October 2024
07Oct

UK. Four New Firms Join the Pension Dashboard Operators Coalition to Reconnect People With Their Savings

The UK Pensions Dashboard Programme (PDP), a project aiming to create the infrastructure required to help over 16 million people plan for retirement and connect with lost pension pots all in one place, has been hit with delay after delay. In an effort to help launch commercial pensions dashboards for consumers more quickly, four new firms have joined the Pension Dashboard Operators Coalition, the industry coalition of potential operators of commercial pensions dashboards. Fidelity International, Mercer, Penny and Pension Lab become the latest firms to join the...

October 7, 2024
News, ,
Read more...
07Oct

China sovereign wealth fund registers benchmark-beating return

China Investment Corporation (CIC) delivered a benchmark-beating return in 2023 on the back of putting greater emphasis on private assets such as private credits and green energy investments. CIC posted 6.57% of ten-year annualised net return as of year-end 2023, outperforming its long-term performance benchmark by 31 basis points, the sovereign wealth fund says in its annual report. The fund’s cumulative annualised net return was 6.23% since its inception in 2007. CIC says the global macroeconomic paradigm shift continued to evolve in...

October 7, 2024
News,
Read more...
04Oct

U.S. corporate pension fund surpluses grew again in September

U.S. corporate pension funding ratios remained well above 100% at the end of September as investment returns continue to outpace rising liability values, according to two new reports. First, Wilshire Advisors estimated the aggregate funding ratio of U.S. corporate plans reached 101.6% as of Sept. 30, an increase of 0.3 percentage points above the 101.3% funding ratio newly estimated by the firm as of Aug. 31. "September's funded status improved due to continued increases in asset values, with most asset classes...

October 4, 2024
News,
Read more...
04Oct

China: Gradual increase to statutory retirement age

Employer Action Code: Act The government has approved legislation to increase the social security statutory retirement age by three to five years gradually over a 15-year period starting January 1, 2025. Key details Over the 15-year period starting January 1, 2025, normal retirement age (NRA) will gradually increase: From age 60 to 63 for men From age 55 to 58 for women in salaried positions From age 50 to 55 for women factory workers These are the first increases to NRA since the...

October 4, 2024
News,
Read more...
04Oct

UK. Frozen state pensions: thousands of expats receive just £3,000 a year

Thousands of retired Britons living abroad receive just £3,000 on average each year from a “frozen state pension” - £7,000 less than retirees living in the UK - according to new analysis. While British pensioners that move abroad still receive a UK state pension, only some of them benefit from the triple lock. This uprates the state pension each year in line with earnings, inflation or 2.5%, whichever is higher. The new full state pension is likely to increase by more than £400 next April,...

October 4, 2024
News,
Read more...
04Oct

US. Who’s left out of retirement savings system?

The tax-advantaged retirement savings system in the United States is one of the most effective wealth-building programs in the world. Too many working Americans, however, are left out of it. Their access to employer-provided retirement plans is limited, and the incentives in the retirement system fail to encourage lower-income workers to save. Just how many Americans are poorly served by the retirement savings system today? It is a deceptively hard question to answer, in part because there are no comprehensive,...

October 4, 2024
News, ,
Read more...
04Oct

Fidelity International says fund sales surged on interest rate cuts, China market rally

Lower interest rates and a rally in China stocks have helped drive sales of investment fund products offered by Fidelity International, a senior executive said. “Following [the People’s Bank of China’s] stimulus package, China’s stock markets have been performing strongly, and we believe there is some room to grow,” said Charlotte Chan, the head of Fidelity’s Hong Kong office, in an interview. “Together with the Fed’s rate cutting cycle, this motivates investors to look at their allocations, especially those who...

October 4, 2024
News,
Read more...
03Oct

Average amount needed for retirement increases by 60 per cent

The average amount needed for a basic retirement has increased by 60 per cent in the past three years, with savers becoming increasingly worried about their financial future as a result, Shepherds Friendly has found. The survey revealed that 38 per cent of respondents regretted not saving enough into their pension, while 39 per cent regretted not saving into a pension. Meanwhile, 56 per cent expressed regrets over not saving more when they were younger, while other regrets included not investing money...

October 3, 2024
News, ,
Read more...
03Oct

UK. FCA: ‘We’ve raised the bar, we never expected all funds to get SDR label’

There is a “healthy pipeline” of funds applying for SDR investment labels, in line with where the regulator expected the market to be at this stage, the Financial Conduct Authority has said. Alicia Kedzierski, head of sustainable finance at the FCA, told delegates at the UKSIF Good Money Week conference 10 labels had been awarded as of yesterday (October 2) and many more were in the pipeline. Though she could not say how many labels the regulator expects to authorise before...

October 3, 2024
News, ,
Read more...
03Oct

What strategies are working to increase pension coverage?

It’s no surprise that people are living longer and retiring later. Last week’s Association of Canadian Pension Management (ACPM)’s annual national two-day conference held in Kelowna, BC offered Canadian pension plan sponsors, administrators, trustees, asset managers and other retirement income system leaders a look into the organizations in Canada and around the world who are employing a range of strategies to increase pension coverage and improve retirement outcomes for Canadians. Global Pension Index David Knox, senior partner and senior actuary for Mercer...

October 3, 2024
News,
Read more...