Including: US - CalSTRS re-elect chair and vice-chair of board; UK - Middle class families looking to take contribution breaks; NETHERLANDS - PGGM to disclose all investments; UK - Pensions Regulator Determinations Panel reappointed
CalSTRS has announced the re-election of Dana Dillon as chair and Jerilyn Harris as vice-chair of the pensions giant. The two will serve another year. Dillon has been a member of the board in various capacities since 2004. Harris retired from teaching in 2002 and has served on the CalSTRS board since 2005.
UK - Middle class families looking to take contribution breaks
According to a survey by AXA, a fifth of families earning above £30,000 (US$59,600) a year are considering having to drastically reduce or stop pension contributions due to the effects of the credit crunch. Almost a third (30%) of those questioned said this was because of a lack of money left over at the end of the month, 15% blamed mortgage repayments and a further 15% said it was because of the burden of repaying other debts.
NETHERLANDS - PGGM to disclose all investments
PGGM, the asset management arm of Pensioenfonds Zorg en Welzijn, has announced it is to declare all investments. Summaries of its investment activities will be made available via the fund's website alongside the annual report from the end of April. PGGM said it was the first Dutch asset manager to take this action and did so for transparency purposes. It said it wanted to show that it invested "carefully and responsibly".
UK - Pensions Regulator Determinations Panel reappointed
Members of the Pensions Regulator have been reappointed for a second term. Olivia Dickson, Michael Maunsell and Duncan Campbell will each serve on the panel for a further four years, while Dianne Hayter, Suzanne McCarthy, Geoffrey Fitchew and Daniel Taylor will serve for a further five. The Determinations Panel was created by the regulator in 2004 to make regulatory decisions and ensure the separation of the regulator's investigative and decision-making responsibilities.
This week's top stories included proposed draft regulations in a no-deal Brexit which would make scheme investments illegal, and Esther McVey's resignation as secretary of state.
There have been a total of 15 ministers responsible for pensions since 1997. Here is the list in full.
Pension Buzz respondents have disputed Lord Myners' arguments that asset owners, including pension funds, are substantially to blame for short-termism in business.