News Archives - Page 322 of 981 - Pension Policy International

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

01AugAugust 1, 2023

Govt targets pension funds in renewed debt exchange

It will also exchange debt in the energy sector, including independent power producers (IPPs), cocoa bills, local US dollar-denominated bonds, and Bank of Ghana non-tradable debt, as part of efforts to bring the country’s debt to sustainable levels. The Minister of Finance, Ken Ofori-Atta, who disclosed this when he presented the Mid-year Budget Review to Parliament yesterday, said the DDEP had provided the government with increased fiscal flexibility and addressed cash and other liquidity constraints. He, however, said to complete the...

August 1, 2023

NewsGhana

01AugAugust 1, 2023

South Africa’s EPPF builds resilience in governance-focused strategy

South Africa’s EPPF wants to increase its allocation to private equity and venture capital to help ride out volatility at home in a strategy where governance and stakeholder engagement is central. CEO Shafeeq Abrahams explains. South Africa’s R190 billion ($10 billion) Eskom Pension and Provident Fund (EPPF) the retirement plan for employees of the country’s electricity utility, is currently building resilience into the portfolio, seeking greater diversification through an increased allocation to alternatives and overseas investments. Elsewhere, EPPF is reviewing...

August 1, 2023

NewsSouth Africa

31JulJuly 31, 2023

Labour Minister talks pension reform, new pay system in budgetary sector with EC

Labor Minister Simona Bucura-Oprescu held, on July 27, a series of discussions with officials and experts of SG Recover within the European Commission DG ECFIN, focused on completing the reforms aimed at the public pension system and wages in the budgetary sector as outlined in the PNRR. The outcome, as announced by the minister in a Facebook post, indicates an early stage of the process of sketching the reforms. The sides agreed “to find the best version of reform” in order to help...

July 31, 2023

NewsPension Reform

31JulJuly 31, 2023

Occupational pension provision – Rising interest rates are good for old-age provision

The “third contributor” is back in the occupational pension scheme – thanks to the turnaround in interest rates. SRF business editor Susanne Schmugge explains how this affects the pension fund assets and the problems of old-age provision. Open the people box Close the people box Susanne Schmugge is a business editor at SRF. She studied history with a focus on economic history and social sciences and has been working at Radio SRF since 2008. Who is the “third contributor”? In the case of...

July 31, 2023

NewsOccupational pension provision

31JulJuly 31, 2023

PFRDA changes rules for National Pension Scheme with drawl

The Pension Fund Regulatory and Development Authority (PFRDA) has issued a notification on 27th July 2023. Making the partial/ full with drawl easier from NPS In which the rules for ending the National Pension Scheme (NPS). It will be beneficial for crores of NPS subscribers. It was said in the notification that now the NPS subscribers could opt out of the NPS and choose any other plan. The good thing in this is that the subscribers will not have to pay...

July 31, 2023

News, UncategorizedNational Pension, PFRDA

31JulJuly 31, 2023

GPSSA launches unified GCC campaign on insurance protection extension system

The General Pension and Social Security Authority (GPSSA) has launched a unified campaign in collaboration with pension and social security authorities across the GCC region. The primary objective of this campaign, as explained by Dr. Maysa Rashed Ghadeer, Government Communications Director at the GPSSA, is to guarantee that citizens receive adequate insurance protection, regardless of their work location within the GCC. The extension protection system enables GCC nationals employed in UAE-based entities to be registered with the GPSSA and receive end-of-service...

July 31, 2023

NewsPension, Social Security Authority

31JulJuly 31, 2023

More Hong Kong workers make voluntary contributions to MPF as returns shrink by 21 per cent

More Hong Kong workers have made voluntary, tax-deductible contributions to their mandatory pension accounts in the past financial year than during the previous one, while the net returns of the scheme shrank 21 per cent due to market volatility. The Mandatory Provident Fund (MPF), the compulsory retirement scheme that covers 4.7 million residents, had amassed assets worth HK$1.11 trillion (US$142 billion) as of March 31, compared with HK$1.12 trillion a year ago, according to the operator’s annual report released on...

July 31, 2023

NewsHong Kong

28JulJuly 28, 2023

FSD Africa, PenOp Partner To Strengthen Economic Sustainability

With the aim to strengthen economic sustainability through mobilisation of long-term capital for private sector financing, the Financial Sector Deepening Africa (FSD) Africa Capital Markets has sealed a partnership with the Pension Fund Operators’ Association of Nigeria (PenOp). The deal was finalized in Lagos at a conference theme, ‘Mobilising Patient Capital Via Innovative Financing Structures for Sustainable Development. FSD disclosed that as the largest economy in Africa, Nigeria has displayed resilience and substantial growth despite the negative impact posed by the...

July 28, 2023

NewsAfrica, v

August 2023

July 2023