Work and pensions minister Baroness Stedman-Scott has stepped down for “personal reasons”, Downing Street has said. Lady Stedman-Scott, 67, has been a minister in the department since 2019, having previously been a Government whip in the House of Lords. She is replaced by Viscount Younger of Leckie, who moves from the whips’ office where he is in turn replaced by Lord Evans of Rainow. Read more @cityam 145 views
The FCA’s new sustainability disclosure requirements may prove to be a defining moment for financial services, the chief project officer at the Global Returns Project has said. Jack Chellman told FTAdviser the FCA’s rules, which are currently being consulted on, cannot come soon enough. “Investors are increasingly concerned about greenwashing,” he said. “Looking ahead to 2023, asset managers must embrace innovative approaches to demonstrate their sustainability credentials if they are to satisfy their clients and rise to the challenge of constructing attractive, competitive...
India's pension fund regulator has recommended the federal government introduce a UK-like pension scheme for the country's gig workers, a move aimed at bringing about 90% of the overall workforce into the pension fold, its chairman told Reuters. The Pension Fund Regulatory and Development Authority (PFRDA), which manages over $102 billion in assets, has proposed that workers at food and cab aggregators be automatically enrolled into the National Pension Scheme (NPS), Chairman Supratim Bandyopadhyay said in an interview on Tuesday. The...
New York Governor Kathy Hochul signed a bill on Friday that allows the state’s and New York City’s pensions to increase allocations to more expensive and opaque asset classes like private equity that could potentially deliver higher returns. The bill raises the cap on alternative assets — which also include hedge funds, private real estate and direct loans to companies — as well as foreign stocks, to 35% from 25%. Boosting the limit will allow pensions, including the $233 billion...
It will soon be easier for cash-strapped Americans to tap their retirement savings for emergency expenses. President Joe Biden is poised to sign a $1.7 trillion bill that amends rules related to so-called hardship distributions from 401(k) plans. The measures are tucked into “Secure 2.0,” a collection of retirement reforms attached to the overall legislative package, which will fund the federal government for the rest of the fiscal year through next September. The House and Senate passed the bill last week. Current...
Private sector entities that do not pay monthly contributions or provide incorrect data for their Emirati employees risk incurring additional penalties and, under certain conditions, imprisonment,' as per the federal pension and social security law. At the end of its campaign to educate insured Emiratis and the entities in which they are employed about an insured’s rights and duties in accordance to the NAFIS programme, the General Pension and Social Security Authority (GPSSA) stated that charging an insured person with...
After years of negotiation, lawmakers introduced a retirement security package as part of a $1.7 trillion omnibus spending bill early Tuesday. The package, referred to as SECURE 2.0, includes several provisions, such as expanding automatic enrollment in 401(k) and 403(b) plans, enhancing the tax credit for small businesses launching a retirement plan and allowing employers to make matching contributions to a 401(k) plan, 403(b) plan or SIMPLE IRA based on qualified student loan payments. The package combines three bipartisan bills from...
A draft funding code of conduct and consultation on defined benefit (DB) pension schemes has been unveiled by The Pensions Regulator, requiring trustees to think carefully about risk management to improve security for their members. Under the draft code and consultation, schemes will be expected to set a long-term objective and a “journey plan” for achieving it. The regulator expects schemes will reduce their reliance on sponsoring employers as they reach maturity. The consultation requires trustees to raise the bar...
The expiration date of the Debt Exchange Programme (DEP) has been extended to the end of December this year, the Ministry of Finance, has announced. It said in view of the of the festive season, the government had decided to extend the Expiration Date of the voluntary offer to Friday December 30, 2022, with a contemplated settlement date on Friday January 6th, 2023. The voluntary programme should have expired today December 19, 2022. A statement issued by the Ministry of Finance in...
Parliament yesterday passed the Pensions Amendment Bill which, among others, provides for increasing the proportion of pension benefits to be paid as a lump sum at retirement from 40 to 50 percent. The bill also seeks to repeal the Pensions Act and replace it with a new piece of legislation. The new law—if assented to by President Lazarus Chakwera—will reportedly address current implementation challenges in the pension sector, enhance coverage of the pension sector and strengthen compliance and supervision over entities...
