December 2024

Belgium’s sex workers get maternity leave and pensions under world-first law

“I had to work while I was nine months pregnant,” says Sophie, a sex worker in Belgium. “I was having sex with clients one week before giving birth.” She juggles her job with being a mother of five - which is “really hard”. When Sophie had her fifth child by Caesarean, she was told she needed bed rest for six weeks. But she says that wasn’t an option, and she went back to work immediately. “I couldn’t afford to stop because I...

Unpaid pension funds rise to Sh47.16 billion, leaving Kenyan retirees at risk

Kenyan workers are at risk of financial struggles when they retire, as unpaid pension contributions by public universities and county governments increased by 12.3 per cent to reach Sh47.16 billion in the year ending June 2024. According to the latest report by the Retirement Benefits Authority (RBA), the amount of money deducted from workers' salaries for their retirement savings but not sent to pension schemes grew from Sh42 billion. This puts many pensioners at risk of having insufficient funds for their...

UK. DWP exact amount pensioners can have in savings before losing benefits

Some Department for Work and Pension benefits come with a list of eligibility criteria they have to meet, sometimes including having less than a certain amount in savings. This includes Universal Credit, Tax Credits, Council Tax Support, Income-based Jobseeker’s Allowance, income-related Employment and Support Allowance, Income Support and Housing Benefit. These are dubbed means-tested benefits and their savings requirements extend past the state pension age for Pension Credit, Housing Benefit and Council Tax Support. Each of these benefits have their...

November 2024

US PRT Market sees $14B in Volume in Q3

Following a record-breaking first half of 2024 for the U.S. pension risk transfer market, which closed at $26 billion through June 30, the third quarter also finished strong, according to Legal & General Retirement America’s November market update. The third quarter closed at an estimated $14 billion in total premium—a 35% increase from the third quarter of last year, which landed at $10.6 billion. A huge chunk of that total came from one deal: IBM’s $6 billion PRT with Prudential Insurance Co. of America in September...

UK. Retirement planning tops financial advice demand but not a priority until age 55

Planning to achieve a comfortable retirement tops clients’ financial advice ‘wish lists’ over the next six months, but the peak age for it being an advice priority is not reached until the age of 55, according to research from St. James’s Place (SJP). Its study showed that the top three advice priorities in the UK were retirement planning advice, general investment and savings advice, and better budgeting. However, SJP found there was a “large generational divide” as cost of living and...

Extra pension increase passes in Portuguese parliament

The Portuguese parliament approved an additional 1.25% increase in pensions, which will be added to the regular annual increase, on Thursday during the specialised votes on the State Budget for 2025. The Socialist Party (PS) proposal was carried by a majority of votes from opposition parties, with the PCP, BE, Livre, and PAN voting in favour. The PSD, CDS-PP, and Liberal Initiative voted against. The PS has estimated that its proposal has a budgetary impact of €265 million. However, a study of the measure's impact, requested by...

New York City Pension Investments with MWBE Asset Managers Reach Record of $23.1 Billion for Fiscal Year 2024; Grew Nearly 40% During Comptroller Lander’s Tenure

New York City Comptroller Brad Lander released a report announcing that investments by the City’s five pension funds with minority- and women-owned asset management firms grew to $23.1 billion in Fiscal Year (FY) 2024, an increase of $6.3 billion, or 37.5% since Lander took office. Assets under management by MWBE firms grew from $16.8 billion in FY22 (11.6% of actively-managed US assets), to $19.5 billion in (12.7%) in FY23, to $23.1 billion (13.3%) in FY24. Investment firms owned by people of color and...

UK. Pensions savings confidence hits seven-year low, says BlackRock

Three-quarters of UK defined contribution pensions savers say they are not on track to achieve a “reasonable standard of living” in retirement, according to asset manager BlackRock, marking the lowest level of confidence in long-term savings prospects since the survey began in 2017. The survey of 1,000 savers across the UK found half of those questioned said they could not afford to save enough for retirement, while over a third of DC members said their “biggest concern” was not having...

UK. Pension scheme panned for reportedly taking Bitcoin position

An unnamed UK pension scheme has sparked controversy after investing 3% of its assets in Bitcoin, becoming the first in the country to do so, according to Sky News. The move has been criticised and called "deeply irresponsible" with the warning that it risks retirees' futures by speculating in volatile assets. The pension scheme's advisor, Cartwright, argued that Bitcoin offers diversification and could yield high returns with minimal downside risk. However, critics, including actuary Daniel Wiltshire, caution that pension funds should prioritize long-term stability...

The Gig Economy in India: A Double-Edged Sword

The rise of the gig economy in India represents a profound transformation in the country’s labour market. Enabled by rapid digitization, growing smartphone usage, and platforms like Uber, Swiggy, and Zomato, millions now perform short-term “gigs” without formal employment. This shift promises flexibility for both businesses and workers, offering companies an on-demand workforce while allowing workers immediate earnings. Yet, this transformation has a dual nature: while it offers flexibility and income opportunities, gig work also brings challenges, such as...