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August 2020

12Aug

UK. Will the FCA defined benefit pension transfer plan work?

The defined benefit (DB) pension transfer market has caused a lot of problems for the advice industry, with rising professional indemnity insurance premiums and pension scheme scandals. The Financial Conduct Authority (FCA) set out a range of measures in June 2020 designed to address weaknesses, in a bid to transform the space. This included steps to reduce conflicts of interest by banning contingent charging, as well as help for advisers “who want to do the right thing and provide...

August 12, 2020
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10Aug

UK. Pension leaders file complaint over FCA ‘advice trap’

Pensions industry representatives have written a joint complaint to government ministers over new guidance from the Financial Conduct Authority, which they warn could see trustees deemed to be giving regulated financial advice. Read also UK. TPR responds to questions on their effectiveness on a pension scam case to WPC The Association of Consulting Actuaries, the Pensions Administration Standards Association, the Pensions Management Institute and the Society of Pension Professionals wrote to Guy Opperman, minister for pensions and financial inclusion, and...

August 10, 2020
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10Aug

Nigeria. Hope rises for annuity business

For more than 10 years, the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) struggled to find a common ground for the operation of life annuity business. A conflicting regulation between the duo caused various challenges of compliance. It came to a head in 2017, when both government agencies headed by the former Commissioner for Insurance, Mohammed Kari and Director-General, PenCom, Mrs. Chinelo Anohu-Amazu bickered, leading to the intervention of the former Minister of Finance, Mrs....

August 10, 2020
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06Aug

Canada. Government releases draft pension and deferred salary leave plan regulations

As part of the government of Canada’s COVID-19 Economic Response Plan, on July 2 the Department of Finance Canada announced the release of proposed draft regulations that would amend the Income Tax Regulations (draft regulations) in order to assist sponsors of registered pension plans (RPPs) and deferred salary leave plans (DSLPs) during the COVID-19 pandemic, through the provision of temporary relief from certain requirements under the Income Tax Act. The draft regulations address the following matters: Adding stop-the-clock rules...

August 6, 2020
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05Aug

How to Improve Women’s Retirement Savings: Brookings

Women get the short end of the stick when it comes to retirement. It starts with differences in earnings and, thus, less money to save for retirement. But other factors come into play: They are more likely to leave the workforce to care for children or parents, and they live longer. But a Brookings Gender Series paper recommends several policy changes that could address these issues. “Public policies that aim to boost women’s status in retirement should focus on...

August 5, 2020
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July 2020

29Jul

UK. FCA Decides Not to Implement EIOPA Guidelines in United Kingdom

The UK Financial Conduct Authority (FCA) announced on July 8 that the guidelines issued by the European Insurance and Occupational Pension Authority (EIOPA) on outsourcing to cloud service providers are not applicable to regulated activities (in this instance, insurance and reinsurance undertakings) within the UK jurisdiction. In its statement, the FCA noted that this is due to the fact that the EIOPA guidelines will enter into force on January 1, 2021, which is after the end of the EU...

July 29, 2020
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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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