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
News, ,
Read more...
29Feb

UK. Pioneering Responsible Investment: How Pension Schemes Lead with ESG Initiatives

In an era where environmental, social, and governance (ESG) factors are becoming paramount in investment decisions, pension schemes and asset managers are taking significant strides towards responsible investing. Notable entities like Scottish Widows, Railpen, Nest, AXA Investment Managers, Franklin Templeton, and Legal & General Investment Management (LGIM) are setting benchmarks by emphasizing initiatives that not only foster financial returns but also contribute positively to society and the environment. Championing Social Factors in Investments Scottish Widows has made headlines by focusing on...

February 29, 2024
News, ,
Read more...
29Feb

US. More People Tapping Retirement Plans for Emergency Expenses

Retirement accounts are designed to provide financial security for the future, but a growing number of Americans are using them to pay for emergencies today. “We’ve been seeing a steady increase in early withdrawals over the last five years or so,” says Kirsten Hunter Peterson, vice president of thought leadership at Fidelity Investments, one of the largest providers of retirement plans. According to company data, the number of Fidelity plan participants who took a hardship withdrawal more than tripled from...

February 29, 2024
News,
Read more...
29Feb

Ghana. 600,000 Self-employed enrolled on SSNIT pension scheme

Since the launch of the Self-Employed Enrolment Drive (SEED) initiative by the Social Security and National Insurance Trust (SSNIT), some 600,000 self-employed persons have been enrolled on the programme, President Nana Addo Dankwa Akufo-Addo has said. He did not immediately mention the number that joined monthly but noted that, these self-employed persons were now having some form of social security cover. The President announced this when he laid the State of the Nation Address (SONA) before Parliament in Accra on Tuesday. “Mr...

February 29, 2024
News,
Read more...
28Feb

US. People want pension plans, worry about retirement security – NIRS

National anxiety about retirement security continues to grow, and the vast majority of Americas believe all workers should have a pension plan, according to a new report from the National Institute for Retirement Security. According to the report, 79% of respondents to a national public opinion poll of working-age Americans believe that the nation faces a retirement crisis, up from 67% that expressed that sentiment in 2020, the last time NIRS conducted such a poll. Also, 83% of respondents said they...

February 28, 2024
News, ,
Read more...
28Feb

Govt urged to consider new measures to attract pension investment in the UK

The Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have called on the government to consider taking further action in four key areas to attract greater pension investment in UK growth. The associations stated that whilst progress on increasing pension investment in UK growth had been good, more needs to be done, identifying four key measures that could help improve growth. The government was urged to consider ensuring better adequacy in defined contribution (DC) pensions and...

February 28, 2024
News,
Read more...
28Feb

EU. Sustainability and greenwashing in insurance – EIOPA publishes draft Opinion

Insurance consumers and pensions savers are increasingly interested in allocating their money to sustainability related products. So insurance and pensions providers are expanding their sustainable offerings and adapting their business models to be more sustainable. While the growth of environmental, social, and governance (ESG) investing can contribute to the transition to a more sustainable economy, greenwashing risk exists. Greenwashing is the practice of misrepresenting sustainability-related features of investment products. The issue has received renewed attention at European level, with EIOPA recently...

February 28, 2024
News, ,
Read more...
28Feb

US. NYC Pensions Are Sued for Shedding Fossil Fuels

Monica Weiss attended her first fossil-fuel divestment protest on a frigid February day in 2015. She joined college students, financial experts, faith leaders, and then-New York City Public Advocate Letitia James in front of the New York Stock Exchange to demand that the city’s five public pension funds factor the financial risks of climate change into their investment decisions. Over the course of her two-decade career teaching first and third grade in New York City public schools, Weiss infused nature...

February 28, 2024
News, ,
Read more...
28Feb

UK: Cyber Risks To Pension Schemes In 2024 – What’s My Plan?

2023 saw the first major cyber-attack of a large pension administrator in the UK. Its impact was felt across the industry, from those pension schemes directly affected and who incurred significant governance time and cost to take steps to contain the risk to members' benefits and sensitive information, to those pension schemes not directly impacted however, who were encouraged to review and strengthen their approach to cyber education and defences. As a result, cyber risk is now being recognised as...

February 28, 2024
News
Read more...
27Feb

Urgent Action Needed Amidst U.S. State Pension Debt Crisis

By Howie Jones   The United States is grappling with a severe state pension debt crisis, with a whopping $1.49 trillion in unfunded obligations causing significant economic strain. Areas like San Jose are particularly affected, facing a staggering unpaid debt of $3.5 billion, potentially leading to a tax burden of around $3,600 per resident. This crisis could drastically impact the public sector, potentially decreasing the quality and availability of public services. San Jose’s Odd Fellows society recently held a community improvement forum...

February 27, 2024
News, OP Ed, Op-Ed,
Read more...