September 2024
10Sep

Ghana. NPRA press releases on informal sector pensions: Matters arising

There are two press releases circulating on Informal Sector Pensions dated 26/08/2024 and 30/08/2024 issued by the National Pensions Regulatory Authority (NPRA), bringing to the attention of the general public that informal sector pensions already exist. In the 30/08/2024 press release, the NPRA directly linked informal sector workers to self-employed persons, stating: “…the new Pensions law has offered opportunities for self-employed persons (informal sector workers) to voluntarily contribute towards their pensions. Additionally, the NPRA associated Personal Pension Schemes with the informal...

September 10, 2024
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09Sep

Buoyant markets pump up largest retirement plan assets to $22.6 trillion in 2023

Assets of the world’s top 300 retirement plans increased by 10% in 2023 to a total $22.64 trillion, staging a recovery from their 12.9% decline in 2022, according to the according to the latest annual survey by Pensions & Investments and Willis Towers Watson PLC's Thinking Ahead Institute. The plans benefited from the recovery of markets, which have picked up momentum and generally did better in 2023, said Jessica Gao, London-based director at the Thinking Ahead Institute. “But we still have interest-rate pressure...

September 9, 2024
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09Sep

India. Social security benefits for gig workers likely to be on fast-track: Report

The Indian government plans to advance the launch of social security benefits for workers employed in unorganised sectors potentially before the full implementation of the comprehensive Social Security Code, according to a report by The Economic Times. This development follows efforts by several states to introduce similar provisions within their local laws. The Ministry of Labour and Employment has been engaged with aggregators operating in digital marketplaces for gig work, urging them to prepare for the extension of social security benefits...

September 9, 2024
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09Sep

UK. FCA bans 4 over ‘reckless’ pension transfer advice

The Financial Conduct Authority has banned two financial advisers and two partners from St Martin’s Partners LLP from working in financial services and has collectively fined them £590,544, for "reckless" pension transfer advice. The regulator said Adrian Douglas, Liam Martin, Frank Oxberry and Alec Cuthbert were responsible for a pension transfer advice model that put people’s guaranteed retirement benefits at risk. Between October 2015 and July 2016, the FCA claims St Martin’s Partners’ advice model put 547 customers at “significant risk” of transferring...

September 9, 2024
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09Sep

Outrage Over Pension Cuts in Indonesia: Key Insights on Contributions and Withdrawal Options

New Pension Program Will Cut Employee Salaries: What You Need to Know The implementation of a new pension program will lead to salary deductions for workers. This mandatory contribution aims to enhance retirement benefits. However, many employees are worried about the impact on their take-home pay. Labor unions are actively voicing their opposition, especially in regions like South Kalimantan. They argue that the additional deductions will strain workers’ finances. Warning! The new pension deductions may significantly affect workers’ salaries. Employees should prepare...

September 9, 2024
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06Sep

UK and US pension risk transfer market to exceed £250bn in next three years

Legal & General has today released the latest edition of its Pension Risk Transfer (PRT) Monitor, which analyses industry trends and market outlooks in the UK and US. Findings from the report show: The UK PRT market has completed an estimated £20bn of buy-ins and buyouts in the year to date The US market experienced a record breaking first half, estimated at $26bn Both markets are on track for one of their largest years ever, with a significant increase in the number...

September 6, 2024
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06Sep

How European countries are reforming pensions to tackle rising costs, worker shortages

German measures to incentivize workers to retire later come as governments across Europe are turning to pension reforms to address worker shortages and ease the burden on their pension systems. Here is what other European countries are doing. FRANCE Almost half of all developed countries are expected to raise their official retirement age in the future, resulting in an average age of retirement of 66 years within the Organisation for Economic Co-operation and Development. Nevertheless, this is a politically divisive topic, which can have a...

September 6, 2024
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06Sep

Asia faces $74t retirement income shortfall

Emerging markets in Asia face a $74 trillion pension savings shortfall. Asia may face a retirement income shortfall as those over 60 are expected to make up 25% of Asia Pacific's population, a sharp increase from 14% in 2020, a report by McKinsey revealed. Emerging markets in Asia face a $74t pension savings shortfall, equating to about $50k per worker—11 times the average annual income. In countries like India and Indonesia, pensions cover only 8% of the population. McKinsey said to address the...

September 6, 2024
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05Sep

UK. State pension to rise by over £400 next year

The Treasury expects the new full state pension to be boosted above inflation by more than £400 a year in cash terms. The internal working calculations seen by the BBC reflect the near certainty that the state pension will be increased by average earnings figures released next week. This is due to the triple lock, which means the state pension increases every April by whatever number is highest out of inflation, the average UK wage increase, or 2.5%. The news comes as...

September 5, 2024
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05Sep

Climate, housing and pensions – the new partnership shaping the future of retirement

Pensions for Purpose and Independent Governance Group (IGG) announces IGG’s new role as a Community Partner with Pensions for Purpose.} The partnership furthers IGG’s ongoing commitment to address the challenges the pensions industry faces through systemic risks such as climate change, biodiversity loss and income inequality. This association and the wider Pensions for Purpose Community has been set up to accelerate the sharing of knowledge and investment in assets that benefit people and the planet. This is the first linking...

September 5, 2024
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