October 2022
26Oct

US. Early retirement took off during the pandemic

Even as many Americans have returned to work over the past year, making up for most of the pandemic losses in the labor force, a sizable number of older workers are choosing to remain on the sidelines. In September, the share of people 55 and older who were working or looking for work was down 1.5 percentage points as compared with February 2020, according to the Labor Department. (For comparison, prime-age workers, or those 25 to 54 years old, are...

October 26, 2022
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25Oct

UK. University staff to strike over pay and pensions

University lecturers, librarians and admin staff across the UK will strike over pay and pensions, the University and College Union (UCU) has announced. A total of 70,000 UCU members at 150 universities were asked to vote in two separate ballots - one on pay and working conditions, and another on pensions. Strike dates are yet to be decided. University employers say a pay rise would put jobs at risk in what they say are "very difficult" financial times. Students - some of whom...

October 25, 2022
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25Oct

Pensions regulator plays down LDI risk to EU

Eiopa doubts UK gilt market chaos could occur to same degree in Europe Read also Swiss regulator expects underfunding for pension funds facing volatility The European Union’s top pensions and insurance regulator is cautiously optimistic that the chaos suffered by UK pension funds will not be crossing the Channel any time soon. When government bond prices moved against them in late September, the funds were left scrambling to meet large margin calls on derivatives and leveraged repo positions. “Our insurance and...

October 25, 2022
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25Oct

Canada pension fund to pour $470m into Japanese renewables company

Major Canadian pension fund CDPQ plans to invest 70 billion yen ($474 million) in Shizen Energy, a Japanese developer of renewable energy. Demand is increasing for environmentally conscious investing globally. If Japanese renewable energy companies can build a track record at home and abroad, they will be able to attract global decarbonization money. CDPQ will invest 20 billion yen by subscribing to Shizen Energy convertible bonds in October. In addition, 50 billion yen has been set aside for an investment framework...

October 25, 2022
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25Oct

Number of pensioners in poverty on the rise in Germany

The aim of the pension system in Germany is to ensure that anyone who has spent a good portion of their life working can draw upon decent pension benefits when they retire. But according to a new report, for a rising number of people, the old-age pension is not enough to live on. 628.000 pensioners in Germany drawing basic subsistence benefits A growing number of pensioners in Germany are being forced to rely on basic subsistence benefits, as well as...

October 25, 2022
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25Oct

Swiss regulator expects underfunding for pension funds facing volatility

The Swiss occupational pension supervisory commission – OAK BV – expects that a number of pension funds will end up underfunded at the end of the year as a result of market volatility and negative returns. Some pension funds may decide to ultimately trigger restructuring measures, depending on the specific situation of the scheme. Funding ratios of Swiss pension schemes in fact continued to fall this year, from 103.4% at the end of June to 99.5% at the end of September,...

October 25, 2022
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24Oct

US. IRA Limits Are Rising in 2023. Here’s What Retirement Savers Need to Know.

You have an even greater opportunity to build yourself a strong nest egg. Building a nest egg is an important thing to do if you want to retire in a comfortable manner. Sure, you can tell yourself you'll just fall back on Social Security -- but doing so might lead to a serious income shortfall down the line. Now when it comes to saving for retirement, you have options. If your employer sponsors a 401(k) plan, it could pay to contribute....

October 24, 2022
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24Oct

UK. Inflation sparks a new era of pensions inequality

The generosity of public sector pensions was a compensation for low salaries. However, this gap is narrowing. The average worker in the private sector earned £622 a week in the year to August, according to an IDR analyst. The average public sector worker, excluding those who worked in finance, earned £593. Former public servants will also enjoy two layers of taxpayer-funded inflation protection next year, assuming the “triple lock” state pensions are maintained. The policy pledges to increase the state pension...

October 24, 2022
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24Oct

The anxieties of growing old when you’re LGBTQ

Who would you call to bring you chicken soup? For many LGBTQ seniors who are alone, that’s no easy question. Who would bring you chicken soup if you were sick? For most people of a certain age, that’s easy — a spouse or an adult child would step up. For many LGBTQ people, however, it’s not a simple question at all. “Many [would] have to think really hard about this,” said Imani Woody, an academic and community advocate who retired from AARP...

October 24, 2022
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24Oct

UK parliament panel probes defined benefit pension schemes over safeguards

A British parliament panel on Monday launched an inquiry into the defined benefit pension schemes with liability-driven investments (LDIs) to ascertain whether they have adequate regulation to protect pension funds' value. The work and pensions committee inquiry will examine the impact of the recent volatility in gilt yields and intervention by the Bank of England (BoE) as well as the role of the pensions regulator in monitoring the use of LDIs and whether these schemes have proper oversight arrangements in...

October 24, 2022
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