October 2024
30Oct

UK Budget and US election hot topics at pension seminar

The impact of the upcoming UK Budget and US election on pensions and investment markets was a key focal point at Quantum Advisory’s latest event. Finance, HR and pension professionals came together on 22 October to hear exclusive industry insights and market updates at the firm’s pension and investment breakfast seminar at the Celtic Manor Twenty Ten Clubhouse. Dan Redwood, a senior investment consultant and actuary at Quantum Advisory, opened the event with an overview of macroeconomics, gilts and equity markets...

October 30, 2024
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28Oct

At the heart of the Boeing strike, an emotional fight over a lost pension plan

At a rally here this month, machinists union vice president Gary Allen addressed a hall full of striking Boeing workers. “When I'm out on the picket line, I ask everybody, what is the strike about to you?,” he said. Allen didn’t even have a chance to answer his own question before the machinists in the room interrupted. “Pension! Pension! Pension!,” they chanted. Pensions are a major sticking point between Boeing and the union. The machinists want the company to restore the traditional pension...

October 28, 2024
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28Oct

BlackRock wants to talk about retirement. Climate, not so much

More than two years after BlackRock ran into a buzz saw of criticism from US conservatives over its advocacy for sustainable investing, the world’s largest money manager is attempting to change the subject. Chief executive Larry Fink has not used the word “climate” on an analyst call since January, and he mentioned climate, sustainability or the word green just eight times — out of 11,000 words — in his closely watched annual letter in March. These days, the $11.5tn asset...

October 28, 2024
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25Oct

Is the US headed for a retirement crisis?

Is the United States speeding towards a retirement crisis or not? Well, Wayne Park, CEO of John Hancock Retirement, won't go that far, but definitely believes the “check engine light is on.” Park’s concern is based on the firm’s recently released financial resiliency and longevity report which showed half the respondents feeling like they're falling behind in retirement saving, while another 40 percent said their financial situation was fair or poor. Meanwhile, the survey said the average respondent thinks they're going to be working...

October 25, 2024
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24Oct

US. NYC comptroller proposes stopping pensions’ private market investments in fossil fuels

New York City Comptroller Brad Lander put forth a proposal that would stop the city’s three pension funds from future private equity and infrastructure portfolio investments in midstream and downstream fossil fuel infrastructure like pipelines and liquefied natural gas terminals, Lander announced in a blog on Tuesday. The prohibition would apply to New York City’s Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System should their pension boards approve the decision. The move would expand on the...

October 24, 2024
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23Oct

U.S. retirement preparedness is lacking: Morningstar

A new study from Morningstar focused on U.S. retirement readiness illustrates that while there has been some improvement over time, general retirement preparedness is lacking. Using data from the Federal Reserve’s Survey of Consumer Finances, Morningstar researchers analyzed data from 3,442 households before projecting 1,000 possible “life paths” for each of them. The company used savings rates, withdrawal patterns, job turnover and health care expenses to reach its conclusions. The authors previously published two separate papers on their findings earlier this year. The bottom line, they say, is...

October 23, 2024
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22Oct

BlackRock’s Fink says U.S. needs to discuss retirement system issues, national debt

The two biggest issues facing the U.S. that don’t get discussed enough are the nation’s retirement system and mounting federal government debt, according to BlackRock Chair and CEO Larry Fink. Millions of Americans don’t have retirement savings and are frightened that they won’t be able to save enough to retire with dignity, Fink said Oct. 21 at the Securities Industry and Financial Markets Association’s annual meeting in New York. "We as a country refuse to talk about, 'Do we have the adequate...

October 22, 2024
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22Oct

China state pension recoups losses, posts positive return in 2023

China’s national pension fund reversed its 2022 losses, achieving a 1% investment return in 2023 despite a domestic market downturn, thanks to a diversified portfolio. Though it ranked as the worst annual performer among state-owned investors globally, the National Social Security Fund (NSSF) maintained robust long-term investment performance, with a 10-year average annual return of 6.4%, standing out among Asian peers. In 2023, the national pension fund recorded an investment return of Rmb25 billion ($3.5 billion), or 0.96%, including a realised...

October 22, 2024
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18Oct

SEC Investigations of Public Pensions

By Kangkang Zhang In recent years, the looming threat of substantial unfunded liabilities and the obligation to meet these financial commitments have become critical issues for numerous state pension plans, prompting concerns about their solvency and management. This study examines the effect on public pension plans of investigations by the U.S. Securities and Exchange Commission (SEC). Utilizing a stacked cohort difference-in-differences design, I observe that state pensions tend to improve investment performance when subjected to SEC investigation. The observed effect...

October 18, 2024
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