation to broaden CDC’s scope, which currently limits these schemes to individual employers or groups with existing connections. The extension seeks to allow unrelated employers to join CDC schemes, potentially opening up this pension...

November 8, 2024
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08Nov

Pension Policy Preferences: Beliefs about Others

By Carmen Sainz Villalba This paper studies the information provision and belief updating on the preference for regulation on pensions for own respondents and the preference for regulation on pensions for the population as a whole. Following the work of Sainz Villalba and Konrad (2024), we conduct a survey experiment where we provide information on own characteristics and on characteristics about individuals in other income brackets. We find that respondents who overestimate the pension coverage for low income earners are more likely to want less regulation...

November 8, 2024
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06Nov

US. What Changes Might a Trump Presidency Make to Retirement Regulations?

Given the results of the U.S. Presidential Election, certain regulatory items at the Department of Labor will likely be modified or abandoned altogether. These include DOL initiatives on environmental, social and governance (ESG) investing, investment advice fiduciary standards, qualified professional asset manager (QPAM) eligibility, and the definition of independent contractor; while others, such as efforts to promote employee stock ownership plans (ESOPs) will likely continue. ESG Factors Most industry observers agree that the Biden ESG rule is in trouble, but there is...

November 6, 2024
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05Nov

China. Recommendations made for strict implementation of China’s Social Insurance Law

The Standing Committee of the National People's Congress, China's top legislature, urges more sound and scientific regulations and law on the nation's social insurance operation after it sent an inspection team to review the implementation of the Social Insurance Law in recent months. The inspection team, consisting of 19 members, visited 16 cities and prefectures in six provinces from June to July, including Shanghai, Heilongjiang and Guangdong, to review the implementation of the social insurance law. The team also authorized...

November 5, 2024
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04Nov

US. IRS Announces 2025 Retirement Account Contributions Limits

On November 1, 2024, the Internal Revenue Service released the 2025 retirement plan contribution limits and other key numbers for investment accounts. While contribution limits for employer sponsored plans like the Thrift Savings Plan (TSP) are increasing in 2025, IRA contributions will remain the same as 2024. The increasingly popular tax-free Health Savings Account contribution limits are also increasing in 2025. For the first time, TSP participants turning age 60, 61, 62, or 63 in 2025 will be able...

November 4, 2024
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01Nov

UK. Autumn Budget 2024: Implications for pension schemes

The Chancellor of the Exchequer, Rachel Reeves MP, has presented her Autumn Budget 2024 to Parliament. The most significant change for occupational pension schemes is the announcement that most unused pension funds and death benefits payable from a pension will be brought into a person’s estate for inheritance tax purposes from 6 April 2027. Currently, most lump sum death benefits are not chargeable to inheritance tax. The government has published a technical consultation on the processes required to implement this change...

November 1, 2024
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October 2024
31Oct

US. State treasurer elections to impact pension funds, auto IRA programs and ESG

Though most attention is on the presidential race this election season, several state treasurer races could determine the future of pension funds and other retirement programs for Americans all over the country. Many of those vying for the office of state treasurer are focused on improving their states’ pension funds, while other candidates hold conflicting views over state auto IRA programs — programs that create a retirement plan for those whose employers don’t offer one. In a handful of states,...

October 31, 2024
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29Oct

Hong Kong Sets AI Guidelines for Finance, Eyes Tax Break for Digital Assets

Hong Kong has unveiled its inaugural policy guidelines focused on the use of artificial intelligence in finance, alongside a potential tax incentive for digital assets, in a bid to strengthen its position as a premier business hub in Asia. According to Bloomberg, the new measures aim to create a supportive yet regulated environment for AI and digital asset investment, central to Hong Kong’s strategy to draw international investors back to its markets. On Monday, senior government officials announced a unified framework designed...

October 29, 2024
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29Oct

China. Beijing unveils policies for strengthening financial services

China's capital city Beijing has announced a series of policy initiatives for five key financial areas: tech finance, green finance, inclusive finance, pension finance, and digital finance. These initiatives aim to bolster the capital's new quality productive forces and foster high-quality development in each sector. The guidelines for advancing inclusive finance in Beijing encourage banks to increase lending to small and micro enterprises, focusing on first-time loans, renewals, credit loans, and long-term financing options. The document also promotes developing insurance...

October 29, 2024
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23Oct

UK pensions minister pushes back launch of commercial pension dashboards

UK government pensions minister Emma Reynolds has announced that the its MoneyHelper Pension Dashboard service will be made available before commercial dashboards. Reynolds said it was too early to confirm a launch date to the public, with the DWP previously saying that the launch date will only be announced once they are assured most pension schemes have connected and the dashboards are working well. The Pension Dashboards Programme (PDP) has been given the task of developing the Pension Dashboards ecosystem and...

October 23, 2024
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