December 2024
17Dec

Nigeria. Voluntary pension savings rise as workers prioritise future

Workers are voluntarily increasing their contributions to the pension scheme as they focus on the future in the face of economic uncertainties. Data from the National Pension Commission (PenCom) shows that Additional Voluntary Contributions (AVCs) under the Contributory Pension Scheme (CPS) have more than tripled in the last two years. The total AVCs rose from N1.08 billion in second quarter 2022 to N3.46 billion in second quarter 2024, indicating a 220.4 percent increase over the two-year period. This sharp increase in voluntary...

December 17, 2024
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17Dec

Canada lifts 30% pension fund investment cap

The federal government has announced plans to remove the long-standing cap that restricts Canadian pension funds from owning more than 30% of voting shares in a Canadian entity, finance minister Chrystia Freeland revealed during a press conference in Toronto on Friday. This change, part of Monday’s fall economic statement, is part of a push to increase domestic investment and leverage the vast resources of Canadian pension funds. “Canadian pension funds have over $3 trillion in assets and some of the world’s...

December 17, 2024
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16Dec

US Working To Help Retirees Locate ‘Lost’ Retirement Savings Starting in 2025 — What To Know

When it comes to personal finances, few things are as important as saving for retirement. Unfortunately, many Americans are behind on their saving goals – and some have abandoned their retirement accounts altogether. Research from Capitalize found that as of May 2023, there were roughly 29 million left-behind or forgotten 401(k) accounts holding approximately $1.65 trillion in assets. That figure represents about one-quarter of all 401(k) plan assets — and the U.S. government wants to do something about it. Last month, the Department...

December 16, 2024
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16Dec

India. Why a nation of 1.45 billion wants more children

Last year, India nudged past China to become the world's most populous country, according to UN estimates. With nearly 1.45 billion people now, you'd think the country would be quiet about having more children. But guess what? The chatter has suddenly picked up. Leaders of two southern states – Andhra Pradesh and Tamil Nadu – have recently advocated more children. Andhra Pradesh is mulling providing incentives, citing low fertility rates and ageing population. The state also scrapped its "two-child policy" for local body elections,...

December 16, 2024
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16Dec

China. Families face realities of dealing with old age depression

At the age of 74, Wang Youlin had never imagined he would face the debilitating grip of depression. His life, once filled with laughter, adventure and the joy of watching his children grow up, began to unravel quietly in the months following his retirement. A formerly active man, he had been a basketball coach, shaping young minds and building lasting friendships with his students. But over time, something changed. The first signs were subtle. Wang, who usually got up at six...

December 16, 2024
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13Dec

UK. DC retirement expectations fall for young savers amid ‘flat’ investment returns

The expected future living standard in retirement provided by defined contribution (DC) savings fell for young savers in Q3, following "flat" investment returns, Aon’s UK DC pension tracker has revealed. The youngest saver’s expected income in retirement decreased by around £170 p.a. (0.5 per cent), driven by the increase in expected inflation and a decrease in the expected future investment return assumptions post-retirement. An increase in future expected return assumptions before retirement partially offset these decreases. However, older savers’ expected retirement...

December 13, 2024
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13Dec

China Expands Private Pensions Nationwide Despite Challenges

China is expanding its private pension fund pilot program nationwide to address retirement payout strains. The limitations of the experiment are already on display. Disappointing fund performance and a lack of investor interest are just some of the difficulties that private pension funds have encountered after China rolled out the program in 36 cities since 2022. The program allows workers to contribute as much as 12,000 yuan ($1,650) to tax-sheltered accounts similar to Individual Retirement Accounts in the US. It was...

December 13, 2024
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13Dec

A Checklist for Retiring in 2025

Only you can know if you're ready for a checklist for retiring in 2025. If you’re 60 or getting there, retirement is no longer a hazy concept in the distance. It’s a real deadline. In five or six years, or maybe just a year. Or six months. Or even six weeks. You are going to leave your full-time job, not for a new phase in a working career, but for a largely unknown future. Ideally, you’ve prepared financially and otherwise...

December 13, 2024
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12Dec

How climate change will impact pension fund investment portfolios

Failure to transition to a low-carbon economy could cost pension schemes up to 30% in investment losses by 2050, according to new research. Analytics and risk management firm Ortec Finance analysed the investment portfolios of 30 large UK pension schemes based on exposure to climate change risks. It modelled seven different scenarios for the global transition away from fossil fuels and towards renewable energy sources, and found that real estate and listed equities were the most vulnerable asset classes if any...

December 12, 2024
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12Dec

November Sees Another Gain in Corporate Pension Funded Status

The funded ratios of defined benefit corporate pension plans in the U.S. rose in November, with strong market returns offsetting a drop in discount rates, according to tracking by some of the country’s largest pension consultancies. Milliman Inc., which tracks 100 of the largest corporate pension plans through its monthly index, reported that funded ratios rose to 103.5% as of November 30, outdoing the end of October’s 103.2%. The average market gains of 1.88% lifted the value of the plan assets Milliman tracks...

December 12, 2024
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