August 2024
12Aug

Over 64% Agree: Raising Retirement Age Will Affect China’s Workforce

China’s recent announcement to gradually raise its statutory retirement age over the next five years has sparked widespread public interest. This move, aimed at addressing the challenges posed by an aging population and a stressed pension system, has garnered mixed reactions across the country. Real Research, an online survey app, conducted a survey on China raising retirement age to gauge public awareness and sentiment regarding this significant policy shift. Key Findings 57.44% believe that the current retirement age in China is...

August 12, 2024
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12Aug

Confronting low fertility rates and population decline

Fertility rates have been declining in high-income countries for decades. This trend, along with increasing human longevity, poses a challenge for advanced economies. This column argues that a holistic set of policies can be implemented to address the economic risks. These policies should stimulate human capital accumulation and education, which are more important than population size for economic prosperity. Furthermore, polices should promote healthy aging and more choice over retirement decisions, and family-friendly policies to slow the fall in...

August 12, 2024
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12Aug

Australian Pensions Industry Boosts Investments in Natural Catastrophe Reinsurance

The risks from the growing number of natural disasters offer Australia’s largest pension funds a chance to boost returns. Colonial First State, one of the nation’s biggest pension and wealth managers, is looking to add natural catastrophe reinsurance to its A$151 billion portfolio ($99.5 billion), while rival Insignia Financial Ltd. posted returns of 16% in the category last financial year. Australia’s fast-growing pensions industry needs to find investment opportunities for the more than A$2 billion of inflows it gets every week....

August 12, 2024
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09Aug

EU allocates €43 million for Palestinian Authority salaries

The European Union (EU) has announced a €43 million contribution to assist the Palestinian Authority in paying salaries and pensions for its employees and retirees in the West Bank. According to the EU statement, this financial aid is intended to help the Palestinian Authority meet part of its obligations to its civil servants amid severe financial difficulties caused by a prolonged economic crisis in the occupied Palestinian territories. The situation is exacerbated by irregular Palestinian tax clearance payments and ongoing deductions...

August 9, 2024
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09Aug

Pay workers’ contributions on time – SSNIT tells government

The Social Security and National Insurance Trust (SSNIT) has painted a gloomy picture about the sustainability of the scheme saying the escalation in benefit disbursements was outpacing the rate of contribution collection. The Director-General of SSNIT, Kofi Bosompem Osafo-Maafo attributed the phenomenon to irregular payments by the government being the largest employer. He was speaking at the opening of a three-day 2024 Operations and Benefits Conference of SSNIT at Elmina on Wednesday, August 8. The conference on the theme: “Sustaining the SSNIT...

August 9, 2024
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09Aug

Largest UK pension fund sells off Israeli assets amid member anger over Gaza

The UK's largest pension fund has sold off £80m ($101m) in assets linked to Israel amid internal pressure from members, the Financial Times has reported. The Universities Superannuation Scheme (USS) manages investments totalling £79bn in total and has more than 500,000 members who work for universities and higher education institutions in the UK. Pressure has grown on the fund to withdraw its Israeli investments in light of the ongoing war on Gaza and Israel's longstanding occupation of Palestinian land. At least, 40,000 Palestinians have been killed in Israel's ongoing military...

August 9, 2024
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09Aug

US. House committee still seeking answers on pension bailout overpayments

Republican members of a House committee are still seeking answers over the mismanagement of bailout money distributed to failing pension plans. A Wednesday letter penned by Reps. Virginia Foxx, R-N.C., and Bob Good, R-Va., called on Attorney General Merrick Garland to provide all communications surrounding the Department of Justice’s investigation into more than 60 multiemployer pension plans that were alleged to erroneously include dead plan participants on their special financial assistance applications. Central States Pension Fund entered a civil settlement in...

August 9, 2024
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09Aug

AIIM raises $954m in ‘biggest African fundraise in the last three years’

Cape Town-based African Infrastructure Investment Managers (AIIM) raised $748 million for its African Infrastructure Investment Fund 4, well above the $640 million hard-cap. Another $206 million was raised in co-investments. The previous fund in the series raised $400 million against a $750 million target, so this present oversubscription is a marked change, agrees Paul Frankish, AIIM’s head of strategic initiatives. “This is the biggest African fundraise in the last three years. A lot of the groundwork that we did by engaging with investors in the last...

August 9, 2024
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08Aug

Pension schemes to be rated red, amber or green in plans to improve transparency

A new traffic light-style rating system for workplace pension schemes could improve transparency over their performance and ultimately lead to better value for savers, according to the Government and regulators. The plans aim to reduce the number of savers sitting in poor-value pensions and schemes would be publicly rated red, amber or green, once the framework is finalised. Competitive pressures should help to drive up standards and over time, regulators expect to see less of a gap between worse-performing schemes and...

August 8, 2024
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08Aug

Chancellor Reeves: Pension funds can fire up the UK economy

Chancellor Rachel Reeves wants UK to learn lessons from ‘Canadian model’ ahead of meeting with major Canadian retirement funds Reeves confirms first Mansion House address will focus on financial service sector’s role in delivering more investment and financing growth as work continues to fix foundations of the economy, rebuild Britain and make every part of the country better off The Chancellor Rachel Reeves has called on pension funds to “learn lessons from the Canadian model and fire up the UK economy”....

August 8, 2024
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