November 2021
26Nov

UK. Personal pension providers told to warn of inflation risks

Personal pension providers are to be required to send inflation warnings to customers holding large amounts of cash in their funds, under new proposals unveiled by the regulator. In a move aimed at the fast-growing personal pensions market, the Financial Conduct Authority (FCA) is forcing providers to do more to help unadvised customers make better investment decisions. About 125,000 people who do not have the help of an adviser are opening non-workplace pensions every year. These schemes mainly comprise personal pensions...

November 26, 2021
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26Nov

Brazilian bill seeks to make infrastructure bonds appealing to global pension funds

Stakeholders in Brazil’s infrastructure sector are hoping for the senate to approve a bill that extends tax breaks on infrastructure debentures, in order to attract global players to invest in financing long-term projects. The country's lower house approved the bill in July and it is now being considered by the upper house. "We’re carrying out several bidding processes that can’t be financed solely with bank financing. We’ll need deep engagement from the capital market, and infrastructure debentures will play a key...

November 26, 2021
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25Nov

UK. How will the new pension transfer restrictions work?

According to the Financial Conduct Authority, a total of £2,241,774 worth of of pension-scam losses has been reported to Action Fraud since the start of 2021 (between January and May). In a further effort to prevent pension scams, regulations coming into force on November 30 will require checks to assess whether a pension transfer request meets certain conditions to enable a statutory right to transfer. The regulations will empower trustees and scheme managers to prevent a transfer request when a ‘red...

November 25, 2021
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24Nov

US Department of Labor recovered more than $2.4B to employee benefit plans, participants, beneficiaries in fiscal year 2021

The U.S. Department of Labor’s Employee Benefits Security Administration has recovered more than $2.4 billion in direct payments to plans, participants and beneficiaries in fiscal year 2021. In FY 2021, EBSA closed 1,072 civil investigations with 741 of those investigations resulting in monetary results for plans or other corrective actions. The investigations led to 16,024 terminated vested participants in defined benefit plans collecting benefits of $1.548 billion owed to them. Terminated vested results represent a combination of the present values...

November 24, 2021
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13Nov

The Rising Age of Retirement and Life Expectancy

For many people retirement is something to look forward to, with it being a new stage to life with no work and endless opportunities. Our Life Plan has predicted how old individuals will be when they retire up to 29 years into the future. They have looked into the rising age of retirement across 36 OECD countries, revealing that some workers can expect to be 82 when they retire. The team has also predicted how long these individuals can expect to...

November 13, 2021
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11Nov

US. House committee advances bipartisan retirement security bill

The House Committee on Education and Labor approved a bipartisan retirement security bill Wednesday in a voice vote. The Retirement Improvement and Savings Enhancement Act, or RISE Act, includes several ideas that have been introduced as stand-alone bills and as parts of larger retirement security bills, including the creation of a national online lost-and-found database for retirement accounts at the Department of Labor and enabling 403(b) plans to participate in multiple employer plans and pooled employer plans. Read also US. Newly...

November 11, 2021
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09Nov

UK gov’t unveils stricter pension transfer rules to fight scams

The UK’s Department for Work and Pension (DWP) has introduced a set of laws designed to prevent pension transfer scams. Fraudsters often use pension freedoms and the statutory right to transfer to another scheme as a way to persuade consumers into moving their life savings into a bogus pension. As a result, the DWP has set out that savers will not be able to invoke their right to transfer on every single occasion, but only if they are moving their pots...

November 9, 2021
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08Nov

Kenya. Pension scheme providers urged to adopt new regulations

The government has asked pension scheme providers in the country to adhere to the new pension regulations. The new regulations came into force after the adoption of the Pensions Amendment Bill of 2020. The Bill allows subscribers of pensions schemes to access up to 40 per cent of their pension to own houses. Previously, upon discharge, employees were entitled to their own contributions, 50 per cent of their employer’s contributions, and any investment income that accrued after those contributions. Furthermore, the regulations...

November 8, 2021
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05Nov

US. IRS Announces 2022 Retirement Plan Contribution and Benefit Limits

The IRS has announced contribution and benefit limits for qualified retirement plans for 2022. The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan will increase to $20,500, up from $19,500 in 2021. The catch-up contribution limit for employees aged 50 and over who participate in 401(k)s, 403(b)s, most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $6,500. The limitation regarding SIMPLE [savings incentive match...

November 5, 2021
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04Nov

Germany’s $400 Billion Pension Fund Eyes Capital Markets Boost

Germany’s future government plans to let the country’s pension system invest in the capital markets for the first time in what would be a small revolution in how Europe’s largest economy manages money for its growing ranks of retirees. Negotiators for the Social Democrats, Greens and the market-oriented Free Democrats are seeking to hammer out details that would allow the $400 billion pension system to start investing some of its reserves into stocks and bonds, which would bring it more...

November 4, 2021
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