June 2023
21Jun

Zurich & Prudential Financial in £1.7bn UK pension longevity swap & reinsurance

The Nationwide Pension Fund Trustee Limited has entered into a longevity swap agreement with Zurich Assurance Ltd (Zurich UK), and Prudential Financial, Inc. (PFI) of the United States has acted as the reinsurance capital provider. The longevity risk of approximately £1.7 billion ($2 billion) of Nationwide’s pension scheme liabilities, covering approximately 7,000 in-pay members in the UK, are involved. The transaction sees the longevity risk of the pension passing through Zurich UK, to an insurance subsidiary of PFI as the reinsurance...

June 21, 2023
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20Jun

The politicisation of investments at US public funds

By Amanda White with Sarah Rundell The attempts by multiple Republican states to restrict where US pension funds can invest is symptomatic of bad governance. Top1000funds.com takes a deep dive into the quagmire of US state pension funds to assess the impact of partisan politics on the ability of CIOs to do their jobs. The analysis highlights the need for improved practices around delegated authority to prevent the politicisation of investments. So much has been written about the rise and fall...

June 20, 2023
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20Jun

Ghana’s pensions authority seeks support from development partners — As SECO project comes to an end

The National Pensions and Regulatory Authority (NPRA) is asking for support from the World Bank and other development partners for continuous technical training for the effective operationalisation of its Risk Based Supervision (RBS) System. The RBS systems which was developed in 2019 through the help of the Swiss State Secretariat of Economic Affairs (SECO) is aimed at streamlining the supervisory and regulatory mandate of the authority. It was also designed to help the authority to stay abreast with the emerging pensions...

June 20, 2023
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20Jun

Germany set to introduce ‘one of the most modern immigration laws in the world’

What’s going on? Germany's long-debated Skilled Worker Immigration Act aims to make it easier and faster for skilled foreign workers from non-EU countries to come to the country, to help plug the growing labour shortage. The reforms announced in March include loosening Blue Card rules and introducing a points-based immigration system. The urgency for the reforms was made clear in the latest report by the Institute of German Economy (IW) released in April, according to which the skills gap in Germany...

June 20, 2023
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20Jun

5 Better Ways for States to Promote Retirement Savings

Nobody plans to be broke when they retire, but American culture promotes consumption over thrift, and saving for retirement is particularly difficult for low-income workers. With Social Security so deeply underfunded that skinnier benefits and heftier taxes seem likely in the coming decade, the reluctance of many workers to save for their retirement is a mounting challenge that many states are taking upon themselves by prodding private-sector employers to provide retirement savings plans. But as it’s said about leading a...

June 20, 2023
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20Jun

Robot Caregivers: China’s Solution for Aging Population

China, home to the world’s largest aging population, is facing a significant challenge in providing adequate care and support for its elderly citizens. However, in a remarkable display of innovation and foresight, China embraces the potential of robotics and artificial intelligence (AI) to address this pressing issue. Focusing on developing cutting-edge technology, China aims to utilize robots as caregivers for older adults, revolutionizing how aging populations are cared for. This article delves into China’s ambitious endeavors, highlighting the advancements...

June 20, 2023
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19Jun

US. Teacher pensions systems are increasingly underfunded, making teachers vulnerable and salaries less attractive

By Andrew G. Biggs Pensions are an important component of total compensation for most employees but particularly for public school teachers. Teachers tend to have relatively low salaries but retirement benefits that are considerably more generous than in a typical private-sector 401(k) plan. Yet the risk facing teachers is that many teacher pension plans are significantly underfunded, placing their employers under considerable financial strain, and reducing resources available for schools and for teacher pay and benefits. The funding shortfalls facing...

June 19, 2023
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19Jun

UK. Fifth of savers want oil excluded from their pensions

A growing number of pension savers would like to see the oil sector completely excluded from their pension fund's investments. Some 21 per cent of pension savers say they want oil to be axed from their pension, according to a survey from online pension provider PensionBee. This has jumped from 15 per cent of pension savers last year. Alongside oil, the main investments people want excluded from their pensions are companies contributing to deforestation, habitat destruction and predatory lending. Pension savers also believe...

June 19, 2023
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19Jun

Korea launches new team on population policy amid low birthrate

Korea's presidential committee dedicated to addressing the aging society launched a policy planning team Monday, with the goal of strengthening inter-ministry ties on population policies amid the alarmingly low birthrate.The move came as Korea's total fertility rate, the average number of children a woman bears in her lifetime, hit a record low of 0.78 in 2022, much lower than the replacement level of 2.1 that would keep Korea's population stable at 51 million.The Presidential Committee on Aging Society and...

June 19, 2023
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19Jun

Mexico says 200 retired Mexican boxers who fought in California may be eligible for pensions

Mexico said Friday that more than 200 retired Mexican boxers who fought in California may be eligible for pensions. The little-known pension fund holds around $2.5 million. Boxers of any nationality over age 50 were eligible, as long as they had fought one fight per year for four years, or 75 professional rounds total, in California. Mexico’s Foreign Relations Department said it had a list of 206 Mexican boxers who might be eligible. The department said it had already located 23...

June 19, 2023
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