News Archives - Page 265 of 954 - Pension Policy International

06NovNovember 6, 2023

Canada. ‘Take your job seriously’: Employment Minister tells Alberta to stick with Canada Pension Plan

Federal Employment Minister Randy Boissonnault says he is against any attempt by the Alberta government to leave the Canada Pension Plan. "I can tell you that the federal government and I are very clearly committed to working with Albertans to keep them in the Canada Pension Plan," Boissonnault told CTV’s Power Play on Friday. "It's simply wrong to politicize pensions." Alberta's governing United Conservative Party contends that the province's workers put more into the Canada Pension Plan (CPP) than they get...

November 6, 2023

NewsCanada, Investment, Pension Management, System sustainability

06NovNovember 6, 2023

UK. DWP urging almost a million people to claim extra £67 each week

People are being urged to claim extra benefits worth about £67 a week from the Department for Work and Pensions (DWP). X (formerly Twitter ) was used to send out an alert regarding benefits and pensions on Wednesday. As part of its efforts to encourage people to check if they are eligible for financial support worth thousands of pounds each year, the DWP continues to urge people to do so. A post from its official account said: "Don't miss out on #PensionCredit....

November 6, 2023

NewsIncome, Regulation, UK

06NovNovember 6, 2023

South Africa: Potential Major Changes Affecting Occupational Retirement Plans

The South Africa government has proposed that changes to the two-pot retirement system, which gives workers access to pension funds before retirement, be delayed by a year. Employer Action Code: Act Draft legislation to amend South Africa's Income Tax Act and the Pension Funds Act would allow members of occupational retirement plans to access part of their future retirement accruals during employment, with the remainder accessible only upon retirement or death (known as the "two-pot" system). Existing payout rules would still...

November 6, 2023

NewsOccupational Pensions, Pension Reform, South Africa

06NovNovember 6, 2023

Africa could come to the rescue of the aging world

Big change is coming to the world. This is not entirely because of global warming. Change is also occurring because of a sharp decline in the rate of human fertility. In the developed world, women are having fewer children than ever before. Demographers have determined 2.1 children per woman as a critical threshold below which the size of the population would begin to decline. In North America, Europe and Australia the rate is well below this level with the...

November 6, 2023

NewsAfrica, Aging, Labor Market

03NovNovember 3, 2023

US. UAW’s Big 3 Retirement Deals Fall Short of Pension Revival

The United Auto Workers had an overarching goal last summer as it headed into negotiations with Detroit’s Big Three: claw back as many concessions as possible from the Great Recession, then keep pushing for an even better deal. In many ways it succeeded, with retirement being a notable exception. While the union won big improvements for savings plans, its long-shot endeavor to bring back pensions for younger members went nowhere, even as it won historic gains in pay and the elimination...

November 3, 2023

NewsDefined Benefit, Pension design, US

03NovNovember 3, 2023

UK. FCA bans Geoffrey Armin for failures in advice given to British Steel Pension Scheme Members, with £200k to be paid in compensation

The FCA found that Mr Armin, while running Retirement and Pension Planning Services Limited (dissolved), was seriously incompetent when advising on defined benefit (DB) pension transfers. Mr Armin advised 422 customers on the transfer of their DB pensions, including 183 members of the British Steel Pension Scheme – 174 of whom transferred out of the scheme following his recommendation. These fees added up to £2.2m for all DB transfer advice, 55% (approximately £1.2m) of which was retained by Retirement...

November 3, 2023

NewsRegulation, UK

03NovNovember 3, 2023

CrusaderSterling Pensions bags Africa’s Most Innovative Pensions Fund Management Company of the Year 2023 award

CrusaderSterling Pensions Limited (CPL) has been honoured for its exceptional dedication and innovation at the 4th Africa Financial Technology Congress (AFTC), where it was awarded “Africa’s Most Innovative Pensions Fund Management Company of the Year 2023.” This recognition serves as a testament to CrusaderSterling Pensions’ unwavering commitment to delivering financial solutions that empower individuals to secure their financial futures. The company has consistently demonstrated its ability to embrace technological advancements, implement new strategies, and adapt to the evolving needs of its...

November 3, 2023

NewsAfrica, Pension Management

02NovNovember 2, 2023

World’s Largest Pension Fund Posts $4.5 Billion Quarterly Loss

Japan’s state pension fund, the world’s largest, posted a loss of ¥683.2 billion ($4.5 billion) on total assets during the three months through September as its holdings of domestic debt slumped by a record. The Government Pension Investment Fund lost 0.3% during the quarter, the fund said in Tokyo Thursday. Total assets rose slightly to ¥219.32 trillion due to a transfer of funds from the government’s account that manages its pension, according to a spokesperson. Domestic bonds lost 2.7%, the...

November 2, 2023

NewsInvestment, Japan, Pension Managementt

02NovNovember 2, 2023

US. Fed keeps interest rates unchanged

For the second consecutive meeting, Federal Reserve officials on Nov. 1 held interest rates steady as the central bank aims to quell inflation without overcooling the economy. The Federal Open Market Committee left the federal funds rate unchanged at a range of 5.25% to 5.5% following its two-day meeting. Since March 2022, the Fed has raised the funds rate, which is now at its highest level since 2001, 525 basis points. "Given how far we have come, along with the uncertainties...

November 2, 2023

NewsPublic Policy, US

02NovNovember 2, 2023

UK must seize DC pension learning opportunities to address decumulation challenges

Defined contribution (DC) pensions provide new opportunities to address retirement income challenges, but the UK can take lessons from countries with more developed DC pension systems to improve member outcomes, according to a Pensions Policy Institute (PPI) report. The PPI’s latest research report noted that while the UK had the second largest stock of pension assets in 2021, it was some way behind Australia, the US and Canada on the path to a fully formed DC system. It also warned that...

November 2, 2023

NewsDefined Contribution, UK

November 2023