November 2023
02Nov

Study finds lack of financial planning leads to higher risk of death

People who don’t plan financially for their future have an increased risk of dying prematurely, according to new University of Colorado Boulder research. The research found that procrastinating financial planning for the future isn’t only bad for the wallet, it can affect life expectancy. The study analyzed data from thousands of older adults living in the U.S. and England, according to a release. The two groups were asked about their planning horizons on spending and saving. The researchers later checked government...

November 2, 2023
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01Nov

UK household wealth has tanked and it’s a sign of what could happen in the US

Household wealth in the UK has fallen sharply over the last two years in part thanks to high interest rates, and the factors that led to the drop suggest a similar scenario could be heading for the US. New research from the think tank Resolution Foundation found that median household wealth in the UK fell 21% from the start of 2022 through the third quarter of 2023, representing a loss of £2.2 trillion (US$2.7 trillion). The fall is due, in large...

November 1, 2023
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01Nov

Canada Pension Plan Increases Green, Transition Investments by 20% to C$79B

The C$575 billion ($416.4 billion) Canada Pension Plan Investment Board’s investments in green and transition assets rose 20% to C$79 billion, as of March 31, from C$66 billion at the same time in 2022, according to its “2023 Report on Sustainable Investing.” The pension giant, which aims to invest at least $130 billion in green and transition assets by 2030, also announced it has reached carbon neutrality for internal operations for scope 1, 2 and 3 emissions sources for fiscal...

November 1, 2023
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01Nov

UK: Pensions Dashboards: Connecting The Pots

For the first time, members will have information about all their pension savings, including their State Pension, in one place. Pensions Dashboards will be a catalyst for change across the pensions industry. Are you ready? At WTW, we believe a key part of Pensions Dashboards being effective and successful is ensuring that they form part of an engagement and education framework. For pension scheme trustees and sponsoring employers, there are benefits to a powerful Dashboard framework and risks associated with...

November 1, 2023
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01Nov

UAE’s new end-of-service savings scheme for private and free zone workers begins

The UAE government's new savings retirement plan for employees in the private and free zone sectors to invest their end-of-service benefits and build long-term wealth takes effect from today and does not have a minimum salary requirement, the Ministry of Human Resources and Emiratisation said on Wednesday. The Voluntary Alternative End-of-Service Benefits Savings Scheme, which was announced by the UAE government in September, is not mandatory but will require employers to register with the ministry if they choose to take part in the plan. For full-time employees...

November 1, 2023
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October 2023
31Oct

US department of labor announces proposed rule to protect retirement savers’ interests by updating definition of investment advice fiduciary

The U.S. Department of Labor today announced that its Employee Benefits Security Administration has proposed a retirement security rule updating the definition of an investment advice fiduciary under the Employee Retirement Income Security Act. Aligned with the Biden-Harris administration’s efforts to protect retirement investors, the proposal would require trusted investment advisers to adhere to high standards of care and loyalty when they make investment recommendations and avoid recommendations that favor their financial and other interests at the expense of retirement savers. The updated...

October 31, 2023
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31Oct

UK trustees should challenge advisors but government needs to lead change

Around £1.2 trillion of UK pension fund assets lies in around 5,000 defined benefit schemes that primarily invest in Gilts and corporate bonds. With a suite of initiatives, the government is attempting to get the country’s fragmented DB (and DC) pension sector to invest more in illiquid assets and help fuel economic growth, as well as exploring how to consolidate these funds into larger pools. The biggest UK pension funds like Railpen, Nest and LGPS already invest in alternatives and nine...

October 31, 2023
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31Oct

Despite recent economic slowdown, Brazil’s job market keeps improving

While economic indicators show that the Brazilian economy is slowing down, nothing points to the country’s job market cooling down. On Monday afternoon, the Labor Ministry showed that the country created almost 212,000 new formal jobs in September (more than markets expected). And fresh unemployment data published on Tuesday shows that the joblessness rate went down to 7.7 percent in the rolling quarter through September — the lowest since February 2015. According to the latest unemployment reading, the number of employed individuals surged to 99.8 million in Q3,...

October 31, 2023
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31Oct

Number of working Korean women in 30s surges amid low fertility rate

The recent trend of an increase in the proportion of working women in their 30s was primarily due to a reduction in the number of women with children, according to a report released Monday by the Korea Development Institute, a South Korean state-run think tank. Kim Ji-yeon, a researcher at the KDI, noted that although the drop in the number of women in their 30s that have children may seem like a positive factor in the short term because it...

October 31, 2023
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30Oct

Huge ethnicity pension gap revealed in UK figures

A UK individual from a minority ethnic background typically has a pension pot less than half the size of that belonging to the average white British saver, data reveal. The research from Legal & General’s investment arm claimed there was a sizeable “ethnicity pensions gap” in the UK that was being fuelled by “misconceptions” around pensions and a “significant distrust of employers”, as well as a lack of spare income. The average saver from a minority ethnic background has a pension pot of...

October 30, 2023
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