July 2024
31Jul

Easing Sri Lanka’s Fiscal Burden. Who Needs a State Pension?

The recent economic crisis has highlighted the need to address weaknesses in Sri Lanka’s economic policies forlong-term structural change. One significant issue is the financial burden of public sector pensions. The Public Services Pensions (PSP) is the largest pension scheme for permanent public sector employees in Sri Lanka. However, its non-contributory nature has become a critical burden on the country, wherein pension benefits are funded directly from government revenue, supported by general taxation. With around 700,000 public sector pensioners,this...

July 31, 2024
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31Jul

Kenya. Court Rules Retired Governors Not Eligible for Pension Benefits

Governors suffered a blow after the court ruled in favour of the Salaries and Remuneration Commission (SRC), in a case filed by the Council of Governors (CoG) over a pension row. The High Court ruled that retiring governors and deputy governors at the county level are not entitled to a Defined Benefit Pension Scheme similar to one enjoyed by State officers at the national government level. This judgement follows a petition that had been filed by the Council of Governors (COG) against the...

July 31, 2024
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30Jul

Scammers are targetting older americans and their retirement savings

For nearly three months, Barry Heitin, a 76-year-old retired lawyer, thought he was part of a government investigation that felt like something out of the movies. He was actually assisting criminals in stealing hundreds of thousands of dollars — of his own money. Last fall, he spent just about every weekday doing the legwork and making withdrawals from his bank accounts as part of an intricate scam: He believed he was helping the feds safeguard his money and catch thieves...

July 30, 2024
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30Jul

New superfund guidance reshapes UK pension management

The UK’s Pensions Regulator (TPR) has unveiled updated guidance for superfunds, introducing pivotal changes that accountants and financial planners must heed. The guidance, released on Friday, marks a significant shift in TPR’s approach to capital release and scheme management, potentially unleashing a wave of innovation in the pensions market. At the heart of the update is a change to capital release rules. Previously restricted to benefit buyout scenarios, superfunds can now release capital up to twice yearly, subject to meeting specific triggers and...

July 30, 2024
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30Jul

US. Michigan joins Wisconsin pension fund with bitcoin investment

When the Securities and Exchange Commission approved bitcoin exchange-traded funds, one of the questions after the approval was whether institutional investors would now be more comfortable investing in the cryptocurrency using those vehicles. It joins its neighboring swing-state retirement fund in investing in the cryptocurrency. The State of Wisconsin Investment Board previously has shown up in the top shareholder lists for the iShares Bitcoin Trust and the Grayscale Bitcoin Trust . The Jersey City, N.J., pension fund is looking to invest...

July 30, 2024
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30Jul

Ghana’s Constitutional Conundrum: A call for reform

By Joseph Bagah   Ghana’s constitutional framework has been a subject of concern, and a lot of brainstorming has gone on for many years. The practice where Members of Parliament (MPs) play dual roles or serve multiple positions as Ministers has raised questions about whether conflict of interest situations do not arise and the lines between Legislative and Executive blurred. This concentration of power has resulted in a lack of accountability and transparency in governance perpetuating a system where those who...

July 30, 2024
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29Jul

UK. Lifetime annuity rates rise to over 7% in June

Lifetime annuity rates have continued to improve in 2024, rising to 7.08 per cent in June for a healthy 65 year old, according to the Standard Life Annuity Rate Tracker. This is around a 4 per cent increase from the average rate of 6.81 per cent in January and a 2.64 per cent improvement from 6.9 per cent in March. This would add an extra £3,659 to the average total lifetime income for a 65 year old man and £4,059 to...

July 29, 2024
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29Jul

Japanese pension funds tiptoe into moonshot tech investments

Tokyo-based Beyond Next Ventures’ latest startup fund is 56% bigger than its predecessor, thanks to growing interest from the country’s traditionally risk-averse pension funds. Of the ¥25.7 billion ($160 million) the company raised for bets on cutting-edge tech and research startups, 20% came from trustees handling annuities and other long-term investments, according to the company. It’s one of the first signs that a trickle of money from the aging economy’s $$3.3 trillion’ worth of pension assets is going into the...

July 29, 2024
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29Jul

US. The No. 1 enemy of your 401(k) plan may be you

Here's the truth about the portfolio strategy you might be following When the stock market did a face-plant earlier this week, I went and checked some numbers. And I thought: Yep. Like clockwork. Yep: Individual investors have been feeling bullish. Yep: Joe and Jane Q. Public have been pouring money into the stock market - after this year's big run-up. The Investment Company Institute reports a surge of buying of mutual funds and exchange-traded funds that invest in U.S. stocks in the...

July 29, 2024
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29Jul

Elderly Germans Face Rising Poverty Threat

Germany is facing a growing concern over the rising number of elderly citizens living in poverty. Recent investigative reports indicate that a staggering 3.2 million pensioners in the country are at risk of economic hardship, a situation worsened by stagnant wages and insufficient pension benefits. As mentioned in reports from the public broadcaster ARD, nearly one in five, or approximately 18.7%, of Germany's pensioners were classified as being at risk of poverty as of 2017. This alarming statistic highlights...

July 29, 2024
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