July 2020

16Jul

UK. Govt’s ‘landmark’ pensions bill proceeds to Commons

The Pension Schemes Bill, which includes rules for pension dashboards and new powers for the Pensions Regulator, has cleared its first hurdle in the House of Lords. Read also UK. Does benchmarking DB transfers against a workplace pension make sense? The bill, originally announced in the October Queen’s Speech, will now pass into the House of Commons where MPs will debate its measures before it receives Royal Assent and is written into law. Read also UK. Proposed Legislation for Losses...

July 16, 2020
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16Jul

US. DOL Proposes New Rules for Selecting Retirement Plan Investments

If you are a member of the committee for your employer’s pension, 401(k), profit-sharing, or 403(b) plan, you should check out a set of proposed rules for selecting investments. If you have an outside investment advisor, as you probably should, they should be bringing these proposals to your attention. This process of the DOL’s presents a good opportunity to look at your plan’s procedures to assure that you and your advisor are both meeting your fiduciary responsibilities. The Notice...

July 16, 2020
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16Jul

Climate activists take Swiss finance regulators to task

Environmental group Greenpeace has filed a formal protest against Switzerland’s financial regulators over their perceived failure to impose climate policy rules. The group called on the financial market watchdog body FINMA, the National Bank as well as the Occupational Pension Supervisory Commission to ensure that banks, insurance companies and pension funds stop financing projects worldwide which are harmful to the climate. These institutions contribute to greenhouse gas emissions of the Swiss finance industry and neglect their duty to protect...

July 16, 2020
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10Jul

EIOPA announces the new composition of its two stakeholder groups

The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) has appointed new members to the Insurance and Reinsurance Stakeholder Group (IRSG) and Occupational Pensions Stakeholder Group (OPSG). The two groups consist of a broad range of stakeholders, representing the industry, consumers, beneficiaries, academics, small and medium-sized companies, employees as well as professional associations. EIOPA received considered 158 applications from 26 European countries, submitted following an open call. In its selection, EIOPA aimed to achieve geographical...

July 10, 2020
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07Jul

US. Public Pensions and the COVID-19 Fiscal Dilemma

We've just passed an annual day of reckoning in public finance: Most states and many local governments close their books for the fiscal year on June 30, and public pension funds typically report their quarterly portfolio balances shortly thereafter. With the Senate still dithering over federal stimulus aid to state and local governments, after its majority leader suggested that state bankruptcies would be a better solution and that it's all the fault of public pensions, it's time to reality-check...

July 7, 2020
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02Jul

Australian regulator imposes new conditions on Suncorp, CBA pension arms

Australia’s prudential regulator said on Thursday said it has imposed new licensing conditions on the pension units of Commonwealth Bank of Australia and Suncorp Group following directions by a government-ordered enquiry. The new conditions would require them to record how they consider the best interests of their customers while making decisions, the Australian Prudential Regulation Authority (APRA) said. The authority noted that neither Suncorp Portfolio Services (SPSL) nor Colonial First State Investments (CFSIL) had breached pension laws. The conditions...

July 2, 2020
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01Jul

US. Labor Department Proposes Fiduciary Exemption for Retirement Plans

The Labor Department proposed a new rule Monday for retirement accounts that allow brokers and other types of financial advisers to provide fiduciary advice and still receive commissions in some cases. Read also US. Coronavirus puts company match under pressure Consumer advocates say the proposed regulation would weaken standards under the federal law that governs retirement accounts. Read also UK. Pension funds covering £3trn pressured on fossil fuel investments and net-zero alignment Read more @WSJ

July 1, 2020
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01Jul

Swiss government outlines framework for sustainable finance

Unveiling a report on sustainable finance on Friday, Finance Minister Ueli Maurer said legislators would stay in the background as a last resort measure. However, the report identified a number of criteria it would monitor and called for improvements in some areas. Banks, pension funds, insurers and asset managers are expected to step up efforts to make sure customers get full disclosure of relevant information on their investments and to better calculate the financial consequences of harmful activities. A...

July 1, 2020
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June 2020

30Jun

UK. Regulator to focus on protecting savers amid Covid

The Pensions Regulator has said it will prioritise protecting savers during the coronavirus pandemic, as well as schemes continue to deliver benefits. The regulator's corporate plan for 2020-21, published this morning (June 29), sets out how it will continue to address the risks to the savers through regulatory interventions and scheme supervision. It also highlights the regulator’s determination to continue to fight against pension scams by taking action against fraudsters and working with other key industry organisations to...

June 30, 2020
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26Jun

US. DOL Proposal Will Chill ESG Corporate Pension Investing, Advocates Say

Advocates of environmental, social, and governance (ESG) investing have decried the US Department of Labor (DOL)’s newest proposal as poison for sustainable investments in pension plans. Read also 2 Danish pension funds chip into latest European green bond On Tuesday, the DOL proposed a rule that said company defined benefit (DB) retirement plans have a fiduciary duty to beneficiaries, not to social causes advanced through ESG investing that could reduce returns or increase risk. Read also The Mixed...

June 26, 2020
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