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.
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.