July 2021
01Jul

UK. Half of millennials want cryptocurrencies in pensions

Almost half of millennials would like to invest their pension in cryptocurrencies, study finds. The research on UK pensions explores the appeal of new investment opportunities across different groups of savers. It finds that the appetite for cryptocurrencies is high among millennials at 40%. But digital currencies hold far less appeal for older generations. It was 10% among Gen X (age 41 to 56), 7% for baby boomers (aged 57 to 75) and 10% for the silent generation (aged 76 and older). The...

July 1, 2021
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June 2021
30Jun

Namibia. President signs law that consolidate regulations of all financial institutions

It has been confirmed that president Hage Geingob has signed the Financial Institutions and Markets (FIM) Act into law. This brings the tedious process to push through legislation that took over 10 years to finalise to an end. Ministry of finance spokesperson Tonateni Shidhudhu has confirmed that the president has indeed signed the code which seeks to consolidate and harmonise the laws regulating financial institutions, financial intermediaries and financial markets in Namibia. Gazetting this, however, still remains. "We have already submitted to the...

June 30, 2021
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29Jun

UK. FCA Proposes New Climate-Related Disclosure Regime

The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers. On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure rules and guidance for asset managers, life insurers, and FCA-regulated pension providers. The disclosure requirements would be consistent with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The FCA plans to introduce the disclosure requirements in a new ESG Sourcebook in the FCA Handbook. The regulator anticipates that this...

June 29, 2021
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29Jun

EIOPA: Publication of the Annual Report 2020

The European Insurance and Occupational Pensions Authority (EIOPA) has published its Annual Report 2020, setting out its activities and achievements of the past year. In a year dominated by COVID-19, EIOPA played a key role in insurance and pensions supervision in Europe. EIOPA's actions related to COVID-19 ranged from putting in place immediate measures to enable the sector to focus on business continuity and obligations to policyholders and beneficiaries, to providing information directly to consumers on what they should expect from their...

June 29, 2021
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25Jun

UK. TPR outlines inclusive culture and equality ambitions

The Pensions Regulator (TPR) has outlined plans to “lead by example” on equality and diversity and pave the way for a more inclusive culture across the pensions industry. TPR's Equality, Diversity and Inclusion strategy - published today (24 June) - sets out how the regulator plans to embed diversity and inclusion throughout the organisation and support the regulated community to make similar moves. The regulator said the strategy's five-year roadmap will place equality, diversity and inclusion "at the heart" of its...

June 25, 2021
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22Jun

UK Rules Out Ditching ‘Triple Lock’ Pledge on State Pension Increases

British newspapers have reported that the government was looking at suspending the promise to increase pensions by whichever is higher of consumer price inflation, average earnings growth, or 2.5%. They said it could help pay for the cost of the government’s COVID-19 response. “We are committed to the triple lock,” the spokesman said, when asked about the reports. Due partly to distortions from the coronavirus pandemic, annual wages in the three months to April grew by an annual 5.6% – creating...

June 22, 2021
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17Jun

Sustainable Pensions, Democratic Governance, and EU Law

By Ewan McGaughey The quality of democracy in our economy depends on the governance of capital, but Europeans are still deprived of real voice over their retirement money: the single biggest source of capital in the 21st century. This paper outlines three major problems facing EU pensions: precarious retirement, escalating inequality, and mounting climate damage. These problems start with the places where we work, the institutions that control our retirement savings, and the votes on shares that come with them....

June 17, 2021
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17Jun

German Pensionskassen call for rule easing to improve outlook – WTW survey

German Pensionskassen are calling for more relaxed regulatory requirements with a view to a more optimistic outlook, taking into account the current challenging environment. Read also Air France–KLM Completes De-Risking of Pension Plans According to a survey conducted by Willis Towers Watson (WTW), 62% of surveyed Pensionskassen support regulatory changes to improve future prospects. Read also UK. Why investment pathways matter more than you think However, only 14% of the respondents consider Pensionskasse an “interesting way” to run company pension schemes, the survey...

June 17, 2021
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16Jun

UK. TPR secures £730m insolvency protection for Sanofi Pension Scheme

Sanofi’s defined benefit (DB) pension scheme has additional insolvency protection of up to £730m for 20 years, following intervention from The Pensions Regulator (TPR). The regulator worked with the global healthcare company to secure the increased financial support for the scheme, which also includes deficit repair contributions and an upfront payment of £37m, after warning that it would take enforcement action if necessary. TPR added that the scheme, which has 16,500 members, now also benefits from a legally binding agreement which...

June 16, 2021
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15Jun

US. Lost 401(k) accounts and pensions: How lawmakers want to fix the problem

For workers who lose track of their 401(k) savings accounts, help may be on the way. Proposed retirement legislation that’s pending in Congress would create an online “lost and found” database to help locate those accounts, among a variety of other provisions. While lawmakers are in the early stages of considering changes, retirement advocates say the initiative — which also would help people access lost pension benefits — can’t come soon enough. “We have serious problems with retirees not being able...

June 15, 2021
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