BRAZIL - The government of Brazil has lifted the limits on pension fund investments, allowing up to 70% of assets to be allocated to equities and backing exposure to international markets.
Pension fund secretary Ricardo Pena said the equity investments would be limited to companies listed on the Novo Mercado which consists of companies willing to abide by certain corporate governance practices. The previous equity limit was 50%.
Pension funds will also be able to tap the international markets. The National Monetary Council is now allowing investments of up to 10% in securities outside of Brazil.
Pena also said schemes can now invest up to 20% in structured funds and up to 8% in direct real estate.
Pension fund managers will now also need to take environmental, social and economic factors into consideration. Managers are also being encouraged to invest in carbon credits.
A spokesman for the National Monetary Council could not be reached for comment.
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.