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.”
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.