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Pensions

Ahead of the third G7 Pensions Digital Forum devoted on ESG, Inclusive Growth and the Future of Retirement, a GBV Quick Take with Nicolas J. Firzli, Director-General of the World Pensions Council, a Paris-based international association of public and private pension institutions

The European Association of Paritarian Institutions (AEIP) announces the 12th edition of the Transatlantic & World Pension Alliance Conference. The event will take place from 27 to 29 May 2020 in Brussels, Belgium. Moderated by GBV magazine, the conference is organized by AEIP in cooperation with the U.S. National Coordinating Committee for Multiemployer Plans (NCCMP), the Multi-employer Benefit Plan Council of Canada (MEBCO), and the World Pension Alliance, currently

OECD’s new report, Pension Markets in Focus 2019, shows that despite a decline of pension assets in the OECD area and internationally in 2017/18, over the last decade, however, pension assets have increased in nominal terms in almost all reporting countries. This can be attributed to an increase in the proportion of working-age coverage, which was strong in countries such as Israel, Latvia, Bulgaria, Colombia, North Macedonia, and New

Brussels-based lobby CBBA-Europe in October 2019 announced its Annual Conference, to be held on November 13 and 14, 2019, in Brussels, Belgium. This year’s conference theme is “The New Social and Employee Benefits’ Environment between Challenges & Innovation”. November 13 is about Pensions and Investments (9am – 5pm) November 14 will deal with Healthcare, mental health and other benefits (9am – 12 noon). Participants include E.U. Institutions, EIOPA, OECD,

8th  WPC Forum, Brussels 23 & 24 May 2019: Pension and Insurance in the ‘Age of Geoeconomics’ Nicolas J. Firzli is Director-General of the World Pensions Council (WPC), a Paris, France-based international association of public and private pension institutions, and an Advisory Board Member for the World Bank Group Global Infrastructure Facility (GIF). GBV: Nicolas, you are one of the original coiners of terms such as ‘The New Silk

The agenda of the 8th World Pensions Forum, held at The Brussels Grand–Place, 23-24 May 2019, and organized in association with the European Association of Paritarian Institutions (AEIP) now is finalized. The forum will focus on pension and retirement governance, pension law and regulation, long-term investment and risk management in the “Post-Brexit Era”. Plenary panels include: a discussion of the latest advances in the field of ESG and Impact

The 8th edition of the World Pensions Forum will be held in Brussels on 23 and 24 May 2019. The forum will focus on pension investments, financial regulation, and risk management in the post-Brexit era. It also will address the evolving fiduciary role of pension executives and trustees – notably corporate governance, green growth, and women’s economic empowerment. Furthermore, UK, US, Canadian and European Union policy makers, financial regulators

More than fifteen years ago, the first IORP Directive (Directive 2003/41/EC of the European parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision) created a legal framework to support retirement services across Europe and protect members and beneficiaries. Since then, the financial crisis and other economical, demographical and social factors completely changed the conditions in Europe for retirement plans. The IORP II Directive (Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision) is freshly conceived to respond to current conditions and better serve members.

The European Association of Paritarian Institutions (AEIP); pension funds PFZW and PGGM from the Netherlands; the Finnish Pension Alliance TELA from Finland; and social protection group Humanis from France on January 24, 2019 organize a conference on the topic of “Retire Vitally” in the European Union. To kick off forthcoming discussions on “vital retirement”, i.e. retirement in a state of good health, the conference will analyze the current situation; discuss

Published in December 2018, the OECD Pensions Outlook 2018 report examines how national pension systems are adapting to improve retirement outcomes. This has direct implications for the design and implementation of occupational pension plans. The report focuses on funded pensions and discusses how different pension tools can be combined to meet certain goals. It also considers how countries can improve financial, i.e. tax, incentives. This edition draws lessons from

Generali in November 2018 launched Generali Global Pension (GGP), a global business unit dedicated to pensions. The initiative is in line with Generali’s strategic targets of “consolidating its global leadership in Employee Benefits, and accelerating the growth of its asset management business.” GGP will provide multinational corporations with pensions de-risking solutions and cross-border plans. It will also create an additional distribution channel for Generali’s multi-boutique asset-management platform and develop

Pension assets continued to rise in 2017, to the tune of USD 43.4 trillion in the OECD area for the first time, with almost all countries showing positive investment results according to the new Pension Markets in Focus 2018 report published in October 2018 by the Organization for Economic Cooperation and Development (OECD). This annual report, which now covers 87 countries, gives an overview of private pension systems worldwide

A survey conducted by Swiss Life in Switzerland, France, Germany, Austria, and the United Kingdom and published in November 2018 found that only 46% of respondents feel confident about their current financial situation. The differences in the individual countries are huge: 65% of Swiss respondents said they feel comfortable with their finances and only 27% feel financially stressed. By contrast, financial confidence in Austria (48%), Germany (44%) and the

Invesco Director Brian McGarry starts off by reminding us that a pension plan not only constitutes tax-advantaged deferred compensation, but that a well-thought out and well-communicated plan has a distinct, positive impact on employee retention. Experienced Personal Financial Advisors Conor Murray and Padhraic Kelly continue by explaining the importance of striking the right balance between our human and financial capital.

The setup of a business in Luxembourg will result in the migration of employees from the United Kingdom. This will be cause for changes in their professional and personal lives, such as new remuneration packages, changes in employment contracts, tax and social security, family assistance plans for housing, school, etc. Using the Brexit model as an example, we can explain what happens in terms of social security and occupational pension schemes for employees (not all of whom are from the UK) who are migrating to Luxembourg.

American International Group (AIG) and Munich Re in June 2018 announced that AIG Life Ltd. (AIGLL), a UK subsidiary of AIG Life & Retirement, has agreed to acquire Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. Ellipse’s group protection products, which include life, critical illness and income protection, along with its technology-enabled business model with high levels of straight through processing (STP),

AIG, after reaching agreement on the two largest plan termination transactions of 2017, in June 2018 announced that it has further expanded its presence in the pension risk transfer market. The two transactions, entered into by American General Life Insurance Company, part of AIG’s Life & Retirement business, represented over $1.5 billion in pension plan obligations covering more than 24,000 retirees, beneficiaries, deferred and active members. Pension risk transfer

So far cross-border pensions have been discussed extensively, however, have not been put into practice with as much effort. We can all agree how challenging it can be operating in the cross-border environment, in particular complying with the many (and often complex) requirements at each single local level.

There was a time when expats were given special status and rewarded accordingly. But after the past 10 years of cost reduction and globalization, expats today have been largely replaced with local talent. Those that remain often have local contracts with local benefits.

It’s a globalized world, and corporations are increasingly multinational, with multiple locations and evermore mobile employees. As pension burdens increasingly weigh on public finances, retirement is not only the responsibility of the state, but also of employers. The time has come for a more global HR policy on pensions. Due to their diversity and complexity, pension schemes often have been set up locally, without neither a common bene­fits policy at the group level nor efficient monitoring and cost control by the parent company. This approach, while practical, is not without risks: counterparty risk in case of default by a service provider; reputational risk if the pensions paid out are insufficient; and above all, financial risk if the company must compensate for the inadequacies of local schemes. The transfer of Defined Benefits to Defined Contributions reduces the financial commit­ment burden on companies. Unmonitored DC plans in countries where regulations provide for guaranteed returns (such as the Netherlands, Belgium, and Germany) can transform DC schemes into a new form of DB, as guaranteed rates often remain the responsibility of the sponsor company.

It’s a globalized world, and corporations are increasingly multinational, with multiple locations and ever-more-mobile employees. As pension burdens increasingly weigh on public finances, retirement is not only the responsibility of the state, but also of employers. The time has come for a more global HR policy on pensions.

The conference on pan-European pension plans organized by asset manager Amundi and insurer LaLux on 5 February 2018 in Luxembourg announced its final agenda. Introduction by Claudia Chalmes-Coumont, LaLux Vie, Director Keynote speaker, H.E. Mr Pierre Gramegna, Luxembourg Ministry of Finance 2017 Annual Pension Survey, key findings, by Prof. Amin Rajan, CEO Create Research Panel on the Pan-European Pensions Regulatory framework – where do we stand? Panel moderator: Sophie

‘Why is it so unpopular,’ the editorial asks, ‘to work longer even among people with longer life expectancy and in good health? Is the proposition of retirement and leisure so much more attractive than work, even if working longer is rewarded with higher pensions? Does it perhaps make no economic sense to work longer? Or are people being pushed out of work by their employers who do not see

The seventh annual World Pensions & Investments Forum will be held on 22 and 23 March 2018 in Paris, France. The conference focuses on “Remaking Long-Term Investment and Board Governance”; the provisional agenda can be downloaded here. The conference is organized by the World Pensions Council, the international association of pension and social security funds. It is open to representatives of pension funds, sovereign funds, government agencies, and insurance

Lloyds Banking Group, the parent of Scottish Widows, in October 2017 announced a deal wherein it will buy Zurich UK’s workplace pensions and savings business in Q1 of 2018. The combined deal would place Scottish Widows as the UK’s third largest workplace savings provider. Zurich will get exclusive distribution rights for group life protection to certain corporate clients of Lloyds’ commercial banking business, while broadening Scottish Widows’ offering in

The Canadian Bar Association and the American Bar Association together with the International Pension and Employee Benefits Lawyers Association (IPEBLA) announce a joint conference, to be held in Boston, USA, June 10-12, 2018. This two-day session will deal in-depth with legal issues concerning pensions and benefits in the context of a changing global environment. It will provide educational and networking possibilities for lawyers from all countries, with attendees encouraged

Pensions at a Glance 2017, a new report issued in December 2017 by the OECD, warns that further reforms are needed across OECD countries to mitigate the impact of population aging, increasing inequality among the elderly and changing the nature of work. The OECD also says that public spending on pensions for the OECD as a whole has risen by about 1.5% of GDP since 2000; however, the pace