News Archives - Page 339 of 955 - Pension Policy International

01MarMarch 1, 2023

Japan births fall to record low as population crisis deepens

The number of births registered in Japan plummeted to another record low last year – the latest worrying statistic in a decades-long decline that the country’s authorities have failed to reverse despite their extensive efforts. The country saw 799,728 births in 2022, the lowest number on record and the first ever dip below 800,000, according to statistics released by the Ministry of Health on Tuesday. That number has nearly halved in the past 40 years; by contrast, Japan recorded more...

March 1, 2023

NewsAging, Japan

01MarMarch 1, 2023

Portugal. Bringing together students and pensioners

The program, entitled “Abraço de Gerações”, is promoted by the Associação Cozinhas Económicas Rainha Santa Isabel (ACERSI), is based in downtown Coimbra, and is seeking to respond to two problems felt in the city – the difficulty of accessing accommodation for students and the isolation of elderly people -, said Teresa Sousa. The initiative is promoted in partnership with the Associação Académica de Coimbra (AAC) and the Associação de Former Students of Coimbra, as part of a project entitled “Oficina...

March 1, 2023

NewsAging, Health

28FebFebruary 28, 2023

US. House Democrats introduce bill to codify DOL ESG rule

As backlash ramps up against the Department of Labor's new rule permitting retirement plan fiduciaries to consider climate change and other environmental, social and governance factors when selecting investments, House Democrats introduced a bill to codify the rule into law. The Freedom to Invest in a Sustainable Future Act, like the Labor Department's Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule that took effect Jan. 30, stipulates that plans may consider ESG factors in their investment...

February 28, 2023

NewsESG, Regulation, US

28FebFebruary 28, 2023

Over 24 million individual pension accounts opened in China

More than 24 million individual pension accounts have been opened since China announced the implementation of its private pension plan to supplement the country's old-age insurance mechanism in November last year, the country's banking and insurance regulator said. The China Banking and Insurance Regulatory Commission said that the banking and insurance institutions have been introducing savings, wealth management products, commercial pension insurance, and other financial products for individual pension account holders. Under the private pension plan, applicants can open their own...

February 28, 2023

NewsChina, Private Pensions

28FebFebruary 28, 2023

RSA Group completes one of largest pension risk transfer deals in U.K.

RSA Group insured £6.5 billion ($7.8 billion) in liabilities for two defined benefit funds through a buy-in with Pension Insurance Corp. in one of the largest risk transfer transactions ever in the U.K. market. RSA Group, which is a subsidiary of Intact Financial Corporation, covered liabilities for 40,000 plan participants of Sal Pension Scheme and the Royal Insurance Group Pension Scheme. Intact contributed £500 million to the deal, which was accelerated by an improvement in pension fund funding levels due to...

February 28, 2023

NewsRisk transfer, South Africa, UK

28FebFebruary 28, 2023

Milliman analysis: Competitive pension risk transfer buyout rate drops 90 basis points to 99.3% during January

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI). As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer. During January, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 100.2% of a plan's total liabilities...

February 28, 2023

NewsOccupational Pensions, Risk transfer

28FebFebruary 28, 2023

Social partner model spreads to small, medium-sized firms in Germany

Social partner model spreads to small, medium-sized firms in Germany The social partner model offering pure defined contribution (DC) plans is spreading mostly among small and medium-sized firms in the chemical sector in Germany, attracting employees who did not show interest in occupational pensions in the past. The German Federation of Chemical Employers’ Associations (BAVC), the social partner that started one of the first pure DC schemes in Germany, is currently seeing demand for social partner models for pensions in the...

February 28, 2023

NewsGermany, Pension design

27FebFebruary 27, 2023

Puerto Rico government says it won’t cut pensions due to severe déficit

The executive director of the Financial Advisory Authority and the Puerto Rico Tax Agency, Omar Marrero, assured this Saturday that the government of Pedro Pierluisi “will not allow the pensions of our employees to be reduced” in the face of a deficit of several million dollars for retirees. “This government will not allow the pensions of our employees to be reduced. This will always continue to be our objective,” Marrero said in a press release in response to a letter...

February 27, 2023

NewsPolitical economy, Puerto Rico

27FebFebruary 27, 2023

Kenya. Private firms to battle NSSF for new billions in pension

Private financial services firms are angling for a share of billions from enhanced pension contributions following the enactment of the National Social Security Fund (NSSF) Act 2013. The implementation of the Act has unlocked billions of shillings under tier II contributions which have been opened to other pension funds apart from NSSF. An employer can choose to send second-tier NSSF contributions to a private scheme after remitting tier-one deductions to the state-owned fund. According to estimates seen by the Business Daily from...

February 27, 2023

NewsInvestment, Kenya, Regulation

27FebFebruary 27, 2023

Pakistan stops salaries, pensions as economic crisis worsens

The cash-strapped Pakistan government has reportedly instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all bills, including salaries and pensions, of federal ministries and attached departments until further notice. According to The News, the move comes as the country is reeling under economic crisis, which is causing difficulties in operational cost-related releases. However, the exact the reason for the same is not known. The report cited, the salaries and pensions of defence-related institutions have been cleared...

February 27, 2023

NewsAdequacy, Coverage, Pakistan

March 2023

Japan births fall to record low as population crisis deepens

Portugal. Bringing together students and pensioners

February 2023

US. House Democrats introduce bill to codify DOL ESG rule

Over 24 million individual pension accounts opened in China

RSA Group completes one of largest pension risk transfer deals in U.K.

Milliman analysis: Competitive pension risk transfer buyout rate drops 90 basis points to 99.3% during January

Social partner model spreads to small, medium-sized firms in Germany

Puerto Rico government says it won’t cut pensions due to severe déficit

Kenya. Private firms to battle NSSF for new billions in pension

Pakistan stops salaries, pensions as economic crisis worsens