February 2021
17Feb

Australia. Pension transfer balance cap increase is not all bad news

By Meg Heffron There has been plenty of doom and gloom about the increase in the transfer balance cap that will come into effect on July 1. Remember, the transfer balance cap is the limit on the amount anyone can transfer into what is known as a “retirement phase” pension over their lifetime Retirement phase pensions (so called because they are usually started by people who have retired) are the ones that give the best tax breaks – they allow self-managed super...

February 17, 2021
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16Feb

​EC’s sustainable governance play: Asset owners wary of potential snags

The idea of drawing up EU rules to ensure companies embed sustainability into the way they operate has met with steady applause from pensions and asset management industry representatives – as well as warnings of potential unintended consequences. Read also Spain Counts on Citizens to Buy Into Revolution for Pensions Questions put out by the European Commission in its consultation on an initiative on sustainable corporate governance – which closed in early February – centred around topics such as directors’ duty...

February 16, 2021
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15Feb

U.S. Signals Policy Shift on California State Retirement-Savings Program

Signaling a shift in retirement policy, the U.S. Labor Department has dropped its support for a lawsuit that seeks to invalidate a California state retirement-savings program for people who lack access to 401(k) plans at work. In a notice filed in a federal appeals court on Feb. 5, the agency said because of the change in administration, it “no longer wishes to participate” in the case and “does not support either side.” The reversal “isn’t surprising,” said John Scott, director of...

February 15, 2021
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12Feb

Major UK pensions bill becomes law

The UK’s Pension Schemes Bill became law today upon receiving Royal Assent, with the government describing the event as confirming “the biggest shake-up of UK pensions for decades”. Introduced in the House of Lords in January 2020, the bill completed its passage through parliament last month after the government gave reassurances in relation to proposed funding rules. Read also UK roundup: £1trn of DB pension risk to be insured by 2031, says Hymans Guy Opperman, minister for pensions, said the Royal Asset...

February 12, 2021
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12Feb

US. House Includes Pension Reform Plan in COVID-19 Relief Bill

The House Ways and Means Committee has included a pension reform provision in a COVID-19 relief bill that would create a special financial assistance program to help multiemployer pension plans and extend amortization periods for single-employer plans. Read also US. AIG to pay New York $12M for unlicensed pension risk transfer business The Butch Lewis Emergency Pension Plan Relief Act of 2021, which is included in the bill, would create a special financial assistance program under which cash payments would be...

February 12, 2021
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04Feb

UK. Pension scheme trustees challenged over climate change reporting

The new regulations will require occupational pension schemes to have – and report on – effective governance, strategy, risk management and accompanying metrics and targets for the assessment and management of climate-related risks and opportunities. A key requirement is that pension schemes report disclosure aligned with the taskforce on climate-related financial disclosures (TCFD) framework. Since an earlier consultation in this area, the government has announced its intention to make TCFD-aligned disclosures mandatory across the economy by 2025, with a...

February 4, 2021
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03Feb

U.K.’s Sunak to Protect Pensioners With Triple Lock Pledge

U.K. finance minister Rishi Sunak is planning to keep the government’s promise to increase the state pensions of millions of elderly people by at least 2.5% every year, saving a flagship policy despite the costs. According to a person familiar with the matter, the Chancellor of the Exchequer will retain the “triple lock” guarantee to raise the state pension by the highest of three measures: annual growth in average earnings, inflation, or 2.5%. Around 12.5 million people receive the...

February 3, 2021
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01Feb

China to Widen Fight Against Monopolies to the Giant Gig Economy

China pledged to deepen antitrust enforcement across emergent sectors including on-demand internet services, broadening a campaign to rein in the growing power of private firms. China “resolutely” opposes monopolies and unfair competition and will step up regulation in sectors such as platform businesses, according to a plan released by the general offices of the powerful Communist Party Central Committee and the State Council, the cabinet. Contained within a broad set of guidelines intended to enforce “high standards” in Chinese finance and markets, the...

February 1, 2021
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January 2021

28Jan

US. Biden May Have to Move Quickly to Reverse Anti-ESG Rule

The clock is ticking for the Biden administration to nullify Donald Trump’s restrictions on retirement plan fiduciaries, rules by which the Republican sought to limit their ability to direct money into environmental, social and governance funds. Trump’s Department of Labor moved earlier this month to adjust the Employee Retirement Income Security Act of 1974 (ERISA) to require those overseeing pension and 401(k) plans to always put economic interests ahead of so-called non-pecuniary goals. It was seen as a direct...

January 28, 2021
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28Jan

UK pension schemes face new climate risk reporting rules

The UK’s largest workplace pension schemes must comply with new mandatory requirements to take action on climate change under government measures that will also pile pressure on the fund management industry. Read also UK. Pension Minister Urges Treasury For Retirement Changes But The Self-Employed May Miss Out | Personal Finance | Finance From October, trustees of pension plans with more than £5bn in assets will have a legal duty to report on the financial risks of climate change within their...

January 28, 2021
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