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February 2021

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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25Jan

UK. FCA publishes latest data on the defined benefit transfer market

The FCA has published its latest data on the defined benefit (DB) transfers market, covering October 2018 to March 2020. It has noted that there are “signs of improvement” in respect of DB transfer advice; in particular, there has been a significant reduction in conversion rates. This indicates that firms are starting to act more in line with the FCA’s expectations, as advice to transfer out of a DB scheme will not usually be in the client’s best interests....

January 25, 2021
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22Jan

US. Multiemployer pension plans could soon see relief

Legislation to help struggling multiemployer pension funds is to be introduced Thursday in the House and could be headed for passage if bundled with a COVID-19 relief measure now before Congress. The proposal also calls for some funding relief for single employer plans through extended amortization periods and pension interest rate smoothing changes. The proposed Emergency Pension Plan Relief Act of 2021 is based on similar multiemployer pension reform legislation proposed in the last session of Congress as part...

January 22, 2021
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21Jan

UK. Pension bill passes last hurdle

The Pension Schemes Bill is to receive Royal Assent and become law imminently after being approved by the House of Lords in the final stage of its parliamentary journey. The bill managed to avoid a round of parliamentary ping pong after peers accepted the House of Commons amendments in a hearing yesterday (January 19). Also Read: Thousands of UK savers advised to give up final-salary pensions It was reintroduced to the House of Lords at the beginning of last year...

January 21, 2021
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19Jan

Thousands of UK savers advised to give up final-salary pensions

Tens of thousands of savers were recommended to give up valuable final-salary pensions by advisers using a popular charging model now banned owing to concerns it was fuelling mis-selling, according to data published by the regulator. Last October advisers were barred from providing defined benefit pension transfer advice using the contingent fee model, where they were only paid if the client decided to go ahead with a transfer recommendation. The Financial Conduct Authority acted after becoming concerned the contingent...

January 19, 2021
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