SAN MARINO - San Marino's ambitious pension reform programme will "fail to wean pension fund from steady and increasing budget transfers for the foreseeable future," according to an International Monetary Fund (IMF) report.
Preliminary conclusions by the IMF showed planned reforms compared favourably with those elsewhere in Europe. However, further changes to the system’s parameters would need to be enacted to ensure adequate funds were available down the road.
The IMF claimed: “Plans to regularly update actuarial calculations to better monitor sustainability, improvements in the management of the social security fund, and the streamlining and consolidation of pension funds for 'non-dependent' categories of workers, should help the government better control spending.”
The organisation applauded the government plans to create a second pillar pension sector, and added:“A mandatory defined contribution second pillar would bolster the private sectors' efforts to save for retirement.”
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.