US - State and local government pension fund assets rose by 5.5% in the last quarter of 2010 as stock market gains helped recoup losses incurred since the financial crisis.
The assets of the 100 largest government employee retirement systems grew by $138bn to $2.64trn in the last three months of the year, reaching the highest level since the second quarter of 2008, figures from the US Census Bureau revealed.
Returns were driven by gains in stocks, corporate bonds and foreign assets, Census figures show, with stocks making up the largest share at 32% of holdings. Corporate bonds made up 16.4% and international securities 18.3%.
Employee and government combined contributions totalled $32bn in Q4, an increase of 18.1% from $27.1bn in Q4 2009. While both employee and government con¬tributions increased, government contributions grew at the faster rate of 22.3% compared to employee contributions, which grew at a rate of 9.2%, the research found.
This resulted in a 2.4 point shift in the composition of con¬tributions toward higher government contributions and lower employee contributions compared with the same quarter in 2009.
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.