News Archives - Page 262 of 954 - Pension Policy International

16NovNovember 16, 2023

German government drafts law to reform second pillar pension system

The German government has drafted the law to reform the second pillar occupational pension system, Rolf Schmachtenberg, state secretary for the Labour and Social Affairs Ministry, announced during the Handelsblatt conference on occupational pensions yesterday. The 24-point draft law – called Betriebsrentenstärkungsgesetz 2024 – deals with the difficult topic of opening up the social partner model to third parties not bound by collective bargaining agreements, the state secretary said, adding that the ministry is examining the legal aspects of such change...

November 16, 2023

NewsGermany, Pension Reform, Regulation

16NovNovember 16, 2023

Romania’s Senate endorses 40% pension hike as of September 2024

Romania’s Senate passed on November 14 the government’s draft law on the public pension system, according to which the pensions of over 4.7 million beneficiaries are to be recalculated according to a new formula, Bursa.ro reported. The project will also be debated by the Chamber of Deputies, the decision-making body in this case. The pensions will increase on average by 40% when the updated pensions are first disbursed in September 2024, according to estimates of the bill’s author, the Labour Ministry. The...

November 16, 2023

NewsIncome, Public Pensions, Romania

15NovNovember 15, 2023

US. Aon: Almost 80% of corporations expect to keep pension plans

Almost four-fifths (78%) of U.S. private-sector plan sponsors said their long-term objective is something other than pension plan termination, while the remaining 22% expect to terminate their pension plan, according to Aon's U.S. Global Pension Risk Survey, which was released Nov. 14. For plan sponsors that seek to maintain their pension plans over the long term, most intend to continue derisking the assets and/or shrink the liabilities through lump sums or partial annuity settlements. Read also U.S. public pension funding dips...

November 15, 2023

NewsOccupational Pensions, US

15NovNovember 15, 2023

U.K. names new pensions minister

Paul Maynard was named U.K. pensions minister following a reshuffling of the government. Maynard was appointed Nov. 13 as parliamentary undersecretary of state at the Department for Work and Pensions, according to a notice on the government's website. Read also UK pension funds step in to build affordable homes His previous ministerial role was as parliamentary undersecretary of state at the Department for Transport, a role he held between July 2019 and February 2020. Maynard is member of parliament for Blackpool North and...

November 15, 2023

NewsRegulation, UK

15NovNovember 15, 2023

Kenya. Pension returns negative on falling share prices

Kenyan pension schemes have registered negative returns in the quarter ended September on wider losses from equities, a new survey shows. According to the Performance Investment Management Survey by South Africa-based investment firm RisCura, the weighted average return of surveyed schemes was posted at negative 3.06 percent in the quarter from a return of 0.18 percent in the previous quarter. The weighted average return from equities deteriorated to a loss of 10.95 percent from losses of 4.27 percent in the quarter...

November 15, 2023

NewsInvestment, Kenya, Pension Management

15NovNovember 15, 2023

US federal pension fund to exclude Hong Kong and China investments

The main US federal government pension fund is to exclude China- and Hong Kong-listed stocks on the recommendation of its adviser, which cited the rising tensions between the world’s two largest economies. The $771bn Federal Retirement Thrift Investment Board said on Wednesday that it would change the benchmark index followed by its international fund. The move will mean a shift away from an index that includes Hong Kong-listed equities. Washington has increasingly limited the range of Chinese companies available to US...

November 15, 2023

NewsInvestment, State Pensions, US

14NovNovember 14, 2023

UK. ESG: Biodiversity And Nature Risks For Pension Schemes

While climate risk has increasingly been at the top of the agenda for trustees in recent years, biodiversity and nature risk has occasionally been overlooked, despite the serious financial implications stemming from these issues. The World Economic Forum's Global Risk Report 2023 cited "biodiversity loss and ecosystem collapse" as the fourth most significant global risk over the next ten years. In light of this, pension regulators are focusing their attention on biodiversity risk management.  A guide recently produced by...

November 14, 2023

NewsClimate crisis, ESG, Risk, UK

14NovNovember 14, 2023

US Corporate Pension Funding Status Keeps Climbing

The funding status of U.S. corporate pension plans increased in October, largely due to a reduction in liabilities stemming from an increase in discount rates, which were offset by negative investment returns. According to some trackers, pension funding status is at its highest point in decades. Funding Status Increases Fueled by High Interest Rates According to WTW’s pension finance tracker, U.S. corporate pension funding is at its highest level since mid-2001, with the funding ratio of WTW’s benchmark plan increasing 1.1...

November 14, 2023

NewsFunding, Occupational Pensions, US

14NovNovember 14, 2023

Malaysia. Pension system needs upgrading as nation heads towards ‘super-aged society’

MALAYSIA is undergoing a significant demographic shift towards an ageing population. The World Bank has projected that with 14% of the population aged 65 and above by 2044, it will officially be an “aged society”. By 2056, Malaysia is expected to become a “super-aged society”, with over 20% of its population in that category. While this brings challenges in areas such as employment, income security and aged care, the shift also presents economic opportunities, particularly in the field of aged care services. Meanwhile,...

November 14, 2023

NewsAging, Malaysia, Pension Reform, Public Policy

14NovNovember 14, 2023

Ghana. GMA demands retirement salary for members, improved conditions of service

The Ghana Medical Association (GMA) is demanding that government put in place measures that will ensure all of its members continue to receive a salary even after retiring. The President of the Association, Dr. Frank Serebour tabled the demand at the 65th General Meeting of the Association on Monday, November 13. In his address, Dr. Frank Serebour said the conditions of service of doctors must also be improved. “We need to be protected from workplace hazards, we need to be given accessible...

November 14, 2023

NewsGhana, Healthcare, Pension design

November 2023