August 2024
16Aug

US. Few Plans for Retirement Are Weatherproofed for Extreme Events

Most Americans are fretting over the risks extreme weather events can pose to their plans for retirement, according to Allianz Life Insurance’s annual retirement study. “As natural disasters become more frequent, more intense and more costly, Americans are waking up to how this could pose a risk to their retirement nest egg,” said Lorinda Niemeyer, Allianz Life’s head of sustainability, in a statement. “For many, extreme weather is increasing daily costs of living, insurance costs and other ongoing expenses. And those...

August 16, 2024
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16Aug

UK. Aegon launches digital pension transfer comparison service

Aegon has launched a ‘Red Amber Green’ pension transfer comparison service, expanding its partnership with The Pension Lab. The tool, part of a larger digital bulk transfer service, enables workplace members, particularly those without advisers, to find and compare old pension pots. Members can access pension information classified as red, amber, or green (RAG) based on characteristics and prices. The service contains a price comparison tool that highlights features to assist users in making transfer decisions and allows for paperless...

August 16, 2024
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15Aug

UK. Government reportedly considering raising minimum pension contribution for employers – is it a good idea?

Experts say the change could be a ‘major boost’ to employees’ financial security but to minimise the impact on businesses, increases should happen gradually Chancellor Rachel Reeves is considering increasing the minimum level for employer pension contributions, according to a report by The Telegraph. The government has had discussions with pension providers and asset managers about how aspects of Australia’s pension system could be replicated in the UK, including employer contributions, the newspaper reported. Employers in Australia must currently contribute 11.5 per...

August 15, 2024
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15Aug

​Swedish municipal pensions debt surged amid inflation shock

Pension liabilities of Swedish municipalities and regions are continuing to increase, according to a new report from pension provider Skandia, with the collective obligations having grown by SEK42bn (€3.66bn) between the 2022 and 2023 financial years. In the report, which Skandia produces every year, the firm said that at the end of the financial year 2023, the total pension debt of municipalities and regions around the country amounted to over SEK543bn. This translated into a pension debt per resident of more...

August 15, 2024
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15Aug

The world’s largest pension fund is profiting from tech stocks

The world's largest pension fund is profiting from tech stocks Nearly 9,000 companies across dozens of countries have the Norwegian sovereign wealth fund as a shareholder. Alongside other investments, this contributed to a substantial gain in the first half of the year. Tech stocks' value increase was particularly notable. The Norwegian sovereign wealth fund saw a triple-digit billion gain in the first half of the year, totaling around 1.5 trillion kroner (125 billion euros), according to Norway's central bank. This corresponds...

August 15, 2024
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15Aug

Boomers Are at Higher Risk of Running Out of Retirement Money Than Younger Workers

The kids really are all right, at least when it comes to saving for retirement. New research finds that younger American workers are actually positioned to have greater financial security in their post-work years than older generations. Just over a third of Gen Z workers and 44% of millennial workers are projected to run out of money in retirement, compared to 47% of Gen X and 52% of baby boomers, according to Morningstar's model of retirement outcomes. “The results for baby boomers and...

August 15, 2024
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14Aug

Canadian pension plans facing unexpected taxes in EU countries: PIAC

Canadian pension plans are facing unforeseen taxation of dividends in European Union countries like Germany and the Netherlands, said the Pension Investment Association of Canada. In an open letter, the PIAC said its members have endured a discriminatory dividend taxation relative to settled European tax law and the free movement of capital within the EU over the last decade. “Canadian pension plans are seeing discriminatory and distortive taxation, resulting in penalties from broad applications of the ‘free movement of capital provision’...

August 14, 2024
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14Aug

Europe’s pension crisis: How can it be solved?

Europe's demographic time bomb has been ticking for decades, with societies of European Union countries growing older and people living longer. More than a fifth of the European Union's population is now aged 65 or older. That figure is expected to reach a third by 2050. The World Health Organization warned last year that 2024 would mark the first time that over-65s would outnumber Europe's under-15 population. Despite large increases in immigration over the past two decades, the continent still needs to attract enough workers...

August 14, 2024
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14Aug

Zimbabwe. Formalisation key to enhanced social security cover for female workers

URGENT measures should be taken to promote formalisation of the economy to facilitate increased social security cover for female workers who are disproportionately represented in the informal sector when compared to their male counterparts, resulting in their exclusion from available social security benefit schemes. As Zimbabwe pushes the momentum towards attainment of an upper middle income economic status by 2030, experts have stressed the need to widen social security cover as part of efforts to alleviate poverty and cushioning ordinary...

August 14, 2024
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14Aug

UK’s Just Group beats first-half profit estimate as demand for pension insurance soars

Just Group (JUSTJ.L), opens new tab's first-half profit beat estimates on Tuesday, and the British insurer now expects full-year earnings to surpass its previous expectations on demand for pension insurance, sending shares up as much as 18% in early trading. The stock hit its highest since June 2018 on Tuesday at 139 pence after the London-listed company said it expects to "substantially" exceed its 2024 operating profit forecast in March - of over 420 million pounds - twice its profit in...

August 14, 2024
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