News Archives - Page 294 of 954 - Pension Policy International

03AugAugust 3, 2023

How consumer needs are driving pension sector change in Kenya

Over the last two decades, pension assets have grown substantially under the Retirement Benefits Authority (RBA). The regulator has developed and amended pension schemes’ regulations aimed at strengthening the legal and regulatory framework in the sector. The goal has been to achieve comprehensive pension coverage across the formal and informal sectors and better protect the interests of beneficiaries and the rights of pension contributors. As such, pension coverage has grown to about 22 percent of the labour force from 12 percent in...

August 3, 2023

NewsKenya

03AugAugust 3, 2023

Bill Blocks Pensions, Endowments from Investing in ‘Techno-Totalitarian’ China

For instance, they say divestment from fossil fuels blunts performance and hurt investors, and investment managers should only focus on “pecuniary” factors in their evaluation of a potential position. The GOP has gone so far as to sue to prevent ESG from being implemented in several state pension funds, and House Speaker Kevin McCarthy proclaimed that ESG allows investment managers for many workplace retirement plans to “push a political agenda at the expense of retirement savers.” Yet the politicization of the...

August 3, 2023

NewsChina

02AugAugust 2, 2023

Addressing Disincentive Clauses in Pension Laws

Contributors into the Contributory Pension scheme complain of disincentives in the law guiding the administration of the scheme, especially retirement benefits payment system and call for their review, writes Ebere Nwoji. The news barely a month ago on the passage of the bill for establishment of a police pension board by the Senate in collaboration with the Federal House of Representatives no doubt threw the entire pension landscape to a pandemonium. Indeed, there was palpable fear among the pension Fund...

August 2, 2023

NewsPension Laws

02AugAugust 2, 2023

Retirement savers are anxious about inflation and stock-market volatility: survey

More than a third of Americans say they intend to delay their retirement Inflation and stock-market volatility have some retirement savers less confident about reaching their goals, a new survey found. More than six in 10 workers say inflation is an "obstacle to saving for a comfortable retirement," according to a Charles Schwab survey of 401(k) plan participants -- up from 45% who said the same last year. Another four in 10 people say the stock market is an obstacle to...

August 2, 2023

NewsUS

02AugAugust 2, 2023

German experts endorse equity-geared public fund for third-pillar reform

The German Council of Economic Experts, a body advising on economy policy, has initiated discussions about a public fund investing mainly in equities with an ‘opt out’ option to replace the Riester-Rente in the third-pillar pension system. Martin Werding, member of the Council of Economic Experts, told IPE that its proposal was for a “publicly managed, heavily equity-based fund as a standard/default product in the third-pillar [pension system]”. Savers are automatically assigned to the public fund if they don’t make use...

August 2, 2023

NewsGermany

02AugAugust 2, 2023

Ghana Buys Time as Pension Funds to Swap $2.7 Billion of Debt

Ghana is inviting local pension funds to a debt restructuring deal that gives the state fiscal space in the medium-term at no loss to the retirement funds. Pension funds have been offered to exchange about 31 billion cedis ($2.7 billion) of existing investments that carry an average coupon of 18.5% for two new bonds maturing in 2027 and 2028 with an average interest rate of 8.4%, the Ministry of Finance said in an exchange memorandum late Monday. The government will also...

August 2, 2023

NewsGhana

02AugAugust 2, 2023

Bill extending retirement age of DPP, AuG now in effect – Jamaica Observer

The Bill extending the tenure of the director of public prosecutions (DPP) and the auditor general (AuG) came into effect on Monday, July 31 after it was signed by Governor General Sir Patrick Allen. Despite objections from Opposition Members of Parliament last week, the constitution was amended by legislators to increase the retirement age of the DPP and the AuG. The current DPP, Paula Llewellyn, will be 63 this September. Both she and the AuG were appointed in the same year,...

August 2, 2023

NewsJamaica

01AugAugust 1, 2023

Can Gen X retire? With traditional sources of income in doubt, this group can redefine the future of retirement.

For decades, many American workers could plan on roughly 40% of their retirement needs being covered by Social Security with another 60% covered by traditional pensions and savings. But people approaching retirement today face a different reality. Traditional pensions have declined significantly since 1985, and Social Security trust fund reserves could be depleted by 2033, making the idea of benefit increases, even for middle class folks who have worked hard all their lives, highly unlikely. This means that Generation X...

August 1, 2023

NewsUS

01AugAugust 1, 2023

BBC cannot cut future pension accruals, U.K. High Court rules

The BBC cannot modify its defined benefit fund to cut future benefits for participants, the U.K.'s High Court ruled July 28. The BBC Pension Scheme, London, sponsored by the British Broadcasting Corp., had £19.8 billion ($25.4 billion) in assets as of March 31, 2022, the latest available figure. It has four levels of benefit structures. In December 2020, the pension fund completed a £3 billion longevity swap with Zurich and Canada Life Reinsurance to provide more certainty over future funding costs....

August 1, 2023

NewsUK

01AugAugust 1, 2023

Informal sector workers urge FG to revise social protection policy

The Federation of Informal Workers Organisation of Nigeria (FIWON) has called on the Federal Government to urgently revise the National Social Protection Policy (NSPP) to address the exclusion of informal workers from the old age support system, maternity care, support system and accident insurance. The body, which said the informal economy accounts for about 90 per cent of the working people, should not continue to be excluded from social protection mechanisms, while the nation pretends to be fighting poverty. FIWON General...

August 1, 2023

NewsNigeria

August 2023