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...The writedown is also more than double the cut taken in percentage terms on Thames Water in 2022 by the utility’s biggest investor, the Ontario Municipal Employees Retirement System, one of Canada’s biggest...
...The plan is designed to alleviate pressure on a pension system that is expected to come under huge strain in the next few years as a whole generation of “baby-boomers” born in the 50s and 60s enters retirement...
...The growing reliance on illiquid assets has also introduced new challenges in terms of cash flow for defined benefit style funds, such as Calstrs and others public retirement systems, which must pay regular...
...She said that “focusing the pension system on value rather than cost alone will be hugely beneficial for savers.”...
...A proposed shake-up of the UK’s pension market to give millions of workers the right to choose a retirement “pot for life” risks leaving savers worse off, industry leaders and unions have warned....
...At the time, this was greater than the official estimate of the entire private sector pension system’s asset base. It was greater even than the stock of outstanding public debt....
...Now, less than a year from a general election and a few weeks from the end of the tax year, there’s a pressing question for wealthier pension savers of retirement age....
...These funds did not appear at all in the previous tax year, when Legal and General Group, Aviva, Rio Tinto, Jupiter Asian Income — which focuses on high-yield Asian companies — and BAE Systems made up the...
...Rightwing and leftwing leaders have clashed over how to protect the benefits of the pension system while resolving social discontent. Proposals put forward by Boric’s two predecessors were rejected....
...Trustees have also warned that industry moves to make the financial system more resilient could yet lead to unintended consequences....
...Third, surveys and anecdotal evidence indicate that most workers do not understand how the pension system operates....
...Usually when someone starts to access their pension savings, they can normally take a quarter of the money tax free, with any further withdrawals from the pension treated like income and subject to tax....
...Ailman, who has served as CIO of the California State Teachers’ Retirement System since 2000, announced his retirement at a board investment committee meeting on Thursday....
...Rising bond yields reduce the present value of future cashflows, and the fact that pension schemes were not perfectly LDI’d and equities and private assets have done okay means schemes have been thrown into...
...State Teachers Retirement System....
...The modern Danish and Australian pension systems also emerged from difficult economic times. Both countries had persistent current account deficits and uncomfortably high wage inflation....
...These changes include a pensions dashboard, where retirement savings can be seen in one online hub, and a new benchmarking initiative showing how schemes rate on value for money....
...The Labour party will conduct a sweeping review of the UK’s pension system to find ways of unlocking billions of pounds worth of retirement fund capital for the country’s growth if it wins the next general...
...Should pension funds, asset managers and banks also look to shore up the long-term stability of the systems they are part of, by pushing investee companies to transition away from fossil fuels?...
...Steve Webb, former pensions minister and now partner with LCP, the actuarial consultants, said: “I think this is a terrible idea. It could lead to a fragmentation of the pension system....
...Pension funds had run down their equity holdings to near-zero. Quirky accounting standards and pressure from The Pensions Regulator had pushed them into liability-driven investment....
...Ailman’s comments come as he prepares to “pass the baton” to a successor from June after announcing his retirement last month....
...Under the proposals, regulators will be given powers to stop poorly performing retirement funds from taking on new workplace pension business....
...Steven Meier, chief investment officer of the $264bn New York City Employees Retirement Systems, said his fund was expanding into private credit when “everyone else has pulled back”....
...Critics of the previous system said that it prevented high earners from staying in work and contributing more to their pension pots, with some opting for investments into offshore bonds....
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