News Archives - Page 316 of 981 - Pension Policy International

17AugAugust 17, 2023

Australian $100 bln pension fund targets private assets with London launch

Australia's third-largest pension fund will officially open its first overseas outpost in London in November, a senior company official said, pushing for more private market investments as the sector outgrows the confines of home. Aware Super, with A$160 billion ($102 billion) in assets, will set up in the district of St. James, popular with hedge funds and private equity firms, and plans to have a team of 14 by year end, according to Deputy Chief Investment Officer and Head of...

August 17, 2023

NewsAustralia

17AugAugust 17, 2023

Syrian president doubles public sector wages as national currency spirals downwards

Syria’s president early Wednesday doubled public sector wages and pensions as the war-torn country’s national currency spiraled further downwards, reaching a new low for the year. President Bashar Assad issued the two decrees just before midnight Tuesday as the Syrian pound’s value against the U.S. dollar declined to a new all-time low, down from 7,000 at the beginning of 2023 to 15,000 pounds to the greenback. At the start of the conflict in 2011, the dollar was trading at 47...

August 17, 2023

NewsPension

17AugAugust 17, 2023

What is the UAE’s Golden Pension scheme?

National Bonds, the Sharia-compliant savings and investment company owned by the Investment Corporation of Dubai, offers a Golden Pension scheme to help private-sector foreign employees invest their end-of-service benefits. The pension plan is intended to help employees in the UAE bridge their retirement savings gap as well as support employers to fund their end-of-service financial commitments. In recent years, the UAE – the Arab world’s second-largest economy – has undertaken several economic, legal and social reforms to strengthen its business environment,...

August 17, 2023

NewsPension

17AugAugust 17, 2023

Charities pension funding having risen allows risk reduction

Its report: Defined Benefit pension funding in the charitable sector shows that at the same time, there’s been a 7% rise in average funding level of the DB schemes themselves, driven by positive return on pension scheme assets. While the sector continues to face challenges from rising inflation and a cost-of-living crisis, Charities need to consider how best to fund their pension schemes and take opportunities to reduce risks as they arise. The annual research, from the leading pensions and...

August 17, 2023

NewsPension

16AugAugust 16, 2023

German economist proposes formula to increase retirement age according to life expectancy

A member of the German Council of Economic Experts has proposed a formula to split additional years that a person can expect to live between working life and retirement, triggering opposing political reactions. The mechanism, devised by Veronika Grimm, automatically links a person’s retirement age to their life expectancy, meaning that people would work longer. “The formula [to link the retirement age to life expectancy] in the future could be: ’if life expectancy increases by one year, two-thirds of the year would be...

August 16, 2023

NewsGermany, Pension

16AugAugust 16, 2023

Philippines risks investment grade rating if it can’t reform military pensions – finance chief

The Philippines risks losing its investment grade rating if it fails to reform an "unsustainable" military and uniformed personnel (MUP) pension system because it will constrain its ability to cut its debt and deficit, the finance secretary said. President Ferdinand Marcos Jr has made reforming the retirement system for service personnel a priority as his government seeks to consolidate its finances and free up resources to fund much-need infrastructure. The Philippines could see its investment-grade rating, which it has held for...

August 16, 2023

NewsPension

16AugAugust 16, 2023

BBVA to manage three of the government-sponsored occupational pension funds

"The new government-sponsored pension funds offer a great opportunity for the development of supplementary pension provision in Spain and, as one of the leaders in the field, we are going to make a decisive contribution to their development and extension in all companies, the self-employed and institutions so that they can reach all workers and, therefore, society as a whole," says Eduardo Déniz, Head of Institutional Business at BBVA Asset Management. GPP, which specializes in managing occupational pension plans, currently...

August 16, 2023

NewsBBVA, Pension

16AugAugust 16, 2023

What is the state pension triple lock? How inflation and UK wage growth can change government pledge

UK pensioners could be in line for another major state pension windfall in 2024, after the latest Office for National Statistics (ONS) wage data showed UK wages increased at a record rate between April and June. Thanks to the Conservative Party’s triple lock pledge, higher-than-expected growth in salaries could translate into a more generous government settlement for over-65s. It comes after the full rate of the state pension went up 10.1% in April 2023 as a result of the UK’s...

August 16, 2023

NewsPension

16AugAugust 16, 2023

NYC Pension Funds: Lawsuit Challenging Fossil Fuel Divestment is a “Waste of Time” and Courts Should End this “Drain on Public Resources”

Three of New York City’s pension funds filed a motion to dismiss a baseless lawsuit challenging their decision to stop investing in publicly-traded securities of fossil fuel reserve owners. The lawsuit, filed in May, was brought by four public employees who are future pension beneficiaries (out of more than 630,000 current and future beneficiaries), along with an Oklahoma anti-union advocacy group. The lawsuit, Wong et al v. NYCERS, claimed that the three Systems (Teachers’ Retirement System, New York City Employees’ Retirement...

August 16, 2023

NewsPension

15AugAugust 15, 2023

Monzo plots move into pensions market

The new recruit will join Monzo's savings and investment team, a new unit that is guiding the bank's push into the more lucrative wealth management market. Despite posting a loss of £116 million for FY23, Monzo in May reported 2.3x growth in revenue and said it had moved into profitability for the first time in the first two months of the new financial year. The bank is exploring its options to push the dial on profitability and for expansion across...

August 15, 2023

NewsPension

August 2023