April 2021
29Apr

UK. FCA mulls online test for high risk investments

The Financial Conduct Authority (FCA) has proposed to force people to take an online test before they can invest in high risk assets, as part of a round up of ideas on curbing risks in the market. In a discussion paper out this morning (April 29) the regulator said it was keen to prevent consumers from accessing high-risk investments that they do not understand. The FCA is concerned that despite its existing marketing restrictions, too many consumers are still investing in...

April 29, 2021
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28Apr

México. Jubilados protestan frente a CONSAR por inconformidad con manejo de su Afore

Jubilados del Instituto Mexicano del Seguro Social (IMSS) de varios estados de la República realizaron una manifestación en las oficinas de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar) ubicada en Periférico sur y Camino Santa Teresa en la colonia Jardines del Pedregal en la alcaldía de Tlalpan. Los afectados mencionan que han recibido malos tratos de los empleados de las diferentes afores y su atención es pésima, argumentan que los problemas iniciaron desde el año 2015...

April 28, 2021
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01Apr

Ireland. Pensions complaints process needs more teeth

Have a complaint about an investment? You can bring it to the Financial Services and Pensions Ombudsman (FSPO) and potentially benefit from compensation of up to €500,000. Have such concerns about a pension, however, and you can bring it to the same office, but don’t expect a windfall, even if you should be due one. Yes, it’s a curious state of affairs that the FSPO has greater oversight to award compensation against a wide range of financial services providers, including...

April 1, 2021
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January 2021
01Jan

Collecting and transferring pension contributions

By Rafael Rofman & Gustavo Demarco Collecting social security contributions is an important operational issue in all types of pension systems. Many regimes are plagued by poor compliance and weak, inefficient administration. Some countries have tried to introduce an automatic incentive to contribute by moving systems closer to"actuarial fairness,"where pension benefits are more strictly related to individual contributions. Examples include the systems of individual accounts introduced in a range of countries in Latin America and Eastern Europe. But in these...

January 1, 2021
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December 2020

18Dec

Australian Regulator Questions 10 Pensions Over Poor Performance

Australia’s prudential regulator will consider using its enforcement powers on 10 default retirement savings plans that were found to be among the nation’s worst performers for a second year. The Australian Prudential Regulation Authority said Friday it is assessing whether the eight trustees managing the plans have failed their obligations to members and will seek information on how they’re addressing the underperformance. APRA will then determine what action will be taken, including whether to use its power to force...

December 18, 2020
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November 2020

10Nov

Ghana. SSNIT saves ¢200m after value for money audit, renegotiation of legacy investment-related costs

The Social Security and National Insurance Trust (SSNIT) has saved some ¢200 million on legacy investment-related costs. This was achieved through value for money audit and renegotiations of such costs. According to the Director-General, Dr. John Ofori-Tenkorang the measure taken was relevant for the sustainability of the trust. “The cost-saving measures implemented by the leadership of the Trust have helped to improve the financial health and long-term sustainability of the Trust”, he said in a speech delivered at the...

November 10, 2020
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05Nov

Ireland. Minister Humphreys announces the Establishment of the Pensions Commission

The Minister for Social Protection, Heather Humphreys, T.D., has today secured Government approval to establish the Commission on Pensions. The Commission, which will be chaired by Ms Josephine Feehily, will examine sustainability and eligibility issues in respect of State Pension arrangements and will outline options for Government to address issues such as qualifying age, contribution rates, total contributions and eligibility requirements. Read also UK. Can superfunds be the silver bullet for DB woes? The membership of the Commission reflects the...

November 5, 2020
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September 2020

22Sep

Beijing Taking Measures To Address China’s Upcoming Retirement Savings Deficit

China has been leveraging the domestic interest rate as an integral part of its monetary policy since the opening up of the bond market in 2019, increasingly allowing international investors to hold municipal bonds. Read also Canada. OSFI launches discussion on tech risks to pensions, other federal financial institutions Further into its liberalization of the market, China also allowed foreign capital to play a part in its funds market from earlier this year. Read also Switzerland. Credit Suisse pension...

September 22, 2020
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22Sep

Japan’s new PM could seek to improve GPIF oversight

Japan’s newly elected prime minister Yoshihide Suga may seek to form an independent board to oversee the Government Pension Investment Fund (GPIF). However, experts said that it may not happen at least until his re-election in October next year. Read also Japan proposal on contribution limits could hurt The debate about whether the GPIF should have an independent board instead of coming under the oversight of the Ministry of Health, Labour and Welfare (MHLW) started several years ago, with many...

September 22, 2020
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August 2020

27Aug

UK. Taking action on climate risk: improving governance and reporting by occupational pension schemes

This consultation seeks views on policy proposals to require trustees of larger occupational pension schemes and authorised schemes to have effective governance, strategy, risk management and accompanying metrics and targets for the assessment and management of climate risks and opportunities. It also invites responses on proposals to disclose these in line with the recommendations of the international industry-led Task Force on Climate-related Financial Disclosures (TCFD). It is proposed that among the activities required would be calculating the ‘carbon footprint’...

August 27, 2020
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