November 2023
28Nov

IBM unveils details of retirement benefit account

International Business Machines has provided details to employees of the company's scrapping its 401(k) corporate match and replacing it with a cash balance component called a retirement benefit account, which is part of the IBM Personal Pension Plan, a defined benefit plan. The company confirmed earlier this month that the RBA would replace the 5% match for the 401(k) plan on Jan. 1, but didn't discuss details. The IBM Personal Pension Plan — closed to new participants since 2005 and frozen...

November 28, 2023
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28Nov

Africa running out of time to sort looming pensions crisis

An expert at the ongoing 4th Annual Conference of the African Pension Supervisors Association (APSA) in Kampala has said urgent steps need to be taken to reverse a trend in which the continent has only 10% pension coverage of its population. Sundeep Raichura, Group Chief Executive Officer Zamara says that before African experts can talk of extending pension coverage, they must first admit it has no working pension system, in order for the leaders to focus on getting home grown...

November 28, 2023
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28Nov

Swiss government reviews first and second pillar pensions

The Swiss government has adopted several changes to the regulation on old-age and survivors’ insurance (AHVG), and other laws also relating to occupational pensions (BVV2), to review and strengthen supervision in the country’s first and second pillar pension systems. In the second pillar, the reviewed ordinance clarifies the definition of pensioners’ portfolios, which can be transferred from one pension scheme to another, in addition to the definition of sufficient funding. This gives experts in the field of occupational pensions a clearer...

November 28, 2023
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27Nov

Pension funds have lost market share among 100 largest asset owners with $23T AUM

The 100 largest asset owners in the world saw their assets under management decline by 9% by the end of 2022 compared to the previous year, but still controlled more than $23 trillion in assets. But who are they? Five years ago, pension funds were in pole position, holding 60% of AUM among the top 100 owners at the time. But relative investment performance – with a slower correction in their collective assets – and new inflows means sovereign wealth funds have...

November 27, 2023
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27Nov

Australian pension fund makes £5.25bn commitment to UK

Calls for UK pension schemes to invest more in the economy have been renewed following the news that Australian pension fund, Aware Super, is looking to direct a A$10bn (£5.25bn) investment commitment in the UK and Europe. Announcing the investment at the Global Investment Summit, Aware Super said that it has plans to expand its assets under management, with international expansion into the UK a key strategy aimed at achieving that goal. The fund, which officially opened its first international office...

November 27, 2023
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27Nov

S. Korea’s youth population expected to halve in 30 years

The number of young South Koreans was expected to halve in 30 years amid the rapidly aging population and the record-low birthrate, the country's statistical agency said Monday. The number of those aged 19-34 totaled 10,213,000 in 2020, taking up 20.4 percent of the country's total population, according to Statistics Korea. The number was forecast to drop to 5,213,000 in 2050 after steadily declining from 13,849,000 in 1990 to 12,883,000 in 2000 and 10,967,000 in 2010. The percentage of youth to the...

November 27, 2023
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27Nov

Nigeria. N130bn pension fund invested in infrastructure – PenCom

Pension Fund Administrators invested N130.18 billion funds under the Contributory Pension Scheme in infrastructure as of the end of September 2023. Figures obtained from the National Pension Commission on ‘Unaudited report on pension funds industry portfolio for the period ended 30 September 2023- Approved Existing Schemes, Closed Pension Fund Administrators and RSA Funds (Including unremitted contributions @CBN & legacy funds’, revealed. According to the figures, total assets under the CPS stood at N17.35tn as of the period under review. Part of the...

November 27, 2023
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27Nov

Canada. Alberta premier quiet on reason for abandoning promised in-person CPP exit consults

Alberta Premier Danielle Smith won’t say what happened to her government’s promise to hold face-to-face meetings with citizens in December on quitting the Canada Pension Plan. However, thousands of citizens got their say or tuned in to five recent telephone town hall consultations, she said during a house question period last week, noting nearly 100,000 people participated online. “We’re going to ask the chair of that committee, Jim Dinning, to give us his impressions of where we find ourselves.” New Democratic...

November 27, 2023
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27Nov

How to Calculate Your Retirement Cost of Living

When it comes to retirement, understanding the potential cost of living is important for effective financial planning. Without a clear idea of these costs, you can run the risk of outliving your savings or compromising your lifestyle. Here’s what you need to know to calculate your retirement cost of living. A financial advisor can help you determine what you need to put in your budget for retirement. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three...

November 27, 2023
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24Nov

US. The Pension: That Rare Retirement Benefit Gets a Fresh Look

In an economy characterized by a volatile stock market and elevated inflation, a sure thing looks better than ever. For some Americans in the labor force right now, that looks like a pension. Striking members of the United Automobile Workers union made waves this year when the union’s leaders demanded the reopening of defined-benefit pension plans for workers hired after late 2007. Although U.A.W. leadership failed to persuade automakers to reopen the plans, the bold move didn’t go unnoticed by...

November 24, 2023
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