December 2023
18Dec

AI poses risks to U.S. economy, Financial Stability Oversight Council says

For the first time, the Financial Stability Oversight Council in its annual report identified artificial intelligence as a vulnerability in the U.S. financial system. The council said financial institutions, market participants and regulatory authorities should further build expertise and capacity to monitor AI innovation and usage, and identify emerging risks. "AI has the potential to increase efficiency and innovation, but it also introduces certain risks," the council said in its report released Dec. 14. "Monitoring these rapidly emerging technologies will continue to be...

December 18, 2023
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15Dec

Pensions at a Glance 2023: OECD and G20 Indicators

By OECD The 2023 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. It includes a special chapter focusing on pension provisions for hazardous or arduous work. It describes existing rules, characterises recent policy trends and assesses the design and functioning of early-retirement rules for hazardous or arduous jobs given changing working conditions and ageing pressure on pension systems. This edition also updates information on the key features of pension provision in...

December 15, 2023
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15Dec

Subjective survival beliefs and social networks

By Seung Jeonga, Iqbal Owadallya, Steven Habermana & Douglas Wright People's perceptions about their chances of survival are known to deviate from the objective survival probabilites derived statistically from mortality data. This is crucial because it may explain why people save too little, why their retirement plans are inadequate, and why they do not buy financial security products such as life insurance and annuities which could protect them and their family in the event of early death or in old...

December 15, 2023
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14Dec

US. First LAX Strikes in 20 Years Pose Potential Fiduciary Risk for Public Pension Funds

Last week, hundreds of workers employed by PAI Partners-owned concessionaire, Areas USA, walked out on strike at Los Angeles International Airport, following workers’ first strike on November 21. PAI Partners is a private equity investment firm based in Paris, France. Workers’ decision to strike during the busy holiday season came after Areas has failed to agree to wage increases workers need to afford the soaring cost of housing in the Los Angeles area. "My coworkers and I are on strike because...

December 14, 2023
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12Dec

U.K. Pensions Regulator updates cyber-risk guidance

U.K. pension trustees should be vigilant about cybersecurity and report significant events, The Pensions Regulator said in updated guidance released Dec. 11. "Pension schemes are at risk of being targeted by cyber-attacks because of the large amounts of personal data and assets they hold," TPR said in a release, saying the guidance will help trustees and plan managers as well as suppliers and advisers. The latest guidance calls on trustees and providers to report significant cyber incidents to help it build a better...

December 12, 2023
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11Dec

BP pension nears deal to sell portfolio worth as much as $800m

The defined benefit pension scheme of one of the world’s largest oil and gas companies is close to offloading a portfolio of private market fund stakes, Secondaries Investor has learned. BP’s DB pension has been shopping a portfolio around $700 million to $800 million, according to two sources familiar with the matter. Campbell Lutyens is understood to be the adviser on the deal. The sale of the portfolio started in the second quarter of this year, according to the two sources. The...

December 11, 2023
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November 2023
28Nov

Africa running out of time to sort looming pensions crisis

An expert at the ongoing 4th Annual Conference of the African Pension Supervisors Association (APSA) in Kampala has said urgent steps need to be taken to reverse a trend in which the continent has only 10% pension coverage of its population. Sundeep Raichura, Group Chief Executive Officer Zamara says that before African experts can talk of extending pension coverage, they must first admit it has no working pension system, in order for the leaders to focus on getting home grown...

November 28, 2023
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24Nov

UK pension transfer boom continues as deals worth $11 bln struck

Two British insurers on Friday struck deals to take on a combined 8.8 billion pounds ($11 billion) of company pension liabilities, including the largest such UK deal so far, as pension schemes strive to limit their risks in volatile markets. Legal & General (LGEN.L) said it had agreed a so-called full buy-in to the Boots Pension Scheme worth 4.8 billion pounds, in what it said was the largest such deal in Britain by premium size. Pension insurance specialist Rothesay, meanwhile, said it...

November 24, 2023
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24Nov

Romania Pension Law Could Pose Medium-Term Fiscal Risk

Romania’s new pension law could result in a less favourable sovereign debt trajectory and weaken fiscal credibility over the medium term if implemented as planned and without offsetting measures, Fitch Ratings says. The eventual impact will depend on the broader direction of fiscal policy, including efforts to exit the ongoing Excessive Deficit Procedure. The new law, which received parliamentary approval on 20 November, is intended to remove inconsistencies in how state pensions are calculated as part of efforts to improve...

November 24, 2023
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17Nov

US Pension Risk Transfer Market Expected to See $10 Billion In Q3 Deal Volume

Legal & General Retirement America (LGRA), a leading provider of pension risk solutions in the United States, today released the Q3 2023 edition of the US Pension Risk Transfer Monitor, which analyzes industry trends and market outlooks in the US. Following the largest first half on record for the US Pension Risk Transfer (PRT) market at $22.5 billion in deal volume, the Monitor reports an expected $10 billion in Q3 PRT market volume. While this is a decrease from last...

November 17, 2023
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