News Archives - Page 323 of 954 - Pension Policy International

25AprApril 25, 2023

PPG Industries unloads $309 million in U.S. pension liabilities

PPG Industries Inc., Pittsburgh, purchased a group annuity contract in March to transfer $309 million in U.S. pension plan liabilities to insurance companies. The chemical company disclosed the transaction in its 10-Q filing with the SEC on April 21. The filing did not disclose the number of insurers or their names. It is at least the third pension risk transfer transaction completed by the company in the past seven years. In 2016, PPG Industries purchased two group annuity contracts to transfer $1.6...

April 25, 2023

NewsPension design, Risk, US

25AprApril 25, 2023

U.K. Pensions Regulator calls for more safeguards for LDI

Pension fund trustees should put in place appropriate buffers to manage any leveraged liability-driven investment arrangements, the U.K. Pensions Regulator said Monday. In a new guidance, which was published following the September LDI crisis, the regulator said investors must also include an operational buffer specific to the LDI arrangement to manage day-to-day changes, in addition to the 250 basis points minimum. Setting the right buffer level is essential so the fund can operate in the normal way even where there are...

April 25, 2023

NewsRegulation, UK

25AprApril 25, 2023

‘Aging population holds economic prosperity for Nigerians, others’

Individuals across the globe, especially in developed countries, are aging at an unprecedented pace, making many countries increasingly reliant on migration to realise their long-term growth potential, says a new report from the World Bank. The ‘World Development Report 2023: Migrants, Refugees and Societies’ identifies this trend as a unique opportunity to make migration work better for economies and people. Conversely, Nigeria, Ghana and other developing countries that have rising youthful populations are set to benefit from the global aging population...

April 25, 2023

NewsAging, Labor Market, Migration, Nigeria

25AprApril 25, 2023

Dashboard provider PensionSmith launches in UK

The integrated member web, education and communications platform has been operating in South Africa and Namibia since 2019 as ‘The Benefit Counsellor’. Having spent the last four years developing its platform, the firm has over 400,000 active members in South Africa, with a monthly engagement rate of over 50 per cent. The platform offers tools for member communication, member education, and aims to add a pension dashboard connection to allow members to view and interact with all their pension plans in...

April 25, 2023

NewsTechnology, UK

24AprApril 24, 2023

China’s new private pension scheme draws $2.9bn in contributions

Contributions to China's fledgling private pension accounts have reached about 20 billion yuan ($2.9 billion) since their inception in November, with just under 70% of the funds invested, Caixin has learned, suggesting hesitation among some participants due to unfamiliarity with the system. Around 13.5 billion yuan has been invested across a range of eligible financial products, with the majority of the remaining funds just sitting idle in people's accounts, said people familiar with the matter. Bank deposits have been by far...

April 24, 2023

NewsChina, Private Pensions

24AprApril 24, 2023

US. Megatrends: The Longevity Economy

Pick up a birthday card in the supermarket and you might find some humorous quips about longevity, like "Scientific research recently found that the more birthdays you have, the longer you live." In reality, though, that's an experience nearly 90,000 centenarians currently living in the U.S. can relate to and appreciate, according to data from the United Nations. It's also a phenomenon that is expected to increase over time: According to demographers from the U.S. Census Bureau, the number of...

April 24, 2023

NewsAging, Longevity, US

24AprApril 24, 2023

UK. BP facing green rebellion at annual shareholder meeting

BP faces a green rebellion at its annual shareholder meeting on Thursday as some of Britain’s biggest pension funds prepare to demand the company toughen its plans to reduce its emissions by 2030. The National Employment Savings Trust (Nest), which represents about 11m individual workplace pensions, plans to back a resolution put forward by climate campaigners at Follow This, which calls for BP to align its emissions reduction plans with the Paris agreement. The campaign group has also won support from...

April 24, 2023

NewsClimate crisis, Investment, UK

24AprApril 24, 2023

India. National Pension System likely to get a facelift

The recently-formed committee on the National Pension System (NPS) will review the nearly two-decade-old scheme with an intent to enable it to provide higher pensionary benefits, with higher contributions from both the government and employees. According to a source, the panel, headed by finance secretary TV Somanathan, might suggest guaranteeing a certain pension similar to the Old Pension Scheme (OPS), but without reverting to the non-contributory system. The proposal is to usher in the guaranteed component “in a graded manner”,...

April 24, 2023

NewsAging, China, India, Labor Market

24AprApril 24, 2023

Canada’s Biggest Pension Fund No Longer Bullish On Crypto After $95 Million FTX Wipeout

According to the Financial Times, Canada’s largest single-profession pension plan has learned its lesson after investing in crypto exchange FTX and will not be making any hasty decisions regarding future cryptocurrency investments. After losing $95 million in a now-defunct crypto exchange, the Ontario Teachers’ Pension Plan is no longer bullish on cryptocurrency investments. Several prominent funds invested in FTX between 2021 and 2022, just before the exchange’s eventual demise. Pension Plan No Longer Bullish On Crypto According to chief executive Jo Taylor,...

April 24, 2023

NewsCanada, Cryptocurrencies, Investment

21AprApril 21, 2023

80% of Older Americans Cannot Pay for Long-Term Care or Withstand a Financial Shock, New Study Shows

A new analysis by the National Council on Aging (NCOA) and the LeadingAge LTSS Center @ UMass Boston finds that 80% of older Americans (47 million) continue to be unable to sustain a financial shock such as needing to pay for long-term care services and supports (LTSS) or the loss of income due to divorce or widowhood. The 80%: The Continued Toll of Financial Insecurity in Retirement looks at the total net value of all assets—housing, retirement accounts, income, and...

April 21, 2023

NewsAging, Retirement Planning, US

April 2023