January 2024
09Jan

UK Gov Aids Clients to Balance Pensions

Experts at the Government Actuary's Department (GAD) have been supporting clients as they work towards fully equalising pensions for their members. We have devised a modeller to assist in the process. Legal rulings The issue of guaranteed minimum pension (GMP) equalisation dates to May 1990 when the Barber judgment ruled on the matter. This applies to pensions including GMP accrued between 17 May 1990 and 5 April 1997. The 2018 legal case in Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC and others, provided...

January 9, 2024
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09Jan

3M to freeze U.S. pension plans

3M Co., St. Paul, Minn., will freeze its U.S. pension plans for nonunion employees at the end of 2028. The company said pension-eligible nonunion employees will accrue benefits until Dec. 31, 2028, according to a Jan. 8 news release. 3M had closed its primary U.S. pension plan to new hires effective Jan. 1, 2009. The change will affect employees at both 3M and Solventum, the healthcare company that is expected to spin off from 3M in the first half of 2024. "This...

January 9, 2024
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09Jan

The EU Loses About a Million Workers Per Year Due to Aging. Migration Official Urges Legal Options

The European Union’s top official for migration said Monday that member states will have to confront tough policy challenges — even in the current election year – to cope with the continent’s aging population. Ylva Johansson, the EU home affairs commissioner, said there was a pressing need to shift away from illegal migration and find more legitimate alternatives. “For demographic reasons, the population of working age in the EU will decrease by 1 million per year. It is decreasing by 1 million per...

January 9, 2024
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08Jan

México. AMLO anuncia dos reformas más antes de irse: salario mínimo y pensiones

El presidente Andrés Manuel López Obrador informó que alista dos iniciativas de reforma constitucional para establecer que el aumento al salario mínimo no sea por debajo de la inflación y modificar el sistema de pensiones de los trabajadores, durante su participación en el 117 aniversario de la huelga de trabajadores de Río Blanco, Veracruz. “Voy a enviar una iniciativa de reforma al artículo 123 de la Constitución, para que se establezca que nunca, jamás, va a aumentar el salario menos que la inflación. Nunca más”, explicó el mandatario. Además,...

January 8, 2024
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08Jan

Colombia. Pensionados pujan por el regreso de la mesada 14; esto es lo que esperan que mejore con la reforma del Gobierno

El aumento del salario mínimo, fijado por decreto por el Gobierno nacional en 12 %, dejó en evidencia el desacuerdo entre empresarios y sindicatos, quienes no lograron llegar a un punto en común en las mesas de negociación durante fin de año, el gremio de los pensionados en Colombia ha manifestado que, pese a que el aumento no fue el esperado, sí significa un avance en busca de mejores condiciones para este grupo poblacional, frente a mejorar su poder adquisitivo. De igual...

January 8, 2024
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08Jan

UK. PM urged to suspend whip from pensions minister accused of misusing taxpayer funds

Calls have been made for the prime minister to suspend the whip from a minister while claims he used his taxpayer-funded constituency office to campaign for the Conservative party are reviewed. Paul Maynard, the pensions minister, has been referred to an investigator by the parliamentary expenses watchdog over reports that he charged taxpayers when producing political materials. The Sunday Times, which broke the story, also reported that the Blackpool North and Cleveleys MP claimed rent for an office that doubles up...

January 8, 2024
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08Jan

US. How the Gig Economy Is Reshaping Retirement Planning

As many as 50% of Americans have some sort of side gig, whether this is primarily how they make money, or in addition to a regular job. The gig economy, a phenomenon that may have emerged as a response to the high unemployment rates of the 2008-2009 recession, has become a part of American life, and it’s reshaping retirement. While these gigs offer workers more flexibility and variety, they may also come with some downsides, affecting how financially set people are for retirement. Some...

January 8, 2024
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08Jan

Romanian private pension funds’ assets up 31.4% y/y in 2023

Assets held by Romania's seven mandatory private pension funds in 2023 rose 31.4% to 126.7 billion lei ($27.87 billion) while the average yield climbed to a record high 17.94%, the industry's association said on Monday. The European Union member state overhauled its communist-era pension system in 2008, making it compulsory for working Romanians under 35 to contribute to a "second pillar" of private pension schemes as well as their state pension. Roughly 8.1 million Romanians contribute to the seven funds, which...

January 8, 2024
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08Jan

The Four Headwinds of Retirement and How to Combat Them

Dipping your toes in the fresh waters of an exotic beach. Enjoying a gorgeous sunset and your favorite drink as you relax on the back patio. Getting lost in a painting because you have all the time in the world to perfect every brushstroke. Spending more time with family and friends. These are the types of things you dream of indulging in when you retire. You don’t picture worrying about how much money you have in the bank or trying...

January 8, 2024
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05Jan

México. Afores demandan un mercado de valores más grande para invertir

El presidente de la Consar dijo que la Bolsa de valores de México es relativamente pequeña respecto al de otras naciones con economías similares. Las Administradoras de Fondos para el Retiro (Afores) necesitan contar con un mercado de valores más grande para invertir los recursos que gestionan, los cuales crecen año con año, dijo Julio César Cervantes Parra, presidente de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar). “El reto más importante es que el mercado de valores...

January 5, 2024
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