May 2021
13May

Turkey: The Regulation On The Private Pension System Has Been Amended

Amendments regarding the Regulation on the Private Pension System ("Regulation") were published in the Official Gazette No. 31476 dated 6 May 2021. With the changes introduced by the Insurance and Private Pension Regulation and Supervision Agency ("Agency"), new regulations have been created regarding the use of electronic means of communication, the maximum number of changes allowed in a fund distribution and the purchase and sale of pension investment funds via a central electronic platform. You can read the amendments...

May 13, 2021
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05May

UK. FCA proposes Pension Wise nudge for DC savers

In a consultation today, the Financial Conduct Authority (FCA) today proposed that providers will need to go further than the current signposting in a bid to improve take-up of the free guidance service. Consumers would see appointments made for them, if requested, although they will not be mandatory after MPs on several occasions voted against the idea, believing it could be seen as a tick-box exercise, as opposed to a beneficial part of the process. Upon deciding, in principle, how to...

May 5, 2021
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April 2021
22Apr

Australian regulator issues long-awaited climate risk guidance

Australia's prudential regulator unveiled long-awaited guidance for banks, insurers and pension funds on managing and disclosing climate-related risks, including physical, transition and liability exposures. Issuing a draft version for consultation, the Australian Prudential Regulation Authority (APRA) said the guidance paper did not create new requirements or obligations, but gave more clarity about its expectations. The guide was developed in consultation with peer regulators globally and is aligned with the recommendations from the global Task Force on Climate-related Financial Disclosure (TCFD), set...

April 22, 2021
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20Apr

UK. Industry tightens up on pension scams as losses hit £10bn

Pension schemes face tougher due diligence requirements on transfer requests as new figures show the amount lost to pension scams and fraud has hit £10 billion five years after the introduction of the pension freedoms. Regulators, courts and The Pensions Ombudsman (TPO) have all made significant statements in recent months which cover both the fall-out from previous scams and the prevention of future scams. In its recent report, the House of Commons Work and Pensions Committee called on the government...

April 20, 2021
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19Apr

Ireland. Government in bid to resolve pensions dispute in community employment sector

The Government is set to table new proposals to resolve a long -running dispute over access to pensions for hundreds of community employment scheme supervisors. Minister for Public Expenditure Michael McGrath and Minister for Social Protection Heather Humphreys informed Government politicians that they had agreed on measures to deal with the issue. They told Government TDs and senators on Saturday that the Department of Social Protection would provide details to trade unions in the coming days. The proposal is expected to involve...

April 19, 2021
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15Apr

The Macro Challenges of Population Aging

A new paper jointly released today by The Concord Coalition and the Global Aging Institute (GAI) warns that the aging of the U.S. population not only threatens to overwhelm the budget, but could also usher in a future of permanently slower economic growth and diminished geopolitical stature. The paper, entitled The Macro Challenges of Population Aging, is the fifth in a series of issue briefs on the aging of America called The Shape of Things to Come. Read also Spain....

April 15, 2021
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14Apr

US. Florida Senate Passes Bill to Move Most State Workers to DC Plan

The Florida state Senate has passed a bill that would eliminate the option for nearly all new state employees to participate in a defined benefit (DB) plan, instead requiring them to join a defined contribution (DC) plan. Read also New York pension fund divests $7 million from Canadian oil sands firms The bill, which was sponsored by Republican Sen. Ray Rodrigues, would require new hires as of July 1, 2022, to enroll in a 401(k)-style investment plan. Employees are currently given...

April 14, 2021
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09Apr

The U.K.’s policy on overseas pensions is costing Canadian taxpayers

"This is not a party matter," said Ian Andexser of Nanaimo, B.C., who heads the Canadian Alliance of British Pensioners. "This is a snub to Canada." And across the pond in England, Conservative MP Sir Roger Gale has come to the same conclusion: the government of which he is a member has acted "in very bad faith indeed" toward Canada. The matter angering both individuals is a British government policy that excludes U.K. pensioners who live mostly in Canada and Australia...

April 9, 2021
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08Apr

Defined Contribution trust-based pension schemes research Report of findings on the 2020 survey

By Pensions Regulator, OMB Research   This report summarises results from The Pensions Regulator’s (TPR’s) annualn survey of trust-based occupational defined contribution (DC) pension schemes1, carried out between January and March 2020. The survey was conducted by OMB Research, an independent market research agency, on behalf of TPR.   Get the book here

April 8, 2021
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07Apr

UK pensions regulator warns pension schemes on climate disclosures

Britain's pensions regulator will consider enforcement action against pension schemes who do not make mandatory climate risk disclosures, it said on Wednesday. Read also Climate change worse than pandemic: UK regulator The Pensions Regulator said it was calling on scheme trustees to protect pensions savers from climate risk, ahead of proposed regulations requiring trustees of larger schemes to keep track of their climate change exposure. Read also UK. Pension communications ‘failing to engage’ more women than men “Where we do not see schemes...

April 7, 2021
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