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...One example is the $137bn New York State Teachers’ Retirement System, which sold 34 private equity holdings with $3.5bn in total commitments on the secondary market at the end of last year....
...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...
...SACRAMENTO, Calif. — The California Public Employees’ Retirement System has selected Stephen Gilmore, a senior investment leader with extensive experience in public and private financial institutions and...
...And at retirement a single large pot will attract better annuity rates and access to a wider range of post-retirement options....
...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 $38tn US retirement system is one of the world’s largest, and US employers were among the first to shift from defined benefit pensions to defined contribution plans....
...Britain’s £1.4tn DB retirement system serves about 10mn retired and current private-sector employees....
...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...
...The present value of pension entitlements under current social insurance systems are in the same ballpark. Challenges facing aging societies are manifold....
...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....
...Fink’s letter raised issues more than it suggested concrete solutions, but he wrote that Japan had found ways to encourage people to stay in work longer and that Australia’s national retirement savings system...
...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....
...The portfolio shake-up, which was confirmed after a scheduled asset allocation review, will bring the California-based plan into line with other big retirement systems in the US, including Calstrs, which...
...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....
...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....
...Calpers From the Financial Times’ intrepid pensions guru, Josephine Cumbo, yesterday: Calpers, the US’s biggest public pension plan, is to increase its holdings in private markets . . ....
...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...
...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...
...The California Public Employees’ Retirement System has named a new chief investment officer to replace the former CIO, who in 2023 left the job after less than two years....
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