August 2023
15Aug

Kenya pension schemes lose $77m in bond, equity deals

Kenyan pension schemes lost over Ksh11 billion ($76.92 million) in bond and equity investments in the three months to June 2023, due to rising interest rates, which lowered valuations and share prices on the Nairobi Securities Exchange (NSE). A quarterly survey by actuarial services firm Zamara Consulting shows that fund management firms are feeling the heat of their heavy exposure to bonds and equity investments at a time when a mixture of global and domestic macroeconomic factors have weakened the...

August 15, 2023
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15Aug

Egypt launches dollar-based pension plan for citizens living abroad

Misr Insurance, a state-owned Egyptian company, has issued the country’s first pension plan in US dollars for citizens living abroad in a bid to remedy cash-strapped Egypt's foreign exchange crunch. Egyptians aged 18 to 59 living abroad will be able to buy into this plan, which can be started with a one-time payment of a minimum of $500 and a maximum of $10,000, with no further payments required, according to Misr Insurance. Pensioners can also make a monthly payment in dollars...

August 15, 2023
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14Aug

“Young people retire at 74 if no action is taken”: alarm from the Cng

“The growing precariousness and job discontinuity, associated with low wages and lack of social guarantees, particularly affects young people and women, making their path to entry into the labor market, contractual stability and wage levels more difficult”. He affirmed it, on the occasion of the presentation of the research “Contributory situation and pension future of young people”made by National Youth Council together with EU.RES, the President of the CNG, Maria Cristina Pisaniwho expressed “the need for a more in-depth...

August 14, 2023
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14Aug

Concourt ruling puts pension worries to rest

A ruling by the highest court in the land, the Constitutional Court, has put to rest concerns about pension fund rule amendments, which arose after a determination against a fund by the Pension Funds Adjudicator (PFA) was upheld by the High Court but then overturned by the Supreme Court of Appeal (SCA). All retirement funds in South Africa – except those that fall under separate legislation, such as the Government Employees Pension Fund – are governed by the Pension Funds...

August 14, 2023
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14Aug

Tell the young the truth: they won’t get a state pension

When Mr Asquith designed the old age pension, which began on 1 January 1909, it was five shillings a week (equivalent to less than £30 now), and was paid only to people over the age of 70. At the time, the average lifespan of men was 48 and women 52. Last year, the total pensions bill was £110 billion, and by 2025 it may be £135 billion, or more than the total expenditure on defence, education and by the...

August 14, 2023
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14Aug

Generational capital: how stock rent is supposed to work

The statutory pension insurance system in Germany is faced with a dilemma: more and more pension recipients are faced with fewer and fewer contributors. So far, the statutory pension system has been structured according to the pay-as-you-go system: the contributions of the contributors are used to pay out the pensions to the recipients. Statutory pension insurance no longer sustainable But this money is no longer enough. Last year, taxpayers paid more than 100 billion euros into the pension fund as a...

August 14, 2023
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14Aug

Motorcycle taxi drivers want to participate in social insurance to have pensions

Many motorcycle taxi drivers who are carrying tourists to visit Quang Nam Province’s UNESCO-recognized natural heritage site of Hoi An City, the Hoai River with meager income but they still want to pay voluntary social insurance so that they will have a pension to ensure their life when they get old. On a field trip to Quang Nam Province organized by the Vietnam Social Security, journalists in Hanoi and Ho Chi Minh City interviewed motorcycle taxi drivers in the ancient...

August 14, 2023
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11Aug

Report finds Canadian pension risk transfer market saw $7.8BN in transferred liabilities in 2022

Canada’s pension de-risking market saw a record-breaking year in 2022, with $7.8 billion in transferred liabilities and 155 transactions, according to a new report by Eckler Ltd. Mary Kate Archibald, pension principal at the consultancy, says the increase in the total sum for the year wasn’t a surprise due to the interest rate environment. To stave off rising inflation, the Bank of Canada has hiked interest rates 10 times in a row since March 2022. “When interest rates go up, the...

August 11, 2023
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11Aug

Retirement Benefits Authority orders trustees to revise Kenyatta National Hospital pension dues

The Retirement Benefits Authority (RBA) has ordered the trustees of Kenyatta National Hospital (KNH) Staff Superannuation Scheme to recalculate the pension dues of workers who retired between 2011 and 2017. In a letter to the chairman, board of trustees, the RBA ordered the trustees to recalculate the dues as per a judgment obtained by 115 former employees at the Retirement Benefits tribunal. The former employees had sued the trustees of the scheme seeking unpaid lump sum benefits amounting to Sh123 million...

August 11, 2023
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11Aug

We will partake in government’s new DDEP – SSNIT

The Social Security and National Insurance Trust (SSNIT) has said the new terms of the Domestic Debt Exchange Programme (DDEP) offered by government was better than the previous one. According to the Director-General of SSNIT, Dr John Ofori Tenkorang, the Trust will fully participate in government’s alternative Domestic Debt Exchange Programme including pension funds. He noted that the move will however not affect its payment of pensions to beneficiaries. “Government has tabled a new offer for pension funds that are...

August 11, 2023
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