September 2021
30Sep

Should regulators take the lead on ESG in pensions?

The extent to which financial regulators should get involved in setting environmental, social and governance requirements is a hot topic, with some experts arguing that involvement could stifle innovation. In a recent twitter poll, Pensions Expert asked its readers whether or not regulators should take the lead on ESG within asset management. The result reflected how divisive the issue is in the industry. The poll revealed 53.6 per cent of respondents felt regulators should intervene to meet demand for standardisation across...

September 30, 2021
News, Slider, ,
Read more...
30Sep

UK. Pensions department faces ‘serious questions’ over non-payments

By Kevin Peachey A saga over unpaid state pensions means the Department for Work and Pensions (DWP) should face "serious questions" about its work, a leading MP has said. Thousands of people reaching the state pension age of 66 have applied for their state pension, but have not received any money. The backlog has been blamed on pandemic workload and staffing issues. Stephen Timms, who chairs the Work and Pensions select committee, said the issue would be raised with ministers. "There are clearly serious...

September 30, 2021
News, OP Ed, Slider, , , ,
Read more...
27Sep

US. Hidden In The Reconciliation Bill: A Retirement Plan Mandate That Will Take Most People By Surprise

By Elizabeth Bauer Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes, “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic...

September 27, 2021
News, OP Ed, Slider, , ,
Read more...
24Sep

US. New Bill Aims to Solve for the Retirement Plan Coverage Gap

Congressman Jim Himes, D-Connecticut, and Senator Mark Warner, D-Virginia, have introduced the Portable Retirement and Investment Account (PRIA) Act of 2021, designed to provide a retirement savings vehicle to Americans who don’t have access to one. Read also US. Stock Market Helps State Pension Debt Hit 10-Year Low, But Crisis Still Looms Large The legislation would establish a Portable Retirement and Investment Account (PRIA) Fund and a board responsible for establishing regulations for the fund. The bill says the board will...

September 24, 2021
News, Slider, , ,
Read more...
22Sep

UK. The Pensions Regulator’s new criminal powers – how worried should companies and pension scheme trustees be?

The Pension Schemes Act 2021 (Act), which came into force on 11 February 2021, introduced new criminal offences to bolster the Pensions Regulator's moral hazard regime. Most notably, it will now be a criminal offence to engage in activity that has a materially detrimental impact on scheme benefits. The offence is punishable by an unlimited fine and up to seven years in jail. This offence operates alongside a civil penalty of up to £1 million. In this article, we take...

September 22, 2021
News, Slider, , ,
Read more...
21Sep

US. SEC Is Exploring Reforms Regarding Private Fund Disclosure Of Conflicts Of Interest And Fees and Expenses

On September 14, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler testified before the Senate Committee on Banking, Housing, and Urban Affairs. During his testimony, he stated that the SEC is exploring “potential reforms” regarding investment funds and managers. Chair Gensler explained that one of the potential reforms under consideration by the SEC was ways to enhance disclosures by private fund managers regarding conflicts of interest and allocation of fees and expenses. He stated that he believed the...

September 21, 2021
News, Slider, , ,
Read more...
21Sep

UK. Guy Opperman reappointed as pensions minister

Guy Opperman has been reappointed as pensions and financial inclusion minister after a reshuffle that saw the governmental pensions team largely unchanged. Minister since 2017, Opperman has spearheaded multiple pensions policy initiatives, including dashboards, collective defined contribution, superfunds, and simpler statements. Writing on Twitter yesterday (19 September), Opperman said: "Serving as a minister on behalf of the elected government, the prime minister and Her Majesty is a genuinely great honour and wonderfully challenging." He said he was "very proud of what we...

September 21, 2021
News, Slider, , , ,
Read more...
17Sep

Retirement Benefits Sector Report 2020

By URBRA URBRA’s supervisory approach is focused on the particular characteristics of each supervised entity. The approach has key and consistent underlying themes focusing on: • a detailed understanding of the strengths, weaknesses and major risks facing supervised entities through rigorous off-site and on-site analysis, and strategic discussions with trustees and service providers; • ensuring that supervised entities are effective in their operations, and constantly demonstrate that they are financially sound and prudently managed.   Get the book here 280 views

September 17, 2021
Books, Pension Management, System Sustainability, , ,
Read more...
17Sep

UK watchdogs team up to gauge value for money in DC pensions

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have published a joint discussion paper on developing a common framework for measuring value for money in defined contribution (DC) pension schemes. The aim is “to drive a long-term focus on value for money across the pensions sector”, they said in a statement. Read also UK. Dashboard will not have accurate DB quotations DC savers can only maximise their retirement income if their scheme delivers value for money and the regulators said...

September 17, 2021
News, Slider, , ,
Read more...
14Sep

US. House Democrats propose new retirement plan rules for the rich, including contribution limits and a repeal of Roth conversions

House Democrats proposed a slew of changes to retirement accounts for the rich on Monday, part of a restructuring of the tax code tied to a $3.5 trillion budget plan. Taken together, Democrats’ reforms aim to erode the use of retirement accounts as a perceived tax shelter for the wealthy and instead promote them as a way for low- and middle-income Americans to build a nest egg. Most of the changes would start in 2022. Wealthy individuals with retirement accounts exceeding $10...

September 14, 2021
News, Slider, , ,
Read more...