July 2021
19Jul

India. PFRDA, government in talks to tweak law to cover retirement funds

The government and the Pension Fund Regulatory & Development Authority (PFRDA) are discussing amendments to the law to ensure the regulation of a large number of superannuation funds that currently escape the required scrutiny Although there are no official estimates, around 400-500 are seen to be “unregulated” superannuation funds, with 50-60 being large players. There are at least three regulators for the pension business, with PFRDA handling the National Pension System (NPS), while the insurance regulator deals with annuities sold...

July 19, 2021
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15Jul

EU. ESG Disclosure Regulation: a closer look at Article 8 and Article 9

March 2021 saw Regulation (EU) 2019/2088 of the European Parliament and of the Council of November 27 2019 on disclosure of information related to environmental, social, and governance (ESG) criteria in the financial sector (SFDR) finally becoming applicable. This regulation, issued in the context of the EU Commission’s commitment to the Sustainable Development Goals of the UN 2030 Agenda for Sustainable Development, represents a major milestone by introducing unprecedented harmonised requirements on sustainability-related disclosure in financial products to a multitude...

July 15, 2021
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13Jul

UK. Women expected to be hit hardest if triple lock scrapped

Women will be hit the hardest if the government scraps the triple lock on the state pension, as they are almost twice as likely to rely on the benefit, according to Barnett Waddingham (BW). Research from the firm showed that 30 per cent of women do not have any private or workplace pensions, and were therefore likely receive a state pension only at retirement, while 17 per cent of men were in the same position. BW’s survey results showed that this...

July 13, 2021
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09Jul

UK. Chancellor Rishi Sunak hints at ruling out 8% pension rise

The chancellor has given his strongest indication yet of ruling out a predicted 8% rise in the state pension next year. Official forecasts suggest that the link with earnings growth could mean the bumper rise in the amount paid from April 2022. Rishi Sunak told the BBC a decision on pensions would be "based on fairness for pensioners and for taxpayers". Various commentators have called for an overhaul of the rules. However, groups representing older people say the government's promises to pensioners should...

July 9, 2021
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05Jul

India. Now, wider choice of pension funds in National Pension System

In order to make the National Pension System (NPS) more transparent, increase the subscriber base and ensure orderly growth, the pension fund regulator has taken a host of initiatives easing the process of transacting for the subscribers and the Points of Presence (PoP). The Pension Fund Regulatory and Development Authority (PFRDA) has now issued guidelines for opening ‘on tap’ registration of pension funds on a continuous basis to manage the pension assets of NPS subscribers under central government schemes, state...

July 5, 2021
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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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