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...The government is pushing ahead with a controversial proposal to expand the role of the UK’s pension lifeboat fund as it looks for ways to unlock billions of pounds of retirement fund capital to boost economic...
...But thousands of former Debenhams employees subsequently suffered cuts to their expected retirement benefits under the Pension Protection Fund’s reduced compensation terms....
...Insurers welcomed the PRA’s acknowledgment of the importance of reinsurance to well-functioning insurance markets, and said the sector gave “vital protection and peace of mind” to pension scheme members and employers...
...The California Public Employees’ Retirement System has named a former top executive at the New Zealand sovereign wealth fund to direct the largest US public pension plan’s investments following the abrupt...
...Most Gen Xers have 401k plan balances that are woefully inadequate to fund a long retirement....
...(NZ Super Fund), a sovereign wealth fund owned by the New Zealand government and valued at more than $73 billion (NZD)....
...Pension savers are to be given the legal right to ask their employer to pay into a retirement fund of their choice under changes confirmed in the Autumn Statement....
...Those powers could include a ban on funds taking on new business from employers....
...The Sacramento-based pension fund on Tuesday said it picked Stephen Gilmore, a former chief investment officer of the New Zealand Superannuation Fund, as the new CIO of the largest US public pension fund...
...More recently employers have opted for cheaper defined contribution schemes, where members have no certainty over what income they will get in retirement....
...Access to about £225bn in surplus funds held in traditional-style company retirement plans is to be made easier for thousands of employers under measures set out by the UK government....
...Employers are not obliged to pay into a pension plan chosen by their workers....
...Workers must set aside money to get an employer match and then manage their own funds through volatile markets....
...Instead, employers offered to match their workers’ contributions to a slate of mutual funds inside a tax-advantaged retirement plan, usually known as a 401(k) after the relevant section of the tax code....
...The government is consulting on proposals to enable employers to use surplus funds built up in defined benefit plans. These schemes currently serve around 10mn members....
...Last year, chancellor Jeremy Hunt announced plans to relax the tax charge on surplus funds extracted by employers from company pension plans, with the changes to come into effect in April....
...Employers’ access to billions of pounds of surpluses in UK company pension funds would be eased under proposals set out by the government on Friday....
...These are risks that every private pension scheme and sovereign wealth fund faces today. But for these risks, such funds have been rewarded over long-term horizons....
...The UK’s first commercial pension “superfund” deal has been cleared by the regulator opening a new route for employers to offload weaker retirement schemes from their balance sheets....
...“The investor base for the funds reflects a variety of shareholder types, including direct retail investors, clients represented by independent financial advisers, broker-dealers, employer-sponsored retirement...
...At present, employers are obliged to automatically enrol eligible new staff into a retirement scheme, chosen by the company....
...Instead, the employer chooses a retirement plan on behalf of the workforce....
...Boric had proposed that employers pay a new pension contribution of 6 per cent of workers’ salaries, on top of the 10 per cent of salaries workers must currently set aside....
...Businesses and advisers have called for the reform of the rules governing the annual levy that the UK’s pension lifeboat fund charges employers after the scheme’s surplus ballooned to more than £12bn....
...Pension funds would likely compete for top earners with more retirement savings....
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