News Archives - Page 281 of 966 - Pension Policy International

24OctOctober 24, 2023

Zimbabwe seeks compensation for pensioners whose savings were wiped out in 2009

Zimbabwe wants the retirement industry to help compensate pensioners who lost their savings 14 years ago following a bout of hyperinflation that led to the collapse of the local currency and its eventual scrapping in favour of the US dollar. The switch to the greenback immediately wiped out the value of Zimbabwe dollar-denominated investments, leaving thousands of pensioners destitute. The payment of compensation is a key step toward helping restore confidence across the retirement industry, said Grace Muradzikwa, head of...

October 24, 2023

NewsPension Management, savings, Zimbabwe

24OctOctober 24, 2023

China, India face daunting challenge to grow retirement security amid demographic, cultural shifts

Retirement systems in China and India, home to the world's largest populations with around 1.4 billion people in each country, are still in nascent stages but are expected to grow as their economies expand and their demographics shift. In both countries, the first pension pillar — a state-sponsored pension system — has been seen as inadequate, and the second pillar — employer-sponsored retirement plans — is often insufficient in meeting people's rising post-retirement needs. A third pillar focused on building...

October 24, 2023

NewsChina, India, Labor Market, Pension design

24OctOctober 24, 2023

Statisticians adopt new standards on measuring informal employment

The 21st International Conference of Labour Statisticians (ICLS) has adopted new standards on the informal economy that will enable countries to collect better data and make better policies for workers employed in the informal economy. The resolution was passed at the centennial ICLS, held at the headquarters of the International Labour Organization (ILO) in Geneva, Switzerland, between 11-20 October. Two billion people worldwide work in the informal economy, often with no labour protections or social security coverage and in poor working conditions. Yet,...

October 24, 2023

NewsInformal Sector, Labor Market

23OctOctober 23, 2023

US. Private equity is past its peak, warns Pulitzer Prize-winning

A new business book calls into question the business model of private equity and argues the strategy won’t generate the same returns as in prior decades. Since the 1970s and 1980s, firms such as Apollo Global Management, Blackstone, Carlyle Group and KKR & Co., among others, made money in leveraged buyouts, more recently dubbed private equity, in which the firms buy up companies using investor assets, leverage them and aim for more efficiencies and higher profits. Institutional investors have come to...

October 23, 2023

NewsInvestment, Pension Management, US

23OctOctober 23, 2023

UK. Billions in local government pensions invested in fossil fuels – analysis

Billions in local government pensions have been invested in the fossil fuels industry, according to new analysis. Environmental campaign groups Friends of the Earth and Platform London analysed data gathered through Freedom of Information requests. The groups said they were able to analyse data covering 75% of the assets under management for the Local Government Pension Scheme (LGPS) – one of the largest schemes in the country – for the financial year 2021/2022. They found at least £12.2 billion invested in fossil...

October 23, 2023

NewsESG, Investment, UK

23OctOctober 23, 2023

Europe’s defined contribution market poised for a boom

The defined contribution market in Europe is poised for significant growth, fueled by government reforms, growing importance of ESG for participants and increasing acceptance by stakeholders for DC to serve as a sustainable retirement solution. Figures released in June by the European Central Bank showed defined contribution plans making up 24.7% of retirement assets, at €646 billion ($680 billion). Cerulli Associates in 2022 projected compound annual growth rate of 9.6% for defined contribution in Europe over the next five years,...

October 23, 2023

NewsDefined Contribution, Europe, Pension design

20OctOctober 20, 2023

US Public Pension Funding Poised to Rebound in 2023 Reporting

The aggregate funded ratio for U.S. state and local retirement systems is expected to improve to 78.8% in fiscal 2023 from 75.0% in fiscal 2022 when final numbers are released, according to Equable Institute’s mid-year update to its State of Pensions 2023 report, as unfunded liabilities are forecast to have declined an estimated $200 billion to $1.39 trillion over the year. The funding growth is a turnaround from the previous fiscal year, when the national average funded ratio for U.S. state and...

October 20, 2023

NewsFunding, Public Pensions, US

20OctOctober 20, 2023

UK. Government urged not to direct pension fund investment policy

The Pensions and Lifetime Savings Association (PLSA) has told the government that it should not direct the investment of defined benefit (DB) pension funds and should instead allow trustees to invest in assets that meet a scheme's risk-return characteristics and offer appropriate diversification. In a policy paper unveiled at PLSA’s Annual Conference 2023, the body called on the government and regulators to give DB schemes the freedom to take on more investment risk so that they can invest in assets...

October 20, 2023

NewsInvestment, Regulation, UK

20OctOctober 20, 2023

Indonesia. Minister instructs to form joint secretariat for serving elderly

Coordinating Minister for Human Development and Culture Muhadjir Effendy instructed the related deputy to form a joint secretariat to support services for the elderly. "I ask the related deputy to make a joint secretariat in this office to provide all elderly services," he stated in a seminar held at the ministry's office in commemorating International Day for Older Persons here on Friday. Muhadjir underscored the need for a representative joint secretariat to support the government's preparations for facing the aging population. He...

October 20, 2023

NewsAging, Indonesia, Public Policy

19OctOctober 19, 2023

US. Inflation Spurs Rethink of Retirement Savings Strategy, Survey Shows

Two-thirds of Those Surveyed Aren't Confident They Will Be Able to Retire When They Want Inflation is creating more worries for retirement savers, with many now changing how they are saving and investing to meet those goals, a new survey shows. Persistently higher prices from inflation is leading 60% of retirement plan participants to think differently about retirement, according to the 2023 Global Retirement Survey from MFS Investment Management. Three-in-four said they now need to save more for retirement than they originally thought,...

October 19, 2023

NewsInflation, Investment, Retirement Planning, US

October 2023