August 2023
07Aug

Warning over new retirement system in South Africa

Old Mutual warns that the new two-pot retirement system, which will become operational next year, could negatively impact the entire purpose of retirement funds. From 1 March 2024, South Africans will be able to put their savings into two separate retirement pots. Up to one-third of all retirement contributions will go into a “savings pot”, which will be accessible once a year. A more standard “retirement pot” will receive at least two-thirds of the contributions made after 1 March 2024, which will...

August 7, 2023
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07Aug

How 5 Of the World’s Largest Pensions Funds Invest to Combat Climate Change

A number of the world’s largest pension funds have taken significant steps in recent years to make their portfolios greener, according to a study created by a team of students from Columbia University’s School of International and Public Affairs, in collaboration with the World Bank and the Sustainable Finance Institute. The study zeroed in on how five of them have gone about reducing the climate risk of their holdings. All invest in renewable energy and have measures to assess how environmentally sensitive...

August 7, 2023
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04Aug

How trustees and employers can work together in response to higher inflation

Higher inflation has had a huge impact on everyday costs for many defined contribution scheme members. But inflation is not just something that affects scheme members today, it is something that will continue to impact their living standards into the future. And this means that the role of trustee has never been more important. Schemes are already struggling with the challenges that higher inflation is having on the way many of their members think. Many schemes are facing greater pressure...

August 4, 2023
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04Aug

New study explores how DB pension plan size impacts investment mandates, asset allocation

A new study looking at the implications of scale in defined benefit pension plans found size is key for several trends over time, including investment mandates, asset allocation and cost in returns. The research, ‘Scale Economies, Bargaining Power and Investment Performance: Evidence from Pension Plans‘ was recently awarded first prize in the International Centre for Pension Management’s 2023 Research Awards. The paper sourced data from CEM Benchmarking Inc., a Toronto-based consulting firm that collects information from a large cross-section of...

August 4, 2023
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04Aug

Pension rule changes could boost retirement income by £2,500 a year

Working Britons approaching their retirement could see their post-retirement pensions income get a £2,500 a year boost if the auto enrolment scheme were expanded. A study by the Pensions Policy Institute looked at what would be the effect if the low earnings limit for auto enrolment were scrapped. A person currently has to earn at least £10,000 a year to be put on auto enrolment but there are currently 3.17 million Britons who earn below this amount who would otherwise qualify,...

August 4, 2023
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04Aug

Germany’s New Pension Reforms: 6 Key Facts to Know

The German pensions system is set for a major overhaul, with a new focus on investments. This move, spearheaded by the traffic-light coalition, is expected to have significant implications for foreigners living and working in Germany. In this article, we will explore the key changes and their impact on expatriates. The current German pensions system is primarily based on a pay-as-you-go model, where current workers contribute to the pensions of retirees. However, with an aging population and increasing life expectancy,...

August 4, 2023
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04Aug

Lawmakers propose to reduce public service retirement age to 55 years

A parliamentary committee is considering reducing the mandatory retirement age from the current 60 years to 55 to give young people an opportunity to be employed in the public service. On Thursday, August 3, the National Assembly’s Labour committee, while considering the Public Service Commission (Amendment) Bill, 2023, said it will introduce an amendment to the proposed legislation to cap the retirement age at 55. The Bill sponsored by Embakasi Central MP Benjamin Gathiru seeks to amend the current Act by...

August 4, 2023
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03Aug

Romanian Constitutional Court sends law altering special pensions back to Parliament

The Constitutional Court of Romania discussed on Wednesday, August 2, the changes made in Parliament to the Law on special pensions, deciding to return it to the legislative for modifications. On June 29, the High Court of Cassation and Justice referred the Law amending and supplementing certain normative acts in the field of service pensions, as well as the normative act on raising the retirement age, to the Constitutional Court. The project in question brought changes to the special pensions for...

August 3, 2023
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03Aug

Luxembourg: Luxembourg And Germany Sign Amending Protocol To Their Tax Treaty

Luxembourg and Germany signed an amending protocol ("the Protocol") to the Germany - Luxembourg double tax treaty ("DTT") signed in 2012. The Protocol introduces both amendments to the DTT and amendments to the Protocol to the DTT also signed in 2012 (the "2012 protocol") currently in force. The Protocol mainly extends the tolerance threshold for cross-border workers from 19 to 34 days under the DTT, incorporates into the DTT the options taken by the two countries to implement the Multilateral...

August 3, 2023
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03Aug

New 2020 census data shows an aging America and wide racial gaps between generations

This report is part of a series by the author on the results of the 2020 census. In April 2021, the Census Bureau released the first set of results from the 2020 decennial census, providing a snapshot of the U.S. population for use in congressional reapportionment and redistricting. But recently, the agency released more detailed census information that shows a fuller picture of the population as it stood during the once-a-decade headcount. These new statistics provide more information on the nation’s...

August 3, 2023
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