April 2024
24Apr

US. Government announces rule that updates investment advice fiduciary definition

The Biden-Harris administration announced today that the U.S. Department of Labor has finalized its Retirement Security Rule to protect the millions of workers who are saving for retirement diligently and rely on advice from trusted professionals on how to invest their savings. This final rule will achieve this by updating the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code. The final rule and related amended prohibited transaction exemptions require trusted investment advice...

April 24, 2024
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24Apr

Ghana. Public sector workers to strike May 2 over pensions

The Forum for Public Sector Associations and Unions has hinted at plans to stage a nationwide strike if government fails to resolve all issues bordering on the implementation of pensions for public sector workers. The Forum, in a notice, revealed its members will embark on a strike from Thursday, 2 May 2024, if by Tuesday, 30 April, issues relating to the implementation of pensions for public sector workers remain unresolved. “Notice is hereby served,” the Forum indicated. The Forum is made up...

April 24, 2024
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24Apr

UK. DWP declares 34,500 claimants have to pay back benefits or face fines up to £20,000

The Department for Work and Pensions (DWP) is facing a storm of criticism as it has ordered 34,500 people to repay benefits, with fines reaching up to £20,000. This comes amid calls for the DWP to review its handling of Carer's Allowance after it was revealed that thousands of carers are being overpaid and later hit with hefty repayment demands. In a dramatic turn of events, a UK government dementia adviser has stepped down in protest against the DWP's "beyond the pale" legal...

April 24, 2024
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23Apr

ESG increasingly part of core business, CFO survey finds

An increasing number of companies integrate sustainability into their core business strategies, according to a survey of chief financial officers released April 22 by accounting and advisory firm BDO. The 2024 ESG Risk & ROI Survey found that companies see numerous benefits to ESG programs beyond simply responding to regulatory mandates. “By embedding ESG and sustainability initiatives into their organization’s overarching strategic agenda, CFOs can help retain top talent, better manage risk, and drive long-term resilience,” said Karen Baum, managing principal for the Sustainability...

April 23, 2024
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23Apr

Perception of when old age starts has increased over time, shows study

None of us are getting any younger, but it appears the age at which we are considered old has moved upwards over the generations. What’s more, as adults get older, they shift the goalposts further still, a study has shown. The researchers behind the study said the upward shift could be down to increases in life expectancy and retirement age, as well as other factors. “We should be aware that conceptions and perceptions of ‘old’ change across historical time, and that people...

April 23, 2024
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23Apr

Aging population to drive down Korea’s housing prices from 2040: experts

South Korea's housing prices are expected to see a long-term decline starting in 2040, hit by the nation’s falling birth rate and quickly aging society, according to experts who joined a Seoul seminar hosted by construction project management firm Hanmi Global on Tuesday. "In 2025, South Korea will become a superaging society with an over-65 population surpassing 10 million, which will account for more than 20 percent of the country's total population. Due to the aging population and overall decline...

April 23, 2024
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23Apr

Italian schemes bolster ESG standards in private equity allocations

Italian industry-wide pension funds (Fondi Negoziali) are increasingly applying ESG standards to private equity investments. According to a report on ESG and investment policies of Italian institutional investors published by think tank Itinerari Previdenziali, 21% of industry-wide pension schemes apply ESG criteria to allocate to private equity, a steep rise from the 7% recorded in 2023. However, occupational, pre-existing and first pillar schemes (Casse di Previndeza) still shy away from handing out specific mandates for asset management linked to sustainability goals, the...

April 23, 2024
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23Apr

Living to 95 may impact the world as much as AI and climate change

You need an 'evergreen' approach to life, work and health, economics professor Andrew Scott says In the first session of his world economy class at the London Business School, economics professor Andrew Scott asked students to name the trends that will transform their lives and careers over the next several decades. Artificial intelligence and climate change sparked much discussion among his students. Meanwhile, the trend of demographic change and "more old people" was seen as a negative. In his new book, "The...

April 23, 2024
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22Apr

US. Climate-related funds grow 16% in 2023 to $540 billion — Morningstar

Assets in mutual and exchange-traded funds with a climate-related mandate globally rose by 16% in 2023 to $540 billion, according to data collected by financial services firm Morningstar. The report said the increase was driven by continued inflows, product launches and market appreciation. Europe accounted for 84% of the climate-related assets, while China and the U.S. had market shares of 7% and 6%, respectively. However, the $40 billion of inflows into climate funds last year represented the lowest levels in four...

April 22, 2024
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22Apr

UK. Labour shifts poll tactics to target fearful Tory over-65s

Labour is to wage a new campaign to win over Tory-supporting pensioners in an attempt to neutralise one of the government’s last remaining electoral strengths, amid evidence the Conservatives are now performing as badly among the age group as they did under Liz Truss’s leadership. With less than a fortnight to go until local elections in England, which some Tories fear could trigger an attempt to topple Rishi Sunak, the Observer understands that Keir Starmer’s top officials are reorienting their campaign after detecting...

April 22, 2024
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