June 2024
21Jun

UK. Could ESG factors for pension schemes be a hot topic following the General Election?

The General Election and ESG With the General Election looming, all of the main parties have now published their manifestos, setting out their key pledges and policy aims for the next parliamentary session. The election debates have already produced some heated discussion around areas such as immigration, defence, the NHS and tax levies. In past elections, political parties have made bold promises in relation to meeting net zero targets and tackling climate change – and this year is no different. It...

June 21, 2024
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20Jun

All Generations Agree These Are America’s Top 3 Retirement Savings Worries

As Americans contemplate their retirements and envision their golden years, a cascade of serious concerns and anxieties often accompanies these thoughts. Retirement planning is riddled with weighty financial decisions, and it’s common for individuals to grapple with these uncertainties. A recent survey conducted by GOBankingRates highlights some of the most significant worries Americans have about their retirement. Major Retirement Concerns 1. Running Out of Money A significant 59% of survey respondents fear the possibility of running out of money during retirement. This...

June 20, 2024
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20Jun

S. Korean president declares demographic national emergency

South Korean President Yoon Suk-yeol on Wednesday declared a "demographic national emergency" amid growing concerns about the Asian country's record-low birth rate. Yoon issued the declaration at a meeting of the presidential committee on low birth and aging population, vowing to run a pan-government response system until the low birth issue is overcome, according to the presidential office. The country's total fertility rate, or an average number of children a woman is expected to bear in lifetime, reached a record low...

June 20, 2024
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20Jun

UK. Watchdog consults on pension abandonment

The Pension Regulator on Thursday repeated its concerns that companies may abandon final-salary pension obligations to cut risks and warned that scheme members' benefits could be in danger. The Regulator is to consult the industry about growing interest in companies passing their pension liabilities to outside businesses. It said there are about 10,800 private-sector funds in Britain that pay a defined benefit, usually based on pay levels. "While the Pensions Regulator welcomes innovation that helps employers and trustees better manage pensions...

June 20, 2024
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20Jun

Nigeria. Economic hardship: Workers swoop on their pension contributions

In apparent response to the biting hardship in the economy, the number of workers that made withdrawals from their voluntary contributions under their pension savings increased by 87.6 per cent in the first quarter of 2024, Q1’24. Specifically, the number of workers that withdrew from their voluntary contributions went up to 1,302 in Q1’24, from 694 recorded in the preceding quarter, Q4’23. Also, the value of funds withdrawn from the voluntary contributions increased by 160 per cent to N3.9 billion from...

June 20, 2024
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20Jun

US. The Best Places to Retire Overseas for LGBTQ+ Seniors

A growing number of U.S. citizens are looking to retire overseas. For those who identify as lesbian, gay, bisexual, transgender and queer, there may be special considerations beyond affordability and access to quality health care. For example, it’s important for most LGBTQ+ retirees to settle somewhere that’s safe, allows same-sex marriage and boasts a lively and dynamic LGBTQ+ community. But before deciding on a home overseas, LGBTQ+ retirees should consider some practical aspects. "I recommend extensively researching how your income will be taxed in your potential...

June 20, 2024
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19Jun

UK. The General Election And Pensions Policy

Parliament was dissolved on May 30, 2024, with the General Election being held on July 4, 2024. As a result, much of the planned pensions legislation has been lost and it remains to be seen if the various bills will be reprised by the new Government. The Finance (No.2) Act 2024 survived the election cull and was published on May 24, 2024. Sections of the Act which are relevant to pensions make amendments to the Finance Act 2004 in respect...

June 19, 2024
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19Jun

US. Milliman analysis: Competitive pension risk transfer costs inches down in May, from 100.9% to 100.7%

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI). As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer. During May, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased slightly, from 100.9% of a plan’s accounting...

June 19, 2024
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19Jun

UK. ‘Serious disparity’ around retirement savings of people identifying as LGBTQ+

One in four (25%) people who identify as LGBTQ+ are not saving for their retirement, a survey has found. The research was released by Scottish Widows to coincide with Pride Month in June. It also found that just under a fifth (18%) of people who do not identify as LGBTQ+ report they are saving nothing towards their retirement. People who are LGBTQ+ were also less likely in the survey to say that they have taken financial advice. One in nine (11%) people surveyed who identify as...

June 19, 2024
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19Jun

How Retirement Investments Align With Long-Term Environmental Goals

What do retirement plan sponsors and sustainable investors have in common? A focus on the long term. We explore how different asset classes, particularly real assets, can be aligned with long-term climate-related objectives, such as reducing carbon footprints to net zero. By extension, we suggest ways for retirement plan sponsors—whether in the defined benefit or defined contribution space—to align their investments with increasingly common sustainable climate goals. Key takeaways Climate-related risks and opportunities are present in virtually all asset classes, but...

June 19, 2024
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