April 2023
17Apr

UK. PLSA sets out key issues for defined contribution reform

In the Pensions and Lifetime Savings Association’s (PLSA) regular column for Professional Pensions, the trade body’s director of policy and advocacy takes a look at defined contribution (DC) reform. It is hugely positive that pensions minister Laura Trott has wasted no time in setting out her vision for DC pensions. Her recent support for the Gullis Bill on reform of auto-enrolment to increase the amount of saving into workplace pensions is an important step towards achieving pensions adequacy and has a...

April 17, 2023
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17Apr

Macron to address France after ‘Pyrrhic’ pensions victory

President Emmanuel Macron is on Monday to address France for the first time since signing into law his controversial pension reform, facing warnings the political and social crisis it sparked is not over. Macron signed the legislation early Saturday, just hours after the banner change to raise the retirement age from 62 to 64 had been validated by the constitutional court, prompting accusations he was smuggling the law through in the dead of night. After three months of protests and strikes,...

April 17, 2023
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17Apr

Nigeria. Pension funds investment in banks reduced to N1.6trn by PFAs

The Pension Funds Administrators has reduced the funds under the Contributory Pension Scheme that was invested in fixed deposits and bank acceptances to N1.6 trillion in February. This was as the total funds under the scheme hit N15.49 trillion in the period under review, according to the National Pension Commission. PenCom disclosed this in its unaudited report on the pension funds industry portfolio for the period ended February 28, 2023. The data provided information on the approved existing schemes, Closed Pension...

April 17, 2023
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17Apr

UK. Should pensions tax relief be used to fund care costs?

Getting more people into work and keeping them there for longer was a thread that ran throughout last month’s Spring Budget. Chancellor Jeremy Hunt focused on childcare, state benefit reform and elements of the pensions tax relief system, such as the abolition of the lifetime allowance (LTA). But there was nothing more to add on the funding of social care. Last year’s Autumn Statement, which confirmed the proposed £86,000 cap on social care costs in England would be delayed by...

April 17, 2023
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14Apr

PensionBee. Annual Report and Financial Statements 2022

By PensionBee PensionBee is a leading online pension provider in the UK, with a mission to make pensions simple, so that everyone can look forward to a happy retirement. We are a direct-to-consumer financial technology company with approximately 183,000 Invested Customers and £3.0bn of Assets under Administration (‘AUA’) as at 31 December 2022 (2021: 117,000 Invested Customers and  £2.6bn of AUA). We deliver a leading customer proposition to pension holders in the UK defined contribution pensions market, catering for the mass...

April 14, 2023
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14Apr

El Consejo Constitucional de Francia valida la reforma de pensiones de Macron

El Consejo Constitucional validó este viernes los elementos principales de la reforma de pensiones de Emmanuel Macron, incluida su medida estrella de rebajar la edad legal de jubilación a los 64 años, al tiempo que rechazó algunas medidas del proyecto de Gobierno, como la creación de un «índice senior» . Los «sabios» han rechazado, al mismo tiempo, una solicitud de referéndum de iniciativa compartida (RIP) presentada por la izquierda francesa. Una segunda solicitud, presentada más tarde, debe ser objeto de...

April 14, 2023
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14Apr

Chile. Presidente de AFP Cuprum por pensiones: “El proyecto presentado por el gobierno no es una reforma al modelo actual, sino que pretende refundar el sistema”

En medio del debate por la reforma de pensiones que promueve el gobierno, en la carta a los accionistas en la memoria de 2022, el presidente de AFP Cuprum, Pedro Atria, lanzó duras críticas a la propuesta del Ejecutivo y señaló que tal como está el proyecto limita la libertad de elección, y que pretende refundar el sistema en su totalidad. “Como país, tenemos que generar las transformaciones necesarias para que los chilenos puedan acceder a mejores pensiones. Eso es...

April 14, 2023
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14Apr

Constitutional Council approves Macron’s controversial French pension reform

The Constitutional Court, the country’s highest authority on constitutional matters, on Friday handed down its ruling on whether the pension reform – which among other things raises the pension age from 62 to 64 – was constitutional. As there is no appeal against court decisions, a refusal would have been a crushing blow for Macron’s government – but the court announced on Friday evening that the major parts of the reform were approved. The court also rejected a request for a...

April 14, 2023
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14Apr

UK. TPR authorises first CDC pension scheme

The Pensions Regulator (TPR) has authorised the UK’s first collective defined contribution (CDC) pension scheme. CDC schemes provide an alternative to traditional defined benefit (DB) and defined contribution (DC) pension schemes and see member and employer contributions pooled in a collective fund from which an aspired to pension income for life is drawn. The pooling of longevity and investment risks makes CDC schemes more resilient to market shocks. Yesterday (April 13), the regulator published a list of authorised CDC schemes on its...

April 14, 2023
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14Apr

Why An Aging Population Might Not Doom The American Economy

The American economy is booming and robust. Just look at the chart below, which shows that the overall unemployment rate — the share of people within the labor force who are without work but are looking for it — is lower than it’s been in more than 50 years: But wait! Americans just don’t want to work like they used to. As you can see in the following chart, the labor force participation rate — the share of all Americans...

April 14, 2023
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