May 2024
06May

US. Prudential Survey Reveals Insights on Retirement Planning

Prudential conducted a survey of 198 financial advisors to gain insight on how they are investing and constructing portfolios for retirees. 80% use separate portfolios that are specifically designed for retirees. Additionally, the use of targeted portfolios was higher among advisors who were more knowledgeable about planning for retirement. Another takeaway from the survey is that 50% of retirees prefer to live off of income from their portfolios. Thus, advisors need to ensure that their portfolios generate income for clients while balancing...

May 6, 2024
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06May

UK. Retirement warning as global ‘market volatility’ could hurt ‘value of pensions’

Older Britons are being warned that recent global events could be impacting the “value of some pensions”. Experts from PensionBee are urging pensioners to take action to make sure their retirement savings are protected. This warning comes amid the widespread implementation of artificial intelligence technology, the wars in Ukraine and the Middle East, and upcoming elections in the US and UK. As well as this, those approaching retirement have been saddled with rising interest rates and inflation-hiked prices. A consequence of this has been that many older Britons are not able...

May 6, 2024
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06May

Only 18% of Ghanaians confident about retirement – Old Mutual Financial Services Monitor

Only 18% of Ghanaians confident about retirement – the Old Mutual Financial Services Monitor The Old Mutual Financial Services Monitor is a study aimed at uncovering the financial behaviour, attitudes, and perceptions of working Ghanaians. Not only has it achieved this objective, but it has also provided valuable insights for Financial Services Providers (FSPs) to better serve their customers. Today’s focus is on retirement savings and the attitude of the working Ghanaian towards it. The monitor reveals a high correlation between...

May 6, 2024
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06May

Nigeria’s Liabilities to Retirees Under Contributory Pension Scheme Hits N314.58bn

The National Pension Commission (PenCom) has disclosed that the federal government’s total liability from the implementation of the pension increases in 2007 and 2010 as well as the 2019 consequential adjustment for retirees under the Contributory Pension Scheme (CPS) stood at N314.58 billion in 2023. This came as PenCom has further sought approval for an increase in pension rates for pensioners under the Defined Benefits Scheme (DBS), following the recent increase in salaries for employees of treasury-funded Ministries, Departments and...

May 6, 2024
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06May

China. 1.07 billion people in basic pension scheme

China has been improving its social insurance system to better support development, with the number of participants in the basic pension reaching 1.07 billion by the end of March, a year-on-year increase of 14 million, the Ministry of Human Resources and Social Security said. There were 240 million participants in the unemployment insurance scheme, up 4.49 million, and 290 million participants in the employment injury insurance scheme, up 5.58 million. From January to March, the total income of the basic pension,...

May 6, 2024
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03May

UK. Average overall pension transfer times fall by 12.2%

The average time taken for a pension transfer to be completed reduced by 12.2% over the last 15 months, research from Origo has shown. The latest data from the fintech's Transfer Index showed from January 2023 to the end of March this year, the average time for the completion of a transfer fell from 14 to 12.3 calendar days. In addition, the time taken for simple transfers, where the provider has full control over the process, also improved by 16.7%...

May 3, 2024
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03May

Venezuelan National Assembly Approves Pension Protection Bill

The National Assembly of Venezuela approved on Thursday in the first discussion, the Social Security Pension Protection Bill, after it was presented to that body by the executive vice president of the South American country, Delcy Rodriguez. "We wanted to bring this bill that has 13 articles that seek special protection, through contributions and contributions of private business for the protection of pensions against criminal blockade"said Rodríguez and also recalled that the country’s income from the blockade was impacted by...

May 3, 2024
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03May

The ‘father of the 401(k)’ talks about the death of pensions, the future of retirement, and what disturbs him about his own creation

Americans have a lot of anxiety around retirement. Many people are dipping into their nest eggs to make ends meet amid soaring inflation, some boomers aren’t prepared to leave the workforce as they enter their golden years, and people are increasingly working past the typical retirement age. The most popular method for workers to save for retirement is the 401(k), which allows employees without employer-backed pensions to independently contribute to their own retirement savings, often with employer matching. But it’s not right for everyone, and the man who...

May 3, 2024
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03May

Canadian Pensions Returned 2.5% in the First Quarter

Canadian institutional defined benefit plans returned 2.5% in Q1 2024, according to the Northern Trust Canada Universe, a tracker which measures the performance of Canadian DB plans that are subscribed to Northern Trust’s performance measurement services.  Inflation and monetary policy were front and center during the first quarter. “The transition through interest rate cycles within the economic ecosystem quite often can be a challenging path,” said Katie Pries, president and CEO of Northern Trust Canada, in the firm’s news release. The biggest driver of Canadian...

May 3, 2024
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02May

US. The Longevity Question

In his annual letter, BlackRock CEO Larry Fink stressed the need to find solutions to the concerns Americans face when they plan for retirement. “We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years,” Fink wrote. Most public pension funds in the U.S. are underfunded, according to research from the Equable Institute, which released a  State of Pensions 2023 report that...

May 2, 2024
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