editor, Author at Pension Policy International

06JulJuly 6, 2023

Ghana: Govt Owes Pension Schemes Gh¢2.6 Billion… Finance Minister Reveals

The Minister of State at the Ministry of Finance, Dr Mohammed Amin Adam, has revealed that government's indebtedness to various pension schemes at the end of May 2023 is GH¢2.63 billion. The amount comprise of Tier 1 of the Controller and Accountant General's Department mechanised payroll, GH¢1.62 billion, Tier 1 of subverted institutions, GH¢188.59 million, Tier 2 of mechanised payroll, GH¢808.21 million and Tier 2 of subvented institutions GH¢6.1million. "Mr Speaker, the government paid GH¢2.67 billion to various pension schemes in...

July 6, 2023

NewsGhana, Public Pensions

06JulJuly 6, 2023

Canada. Reducing barriers to lifetime retirement income

Planning and saving for retirement is too hard for most Canadians. Seventy percent of Canadians are worried they aren’t saving enough for retirement, and 62% are concerned they will outlive their retirement savings. Unlike in our working years when the goal is to accumulate funds to maintain a quality standard of living in retirement, the later phases of life when those savings are steadily drawn down can expose overlooked risks and misconceptions about budgeting in retirement. Part of the challenge is that...

July 6, 2023

NewsAdequacy, Canada

06JulJuly 6, 2023

Kenya. Treasury plans to go after counties over pensions debt

The National Treasury and Kenya Revenue Authority (KRA) have trained their guns on counties that have failed to remit statutory deductions to pension schemes. With the non-remittances hitting Sh90.69 billion in May, Treasury is now mulling deducting the outstanding arrears directly from the counties equitable share of revenue and the taxman engaged to collect the debt. Appearing before the Senate’s County Public Investments and Special Funds Committee, Treasury Cabinet Secretary Njuguna Ndung’u said that in consultation with the Retirement Benefits Authority,...

July 6, 2023

NewsRegulation, supervision

05JulJuly 5, 2023

México. Empresas aportarán 60,000 millones de pesos adicionales al ahorro para el retiro de trabajadores este año

El incremento en las aportaciones patronales por la entrada en vigor de la reforma a las pensiones hará que este año las empresas destinen entre 50,000 millones y 60,000 millones de pesos adicionales, en conjunto con el ahorro para el retiro de los trabajadores en 2023. Para el próximo año, la cifra se elevará hasta 120,000 millones de pesos adicionales que irán a las afores de los mexicanos que laboran en la economía formal, estimaron la Asociación Mexicana de Afores...

July 5, 2023

NoticiasAhorro, Mexico, Reforma de Pensiones

05JulJuly 5, 2023

Colombia. Pensionados de la Policía y de la Fuerzas Militares protestan en el centro de Bogotá: piden que les devuelvan la mesada 14

Desde la Secretaría de Movilidad se informó que durante la mañana del martes 4 de julio se reportaron problemas en la movilidad debido a los pensionados de la Policía y del Ejército Nacional, que salieron a marchar por la suspensión del pago de la mesada 14. Desde la entidad de Tránsito señalaron en su cuenta oficial de Twitter: “Se presenta manifestación y avanza por la carrera 10 con calle 4 en sentido Sur - Norte, generando afectación vial de la...

July 5, 2023

NoticiasColombia, Pensiones Públicas

05JulJuly 5, 2023

México. Amafore busca que los trabajadores conozcan mejor al Sistema del Ahorro para el Retiro

La Asociación Mexicana de Afores (Amafore), junto al Consejo de la Comunicación, lanzaron la campaña “¿Sabes qué hay detrás de un mejor futuro?”, con el objetivo de aumentar la conciencia de los trabajadores con respecto al Sistema del Ahorro para el Retiro (SAR). Existen más de 72 millones de cuentas en el SAR, pero sólo 54 millones han sido reconocidas por los trabajadores y 18 millones de cuentas restantes no han sido reconocidas por sus dueños. Mari Nieves Lanzagarota, vicepresidenta de...

July 5, 2023

NoticiasAhorro, Cultura Financiera, Mexico

05JulJuly 5, 2023

It’s time to address the UK’s disability pensions gap

Building a healthy retirement savings pot can be a challenge for anyone as they advance through their working lives. Yet, without question, it poses many additional, arduous challenges for those with disabilities. To put this into perspective, one fifth (22%) of UK adults are currently living with a disability. And people within that community have, on average, a pension wealth that is but a fraction (36%) of the typical UK pension pot. In practice, that means Britons with disabilities nearing retirement...

July 5, 2023

NewsEquality, Pension design, UK

05JulJuly 5, 2023

Canada. DB pension plans improve in second quarter

The health of Canadian defined benefit pension plans continued to improve in the second quarter of 2023, according to consulting firm Mercer. The company said the median solvency ratio of defined benefit plans in its database ticked upward to 119% at the end of June, meaning more than half had a surplus of funds. That’s despite the U.S. debt ceiling scare and the lingering effects of the banking crises south of the border, Mercer said. Pension funds’ investment returns were mostly positive...

July 5, 2023

NewsCanada, Defined Benefit

05JulJuly 5, 2023

Japan. Panel Warns against Leaving Burdens on Shoulders of Future Generations

No matter how urgent and important some issues — such as the low birth rate — may be, the cost of responding to them must not be passed down to future generations. The government should not shirk discussions on the appropriate tax burden. The government’s Tax Commission has submitted to Prime Minister Fumio Kishida a report on proposals for medium- and long-term taxation systems. The panel submitted such a report for the first time in four years, since 2019. The tax...

July 5, 2023

NewsAging, Japan

05JulJuly 5, 2023

UK. Another nail in the coffin for private sector pension capitalism?

Without too much fanfare, the ONS dropped its latest Financial Survey of Pension Schemes data, covering the aftermath of LDI-mageddon. As well as putting data to things we already suspected (eg that private defined benefit schemes (DB) dumped corporate bonds to fund collateral calls), one unheralded development stuck out. Private sector defined benefit schemes have been shedding their equity holdings at a fairly rapid clip for reasons we’ve discussed many times. This trend continued in the fourth quarter of 2022, and...

July 5, 2023

NewsInvestment

July 2023