October 2023
17Oct

Mercer CFA Institute Global Pension Index 2023 sees Netherlands return to the top spot and highlights potential of AI to improve retirement outcomes

Mercer and CFA Institute have released the 15th annual Mercer CFA Institute Global Pension Index (MCGPI). The Netherlands’ retirement income system has regained the top spot on the list, with Iceland and Denmark taking second and third places respectively.“The average age of populations around the world continues to rise in many markets, mainly more mature markets,” said Margaret Franklin, CFA, President and CEO, CFA Institute. “Inflation and rising interest rates have created a new market dynamic that poses significant challenges to...

October 17, 2023
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17Oct

US. DOL working on pension risk transfer rule review amid hot market

While pension risk transfer (PRT) deals continue to break records, federal regulators are nearing a deadline for review and recommendations of Interpretative Bulletin 95-1. Issued by the Department of Labor in 1995, IB-95 lays out the fiduciary standards for selecting an annuity provider for a pension risk transfer. Under the rule, pensions must consider the provider’s investment portfolio, size relative to the annuity contract, level of capital and surplus, liability exposure, and availability of state government guaranty associations. According to provisions in the...

October 17, 2023
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17Oct

Majority of employees back proposed reforms to UK pension system

The majority (88 per cent) of employees back the Pensions and Lifetime Savings Association’s (PLSA) proposed reforms to the UK pensions system, research by the association has found. In particular, the research found that more than half (53 per cent) of employees agree that contribution levels should rise gradually over the next decade from 8 per cent to 12 per cent, while 21 per cent of respondents were unsure. In addition to this, nearly half (46 per cent) agreed that employers...

October 17, 2023
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17Oct

The silver lining in India’s imminent ageing problem

India’s youthful population is often described as a key strength of the economy. India is among the youngest emerging market nations, and will remain so in the near future—a demographic dividend that makes it an attractive investment destination. According to the United Nations, a country is considered to be “ageing" if the share of the population over the age of 65 is more than 7%, “aged" when the share exceeds 14%, and “super-aged" when it crosses 20%. India will...

October 17, 2023
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16Oct

Chile. Gobierno aplaza reforma de pensiones hasta después del plebiscito

El gobierno esperará el resultado del plebiscito constitucional del 17 de diciembre para avanzar con la reforma de pensiones. Desde la administración del Presidente Gabriel Boric estiman que si se rechaza la propuesta de nueva Constitución, puede tomar fuerza la reforma de pensiones. En cambio, si se aprueba el texto, se complejizaría la tramitación política, según el diario La Tercera. Prioridad Al ser consultada al respecto en TVN, la ministra del Trabajo, Jeannette Jara, afirmó “que sigue siendo una prioridad para el...

October 16, 2023
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16Oct

México. SSC se enfrenta a reto presupuestal ante creciente número de Policías Auxiliares próximos a pensionarse

La Secretaría de Seguridad Ciudadana (SSC) de la Ciudad de México se enfrenta actualmente a desafíos presupuestarios debido a la gestión de un creciente número de Policías Auxiliares Activos que cumplen con los requisitos para pensionarse, lo que podría acarrear una presión presupuestaria adicional estimada en aproximadamente el 50%. El origen de este desafío se encuentra en la Caja de Previsión de la Policía Auxiliar (Caprepa), una entidad encargada de otorgar, supervisar y dar seguimiento a las pensiones de los miembros de la Policía Auxiliar, además...

October 16, 2023
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16Oct

Twenty arrested in Hong Kong over false document pension withdrawals amid row over UK passport

 Hong Kong’s anti-corruption agency said on Friday 20 people had been arrested suspected of taking bribes to help people apply for early withdrawal of government pension funds with false documents, amid a row over new passports offered by Britain. Hong Kong pension funds have been in the spotlight since the emigration of more than 140,000 Hong Kong people to Britain after 2020 when China imposed a national security law on the former British colony, cracking down on dissent. Many of these...

October 16, 2023
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16Oct

US auto union strike: Carmakers say they cannot afford UAW demands

The United Auto Workers’ historic standoff with Detroit’s three carmaking giants is centered on an age-old tension: The union says corporate greed is keeping workers from earning fair wages, while Ford Motor Co., General Motors Co. and Stellantis NV say they can’t afford union demands. While both arguments have some merit, one fact stands out: The 10 individuals who’ve served as chief executive officers of the companies since 2010 have collected more than $1 billion of compensation. Meanwhile, wages of...

October 16, 2023
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16Oct

Ghana. Total membership of SSNIT Scheme is 1.8 million — Minister

As of March 2023, the total membership of the Social Security and National Insurance Trust (SSNIT) Scheme was estimated at 1.8 million, Mr Ignatius Baffour Awuah, the Minister of Employment, Labour Relations and Pensions, has disclosed. This, he said means that about 8.1 million of the estimated Ghana’s working population of 9.9 million might not have any form of social security cover, which shows that leveraging digitalisation to extend social security coverage was long overdue. “The overwhelming importance of digitalisation today...

October 16, 2023
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16Oct

To counter its aging population, Vermont offers $5,000 for recent graduates to stay on

Vermont has joined the growing list of states hoping to retain young people by paying their student loans. The program, launched this year, will give recent graduates of Vermont colleges up to $5,000 if they stay and work in the state for two years. Lawmakers hope the initiative will keep more young people in Vermont. From The Hechinger Report in Vermont Public, Liam Elder-Connors reports. LIAM ELDER-CONNORS, BYLINE: A couple of months ago, Mohamud Diini was ready to leave Vermont....

October 16, 2023
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