News Archives - Page 280 of 981 - Pension Policy International

19DecDecember 19, 2023

UK. Pensions are far from broken but could still use a fix

There aren’t too many areas of public policy where we in the UK can feel we have done a better job than in comparable countries. Our state pension system is, arguably, one of them. What we have is vaguely coherent and more affordable than most. It forms part of a system which, alongside widespread private provision and additional means-tested support for the poorest, results in many enjoying a relatively comfortable old age, and far fewer than in the past...

December 19, 2023

NewsAdequacy, Retirement Age, Social Security, State Pensions, UK

19DecDecember 19, 2023

Nigeria. PenCom asks employees of defunct organizations to reclaim their unpaid pension contributions

The National Pension Commission (PenCom) has called on former employees of defunct banks and other organizations in the country to approach their Pension Fund Administrators (PFAs) to reclaim the N12 billion in the Transition Contribution Funds (TCF) in their custody. According to the commission, the defunct organisations include Diamond, Intercontinental, Citizen, Mainstream and Oceanic Banks whose workers have yet to claim their funds. Speaking at a media parley organised by the Pension Fund Operators (PenOp), PenCom’s Director-General, Aisha Daniel-Umar, said that...

December 19, 2023

NewsNigeria, Occupational Pensions, savings

18DecDecember 18, 2023

UK. Voluntary NI contributions surge 85% as people boost state pension

Voluntary contributions, also known as class 3 national insurance contributions, stood at £391.9mn for the year ending March 31, 2023. According to Hargreaves Lansdown, this is an 85 per cent surge on the £212.3mn paid the previous year. Class 3 contributions are voluntary contributions that can be used to fill gaps in national insurance records to boost state pension entitlement. Individuals can fill gaps going back six tax years though there is an opportunity for some people to fill gaps going back...

December 18, 2023

NewsUK, Voluntary Savings

18DecDecember 18, 2023

AI poses risks to U.S. economy, Financial Stability Oversight Council says

For the first time, the Financial Stability Oversight Council in its annual report identified artificial intelligence as a vulnerability in the U.S. financial system. The council said financial institutions, market participants and regulatory authorities should further build expertise and capacity to monitor AI innovation and usage, and identify emerging risks. "AI has the potential to increase efficiency and innovation, but it also introduces certain risks," the council said in its report released Dec. 14. "Monitoring these rapidly emerging technologies will continue to be...

December 18, 2023

NewsRisk, Technology, US

18DecDecember 18, 2023

Retirement Savings: 10 Biggest Financial Shocks For Retirees

Retirement can bring a sense of freedom and relaxation, but it can also come with unexpected financial shocks. Denial is a bad pill to take when retiring, and it’s important to be prepared so you can have your savings ready when these problems arise. Here are the top ten financial surprises that often catch retirees off guard: 1. Higher Healthcare Costs Than Anticipated Many retirees underestimate the cost of healthcare, including long-term care, which isn’t typically covered by Medicare. “the average 65-year-old couple retiring...

December 18, 2023

NewsRetirement Planning

15DecDecember 15, 2023

Anticipated U.S. Population Decline and the Risks Ahead

U.S. Census Bureau projections from November reveal a startling prospect: The United States population will most likely begin to decline by 2080, spelling out substantial risks for economic and social stability in the coming decades. Population growth is critical for maintaining a strong economy and preserving social safety net programs, yet in many parts of the U.S., the rising cost of living along with stagnating wages are causing more and more young people to rethink their goals of starting a family....

December 15, 2023

NewsAging, Labor Market, US

15DecDecember 15, 2023

UK. New report finds greening pensions reduces carbon footprint more than stopping flying

Scottish Widows’ latest Green Pensions Report has found that while most Brits are well aware of how to reduce their carbon footprint through changing their behaviours, two thirds (67%) don’t know how to switch to a ‘green pension’. If this information gap were to be addressed by the government, industry and employers, UK consumers could collectively save up to 386 million tonnes of carbon emissions annually through their pensions[1] – the equivalent of 11 return flights from London to New...

December 15, 2023

NewsClimate crisis, ESG, Investment, US

15DecDecember 15, 2023

India. About 95% of country’s population uninsured, reveals report

As much as 95 per cent of the country's population is uninsured despite the government and the insurance regulator's efforts to expand coverage, the National Insurance Academy said in a report, which was released on Thursday. Unveiling the report, Irdai Chairman Debasish Panda urged the industry to emulate steps that led to the massive success of the UPI, opening of bank accounts, as well as mobile penetration. Panda said a compulsory natural calamity insurance in high-risk regions -- as recommended in...

December 15, 2023

NewsCoverage, India

15DecDecember 15, 2023

Annuities Are Back in Favour

"In an environment of high market volatility and high interest rates, life annuities are an option to consider again," says Spencer Look, director at the Morningstar Center of retirement and policy studies in Chicago. "Interest rates, he continues, are allowing annuity income levels not seen since the mid-2000s." The figures in Quebec confirm this, showing an increase of 17.7% between 2021 and 2022. Of the six main product categories listed in the 2022 Annual Report on Financial Institutions and Credit...

December 15, 2023

NewsIncome, Pension design, Pension Payout

14DecDecember 14, 2023

Retirement ages on the rise to protect pension systems, OECD says

Millions of people globally will have no choice but to work into their seventies to ease increasing pressure on pension systems as life expectancy rates continue to rise, the Organisation for Economic Co-operation and Development has said. OECD countries are moving to increase statutory retirement ages, curb early retirement and offer employees incentives to work longer to boost the sustainability of their pension systems, the Paris-based organisation said in its Pensions at a Glance 2023 report. “Governments have several tools available to further promote the employment and employability of...

December 14, 2023

NewsAdequacy, Retirement Age

December 2023