March 2024
05Mar

Switzerland votes against increasing the retirement age. What are the retirement ages around the world?

Swiss nationals have voted in favour of increasing their state pension by an extra month every year. The nationwide referendum saw Swiss voters take to the ballot box to discuss issues on living standards for the elderly. Around 60 per cent of the nation voted in favour of providing the additional payout each year, while simultaneously refusing to raise the retirement age from 65 to 66. At present, the maximum monthly state pension is €2,550 (£2,180; $2,760) but the cost of living in Switzerland has dramatically...

March 5, 2024
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04Mar

U.K. pension funds to disclose domestic investment as London stock market falters

Chancellor Jeremy Hunt on Saturday said U.K. pensions will have to disclose how much they have invested domestically, in a move meant to boost the faltering U.K. stock market. Under the plan, defined contribution funds by 2027 will have to disclose their level of investment in British businesses, as well as their costs and net investment returns. Hunt said the proposal will first be reviewed by the Financial Conduct Authority. Pension funds also will have to disclose how they performed against...

March 4, 2024
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04Mar

US. Retirement Account Balances Hit Their Highest Levels in Nearly Two Years

Key Takeaways 37% of workers increased their retirement savings contribution in 2023, boosting average account balances to their highest levels in nearly two years. Fidelity recommends that individuals save at least ten times their income by age 67, or 15% of their annual pre-tax income each year, to retire comfortably. As of year-end 2023, the average 401(k) balance of Gen X workers had reached more than half a million dollars ($501,000). Improved market conditions and consistent contributions boosted average retirement...

March 4, 2024
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04Mar

UK. Make My Money Matter publish report analysing leading pension providers’ action on climate change

A recent report by Make My Money Matter sheds light on the relationship between finance and environmental stewardship, revealing both the potential and the shortcomings of our pension investments. The UK Pensions: Climate Action Report highlights the stark reality that while many of us contribute to pensions, few of us truly understand where our money goes and the consequences of it. Often, out of the £3 trillion that exists in UK pensions, this money is financing industries that perpetuate environmental...

March 4, 2024
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04Mar

Revolutionizing Retirement: How TWPS is Pioneering Pension Participation in Jamaica

In a groundbreaking move, the Tourism Workers Pension Scheme (TWPS) is setting a new standard for pension schemes, aiming to significantly boost retirement participation among Jamaica's tourism workers. Differentiated by its inclusivity of both employed and self-employed individuals and bolstered by government support, TWPS is driving towards a membership goal of 20,000 in the current year, overcoming initial setbacks caused by the COVID-19 pandemic. Unique Features and Strategic Goals The TWPS stands out by covering workers in the private sector, with...

March 4, 2024
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01Mar

US. Retirement Savings System Under Fire at Senate Hearing

A hearing that was billed as “taking a serious look at the retirement crisis in America” with a focus on improving the defined benefit system ended with witnesses agreeing that some reforms are needed, but calling for drastically different measures. The Feb. 28 hearing was held by the Senate Health, Education, Labor and Pensions (HELP) Committee, which is chaired by Sen. Bernie Sanders (I-Vt.). Included among the single panel of witnesses testifying were: Teresa Ghilarducci, Irene and Bernard L Schwartz Professor of...

March 1, 2024
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01Mar

Pension funds’ role in Brazil’s farmland controversy

Global pension funds are implicated in the deforestation of Brazil's Cerrado, impacting local communities and climate goals. In short: Armed men, allegedly hired by land claimants, have forcibly displaced local communities in Brazil's Cerrado, destroying homes and livelihoods. Major global pension funds, including TIAA, have invested billions in Brazilian farmland, contributing to deforestation and land conflicts. The destruction of the Cerrado, a key carbon sink and biodiversity hotspot, poses significant challenges to Brazil's climate commitments and local ecosystems. Key quote: “There’s a...

March 1, 2024
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01Mar

US. New York Fed Case Study Finds Pension Funds Invested More Frequently in Preserving Existing Affordable Housing than New Development

The Federal Reserve Bank of New York today released a case study focused on pension fund investments in affordable apartments. The case study, “Alternative Investments in Community Development: A Case Study of Pension Fund Investments in Multifamily Affordable Housing,” is based on a survey of a non-representative sample of seven pension funds that made commitments totaling over $2.7 billion for investments in affordable apartments during a five and a half-year period ending June 2023. The case study also found...

March 1, 2024
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01Mar

Singapore faces shrinking population as total fertility rate falls below 1% for first time

Singapore, facing a dwindling population and a manpower shortage, has seen its resident total fertility rate (TFR) drop to an estimated 0.97 per cent in 2023, the first time it has dropped below one per cent in the country’s history. The TFR, which refers to the average number of babies each woman would have during her reproductive years, fell from 1.04 in 2022 and 1.12 in 2021, Minister in the Prime Minister’s Office (PMO) Indranee Rajah told Parliament on Wednesday. The...

March 1, 2024
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February 2024
29Feb

U.S. public pension funding dips in January

The overall estimated funding ratio of the 100 largest U.S. public pension plans fell to 77.7% at the end of January, according to the Milliman 100 Public Pension Funding index. The fall in funding ratio from the year-end number of 78.2% was the result of flat investment returns and rising liabilities. According to Milliman, the aggregate estimated investment return for January was zero, with estimated returns ranging from -1% to 1.1% for the month. "Despite January's lack of investment gains and the...

February 29, 2024
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