May 2024
07May

UK. DB and DC Participant Access Update

Private industry workers have a roughly 67% chance of having access to a defined contribution retirement plan and a 15% chance of being offered a defined benefit option, according to the most recent estimates from the U.S. Bureau of Labor Statistics. Of those workers with DB access, 11% are taking advantage of the benefit, according to the government department. In the DC space, 49% of workers are reportedly saving into the plans. The data, which was released April 19, is drawn from...

May 7, 2024
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07May

Pakistan mulls pension reforms as government moves to curtail expenditure ahead of IMF talks

The Pakistan government said on Tuesday it was vital to reform the country’s pension system, including by raising the retirement age, to mitigate expenditure as Islamabad aims to save the system billions of dollars per year, with a committee formed to propose recommendations. The belt tightening moves come as Islamabad — which is facing a balance of payment crisis — is in talks with the International Monetary Fund (IMF) to secure a new long-term bailout deal. In the past, Pakistan...

May 7, 2024
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07May

Assuring the sustainability of the Canada Pension Plan: A new consensus is required

By: Keith Ambachtsheer, Malcolm Hamilton, Ed Waitzer   The creation of the Canada and Quebec pension plans in the 1960s and subsequent amendments to them in the 1990s is a compelling story of how governments worked together to create and sustain one of Canada’s greatest public-policy achievements. Today we are faced with the thorny issue of how to determine a fair basis on which Alberta might choose to exit the CPP. When the CPP was created, Ontario requested a provision to allow...

May 7, 2024
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06May

Chile. Pensiones: ministro Elizalde dice que el gobierno insistirá en reparto a solidaridad, pero evita detallar nueva propuesta

En una entrevista televisiva, este domingo el ministro de la Secretaría General de la Presidencia (Segpres), Álvaro Elizalde, se refirió a la discusión para destrabar la reforma de pensiones. En entrevista con Estado Nacional de TVN, el secretario de Estado dijo que “estamos en este proceso de diálogo”, recordando que “se aprobó en primer trámite en la Cámara de Diputados, obviamente hay elementos esenciales que no fueron aprobados por la Cámara y van a ser ahora discutidos por el Senado”. De acuerdo al...

May 6, 2024
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06May

México. PPR, qué es y cómo funciona esta opción de ahorro para tu retiro que además te ayuda a deducir impuestos

El Servicio de Administración Tributaria (SAT) comenzó a hacer las devoluciones correspondientes a las declaraciones de impuestos de personas físicas que se hicieron en abril y tuvieron saldo a favor, y si eres de los afortunados que ya la recibió o la recibirá, podrías invertir ese dinerito extra para sacarle provecho, en lugar de gastarlo. Existen diferentes opciones en el mercado para que inviertas ese u otro dinero que desees, lo importante es que sea una que te beneficie a corto, mediano o incluso largo plazo, todo dependerá de lo que...

May 6, 2024
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06May

Argentina. Jubilaciones: solo 3 de cada 10 logran completar aportes

En los primeros tres me­ses del año, 115.757 personas se jubilaron o pensiona­ron a través de la Anses. De este total, 88.212 (es decir, el 76,2%) lo hicieron recu­rriendo a las moratorias y solo 27.545 (23,8%) no ne­cesitaron de la moratoria porque reunieron como mí­nimo los 30 años de aportes requeridos, según los datos de la Seguridad Social. La mayoría de los trabajadores que no tienen los 30 años de aportes requeridos es por­que se desempeñaron en la informalidad,...

May 6, 2024
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06May

US. Prudential Survey Reveals Insights on Retirement Planning

Prudential conducted a survey of 198 financial advisors to gain insight on how they are investing and constructing portfolios for retirees. 80% use separate portfolios that are specifically designed for retirees. Additionally, the use of targeted portfolios was higher among advisors who were more knowledgeable about planning for retirement. Another takeaway from the survey is that 50% of retirees prefer to live off of income from their portfolios. Thus, advisors need to ensure that their portfolios generate income for clients while balancing...

May 6, 2024
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06May

UK. Retirement warning as global ‘market volatility’ could hurt ‘value of pensions’

Older Britons are being warned that recent global events could be impacting the “value of some pensions”. Experts from PensionBee are urging pensioners to take action to make sure their retirement savings are protected. This warning comes amid the widespread implementation of artificial intelligence technology, the wars in Ukraine and the Middle East, and upcoming elections in the US and UK. As well as this, those approaching retirement have been saddled with rising interest rates and inflation-hiked prices. A consequence of this has been that many older Britons are not able...

May 6, 2024
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06May

Only 18% of Ghanaians confident about retirement – Old Mutual Financial Services Monitor

Only 18% of Ghanaians confident about retirement – the Old Mutual Financial Services Monitor The Old Mutual Financial Services Monitor is a study aimed at uncovering the financial behaviour, attitudes, and perceptions of working Ghanaians. Not only has it achieved this objective, but it has also provided valuable insights for Financial Services Providers (FSPs) to better serve their customers. Today’s focus is on retirement savings and the attitude of the working Ghanaian towards it. The monitor reveals a high correlation between...

May 6, 2024
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06May

Nigeria’s Liabilities to Retirees Under Contributory Pension Scheme Hits N314.58bn

The National Pension Commission (PenCom) has disclosed that the federal government’s total liability from the implementation of the pension increases in 2007 and 2010 as well as the 2019 consequential adjustment for retirees under the Contributory Pension Scheme (CPS) stood at N314.58 billion in 2023. This came as PenCom has further sought approval for an increase in pension rates for pensioners under the Defined Benefits Scheme (DBS), following the recent increase in salaries for employees of treasury-funded Ministries, Departments and...

May 6, 2024
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