October 2024
28Oct

At the heart of the Boeing strike, an emotional fight over a lost pension plan

At a rally here this month, machinists union vice president Gary Allen addressed a hall full of striking Boeing workers. “When I'm out on the picket line, I ask everybody, what is the strike about to you?,” he said. Allen didn’t even have a chance to answer his own question before the machinists in the room interrupted. “Pension! Pension! Pension!,” they chanted. Pensions are a major sticking point between Boeing and the union. The machinists want the company to restore the traditional pension...

October 28, 2024
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28Oct

Uruguay Elections: majority rejects pension reform and two candidates move on to the second round.

Early exit polls suggested opposition centre-left candidate Orsi had secured 44% of the vote, followed by Delgado's 27% for the ruling coalition and 16% for young conservative social media expert Andres Ojeda. Early exit polls in Uruguay's election suggest centre-left opposition candidate Yamandu Orsi is ahead of conservative rival Alvaro Delgado and a run-off vote is likely to be needed for a direct duel. Orsi had obtained 44% of the votes, according to an exit poll by Cifra, followed by Delgado's...

October 28, 2024
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28Oct

Will the Pensions Review herald long overdue integrated policy making?

The new government has laudable ambitions, but will it do more than simply “firefighting”? Pensions are a priority, judging by its speed in launching ‘a landmark’ review to boost investment, increase pension pots and tackle waste. Led by the first ever joint Treasury and DWP pensions minister Emma Reynolds, it is initially investigating scale, consolidation, the role of the single employer trust, master trusts and GPPs with their different governance structures of trustees and IGCs. The call for evidence for this, the first...

October 28, 2024
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28Oct

BlackRock wants to talk about retirement. Climate, not so much

More than two years after BlackRock ran into a buzz saw of criticism from US conservatives over its advocacy for sustainable investing, the world’s largest money manager is attempting to change the subject. Chief executive Larry Fink has not used the word “climate” on an analyst call since January, and he mentioned climate, sustainability or the word green just eight times — out of 11,000 words — in his closely watched annual letter in March. These days, the $11.5tn asset...

October 28, 2024
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25Oct

High-stakes pension plebiscite could turn Uruguay’s election in to its ‘Brexit moment’

Uruguayans vote for their next president on Sunday, but the election is set to be eclipsed by another ballot: a pension plebiscite that analysts have warned could cripple the nation’s finances. Along with choosing a new president, 30 senators and 99 deputies, the electorate will also vote on two referendums. The first – which comes in response to rising fears over organised crime and public safety – would allow nighttime police raids on homes. But it is the second that...

October 25, 2024
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25Oct

Vote to continue strike exposes Boeing workers’ anger over lost pensions

Boeing froze its traditional pension plan as part of concessions that union members narrowly voted to make a decade ago in exchange for keeping production of the company’s airline planes in the Seattle area The walkout has stopped production of the company’s 737, 767 and 777 jetliners, cutting off a key source of cash that Boeing receives when it delivers new planes Since going on strike last month, Boeing factory workers have repeated one theme from their picket lines:...

October 25, 2024
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25Oct

Kenya. Workers in informal sector to receive regulated wages, pension in new govt plan

The government has announced that workers in the informal sector will soon begin saving for their retirement and receive medical coverage through an expanded social protection programme. Speaking on Thursday during the launch of a social protection project funded by China in Nairobi, Labour and Social Protection Cabinet Secretary Alfred Mutua said the new plan, which is set for immediate implementation, is expected to benefit Kenya's 16 million informal-sector workers. This will be done by introducing regulated minimum wages and mandating...

October 25, 2024
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25Oct

Is the US headed for a retirement crisis?

Is the United States speeding towards a retirement crisis or not? Well, Wayne Park, CEO of John Hancock Retirement, won't go that far, but definitely believes the “check engine light is on.” Park’s concern is based on the firm’s recently released financial resiliency and longevity report which showed half the respondents feeling like they're falling behind in retirement saving, while another 40 percent said their financial situation was fair or poor. Meanwhile, the survey said the average respondent thinks they're going to be working...

October 25, 2024
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24Oct

US. NYC comptroller proposes stopping pensions’ private market investments in fossil fuels

New York City Comptroller Brad Lander put forth a proposal that would stop the city’s three pension funds from future private equity and infrastructure portfolio investments in midstream and downstream fossil fuel infrastructure like pipelines and liquefied natural gas terminals, Lander announced in a blog on Tuesday. The prohibition would apply to New York City’s Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System should their pension boards approve the decision. The move would expand on the...

October 24, 2024
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24Oct

Pensionbee’s strategic US expansion backed by £20m funding as fintech eyes global pension market

Pensionbee, the online retirement savings provider, reported positive adjusted earnings in the last quarter and raised £20m for its US expansion. The London-based fintech firm saw a revenue increase in the third quarter, jumping to £9m from £6m the previous year. The company anticipates breaking even on an adjusted EBITDA basis by 2024. For the third quarter, it recorded its second consecutive quarter of positive adjusted EBITDA at £1m, as reported by City AM The firm also reported £5.5bn in assets under...

October 24, 2024
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