The demographic time bomb in Europe has been ticking for decades. The countries of the European Union are getting older, and people are living longer. More than a fifth of the population of the European Union is now aged 65 or over. That number is expected to grow to a third by 2050. Last year, the World Health Organization warned that in 2024, the number of people over the age of 65 will exceed the number of people under the...
By MARTIN MWITA Low financial literacy and awareness among the Kenyan population is to blame for the low pension coverage in the country which remains at a low of 26 per cent, industry players now say. A huge number of Kenyans also work in the informal sector, where pension schemes are either unavailable or underutilised. Without targeted interventions, these individuals remain vulnerable, lacking the financial safety net that pensions provide, the Association of Pension Trustees and Administrators of Kenya (APTAK) has noted. The association...
Hong Kong will undertake further reforms to the Mandatory Provident Fund (MPF) to enable employees to switch service providers and widen real estate investment trust (Reit) choices following the successful introduction of the eMPF Platform. The eMPF's introduction in June has improved the administrative process while supporting the switching of MPF providers, Ayesha Macpherson Lau, chairwoman of the Mandatory Provident Fund Authority (MPFA), said in a small group interview. In addition, the abolition of an offset mechanism that allowed bosses to dip into...
Government forcing pension funds to invest in its projects have long been a discussion in South Africa and the ANC promised to implement it after the elections to pay for economic development and industrialisation. Dr David Masondo, deputy minister of finance, said at an Old Mutual event on Tuesday that government is committed to respect the investment mandates of pension funds to increase investment turnover based on acceptable risk. Then he referred to Regulation 28 of the the Pension Funds Act that...
All federal employees need education, and most would benefit from some experienced assistance when planning for retirement. This is true at every stage of their careers, regardless of age or gender. Today I want to highlight some issues unique to federally employed women. According to the Women’s Institute for a Secure Retirement, there are five retirement challenges that many women face when planning for their future. Here is a modified version of this list as it may impact you, as a...
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...
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...
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...
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...
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...
