How can you make sure your retirement strategy continues to meet employee needs during periods of legislative and market change?
Executing your retirement strategy in a changing world
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JENNIFER VIRGILIO: Legislation relating to retirement programs is evolving constantly. The changes cover all areas of retirement provision including new mandatory requirements. For example, required auto-enrollment, which is becoming more prevalent in Europe, Ireland is coming soon. And which is also gaining traction in Asia.
New plan design options, for example, collective DC in Japan, the UK, and the Netherlands and phased retirement options in countries such as Canada, Germany, the UK, and the US. There's new investment requirements, for example, ESG and sustainability reporting.
New governance requirements, for example, IORP 2 in Europe. And temporary changes during periods of economic turbulence as we've seen with short-term funding relief for defined benefit plans during COVID. And so the list goes on. With so much change, as an employer, you face significant risks from non-compliance and also significant opportunities from using new options available for the benefit of the company and your employees.
