October 2024
30Oct

Striking Boeing workers may have leverage, says pension expert Teresa Ghilarducci

Machinist workers striking against Boeing Co., Chicago, may have the leverage to potentially set a precedent in their demands for the company to restore its defined benefit plan, says Teresa Ghilarducci. Ghilarducci, professor of economics at The New School for Social Research and the director of the Schwartz Center for Economic Policy Analysis and The New School's Retirement Equity Lab, is a longtime advocate for retirement security. She said that companies like Boeing, where reliability and consistency are essential in high-stakes...

October 30, 2024
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30Oct

8.1 Million Ghanaian workers not covered by pension scheme – Prof. Abdallah Mashud

The Executive Director of the Africa Centre for Retirement Research (ACRR), Professor Abdallah Mashud, has disclosed that as of last year, 2023, approximately 8.1 million Ghanaian workers were not covered by any form of pension scheme. Speaking on Joy News’ AM Show on Tuesday, October 28, 2024, with Benjamin Akakpo, the renowned social security expert described the situation as problematic. He was discussing the 2024 pension manifesto of the two major political parties: the National Democratic Congress (NDC) and the New Patriotic Party...

October 30, 2024
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30Oct

‘Companies are not listening to us’: DC schemes’ net zero challenges

Progress towards achieving net zero carbon emissions by 2050 is being hampered by some companies failing to engage with pension schemes or backtracking on previous commitments, according to research. A new report from the Defined Contribution Investment Forum (DCIF) has highlighted stewardship and engagement issues being faced by some of the country’s largest defined contribution (DC) master trusts. Katharina Lindmeier, senior responsible investment manager at Nest, told the DCIF that much of the “low hanging fruit has been plucked” as schemes...

October 30, 2024
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30Oct

What Are the Top Retirement Planning Questions Among Boomers?

Not surprisingly, “how much money will I need to retire comfortably” and “is it possible I could outlive my savings” were the top responses among Baby Boomers who were asked to select their top three “burning questions,” but another important issue was also on their minds. And that is the issue of long-term care, according to the latest findings from Northwestern Mutual’s 2024 Planning and Progress Study. Perhaps because of their proximity in age to retirement, Boomers included long-term care concerns...

October 30, 2024
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30Oct

UK Budget and US election hot topics at pension seminar

The impact of the upcoming UK Budget and US election on pensions and investment markets was a key focal point at Quantum Advisory’s latest event. Finance, HR and pension professionals came together on 22 October to hear exclusive industry insights and market updates at the firm’s pension and investment breakfast seminar at the Celtic Manor Twenty Ten Clubhouse. Dan Redwood, a senior investment consultant and actuary at Quantum Advisory, opened the event with an overview of macroeconomics, gilts and equity markets...

October 30, 2024
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29Oct

UK. Research reveals ‘clear need’ for greater DB support at retirement

More than a third (38 per cent) of pre-retiree defined benefit (DB) pension scheme members do not feel confident about planning their retirement, according to research from Just Group, which highlighted a "clear need" for greater support at retirement. In addition to this, the survey found that one in five pre-retired DB members over the age of 50 are yet to start planning for life after work. Given this, Just Group argued that there is a "clear need" to help private...

October 29, 2024
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29Oct

Hong Kong Sets AI Guidelines for Finance, Eyes Tax Break for Digital Assets

Hong Kong has unveiled its inaugural policy guidelines focused on the use of artificial intelligence in finance, alongside a potential tax incentive for digital assets, in a bid to strengthen its position as a premier business hub in Asia. According to Bloomberg, the new measures aim to create a supportive yet regulated environment for AI and digital asset investment, central to Hong Kong’s strategy to draw international investors back to its markets. On Monday, senior government officials announced a unified framework designed...

October 29, 2024
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29Oct

China. Beijing unveils policies for strengthening financial services

China's capital city Beijing has announced a series of policy initiatives for five key financial areas: tech finance, green finance, inclusive finance, pension finance, and digital finance. These initiatives aim to bolster the capital's new quality productive forces and foster high-quality development in each sector. The guidelines for advancing inclusive finance in Beijing encourage banks to increase lending to small and micro enterprises, focusing on first-time loans, renewals, credit loans, and long-term financing options. The document also promotes developing insurance...

October 29, 2024
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29Oct

Malta. Government to enroll its workers in pension schemes, match contributions

The government is to launch a voluntary occupational pensions scheme and will match contributions made by public sector workers, Finance Minister Clyde Caruana announced in his budget speech on Monday. The initiative aims to expand pension savings options for employees by encouraging both public and private sector workers to participate. "While employers will not be obliged to contribute, they must offer their employees the opportunity to join such a plan.  It is up to the employee to decline this option," the...

October 29, 2024
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29Oct

Aging demographics push South Korea’s insurance market to $191 billion

As South Korea's population ages rapidly, the demand for health and retirement-focused insurance products is forecasted to drive steady growth in the nation’s insurance market. According to a recent GlobalData report, South Korea's insurance sector is expected to expand from KRW 218.3 trillion (US$167.1 billion) in 2025 to KRW 249.7 trillion (US$191.2 billion) by 2029, reflecting a compound annual growth rate (CAGR) of 3.4%. “The South Korean insurance industry contracted by 7.5% in 2023 due to slower economic growth, which impacted...

October 29, 2024
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