How much money are you going to have to live on in retirement? Perhaps, just like one in five Britons, you do not know. This is not a surprise since there are so many shifting factors, or risks, to consider when thinking about retirement finances. You need to think about how much you’ll earn during your life, to what your employer will decide to contribute towards your a pension, and how much tax you will have to pay. And then, even...
Hundreds of thousands of people are expected to take to the streets across France on Tuesday for what will be the fourteenth day of demonstrations since January to oppose French President Emmanuel Macron's pension reform. Authorities expect up to 600,000 people at the demonstrations nationwide, less than half the peak on 7 March, when 1.28 million were counted by police. In contrast to the earlier phase of the movement, only limited disruption is expected on public transport though some flight cancellations...
Two of the largest U.S. public pension funds have voted against the re-election of Toyota Motor Corp (7203.T) Chairman Akio Toyoda, shareholder voting records showed, sharpening the focus on the automaker's annual meeting later this month. The California Public Employees' Retirement System (CalPERS) and the Office of the New York City Comptroller also voted for a resolution urging Toyota to improve disclosure of its lobbying on climate change, according to postings by the funds. Two leading proxy advisory firms last week...
Pension scheme trustees considering a buy-out are likely to welcome this, because the Duty will require the insurer to use its influence to deliver good outcomes for the members in relation to the policies. This will further strengthen the regulatory regime that applies to insurers and the protection it offers to bought out members. How the Consumer Duty will apply to pension schemes In July 2022, the FCA published its rules for a new Consumer Duty that will apply to FCA-regulated...
A lack of globally consistent and clear definitions of what “green” and “sustainable” actually mean when it comes to projects and investment products has imposed extra burdens on asset managers struggling to meet compliance requirements, according to Fidelity’s head of sustainable investing. Insufficient regulation of environment, social and governance (ESG) data and ratings providers also heightens concerns about greenwashing, the act of making unsubstantiated sustainability claims. “If you are selling a fund as a green fund, that means very different things...
For the first time ever senior citizens outnumber 20-somethings in Korea's workforce after decades of low birthrates and an aging society.According to Statistics Korea, 3.38 million people over 60 were employed in the fourth quarter of last year, up 284,000 from the same period of 2021. But only 3.22 million Koreans in their 20s were employed, down by 36,000 over the same period.It was the first time in seven quarters that the number of young workers declined.That brought the...
With only days before a projected U.S. default, the Senate in a 63-36 vote on Thursday passed a bill to suspend the debt ceiling, sending the measure to President Joe Biden for signature. The Fiscal Responsibility Act of 2023 will suspend the debt ceiling until January 2025 and cap federal spending for at least two years. The Congressional Budget Office on Tuesday estimated the bill will cut the federal deficit by $1.5 trillion over the next decade. The measure was passed...
Aegon UK has launched a climate action roadmap geared towards achieving net zero emissions by 2050, warning the time for "bold climate action" is now. Announced yesterday, the insurance, pensions and asset management firm's net zero target covers its core business as well as financed emissions for its workplace default pension funds. Aegon UK also promised to take "concrete short-term steps" to slash its emissions in half by 2030, which it said would "support making customers' investments more resilient to shocks". Crucially,...
Ghanaian labour unions have asked the government for time to assess a proposal presented on Thursday to restructure pension funds worth around 30 billion Ghanaian cedis ($2.7 billion). The West African nation is looking to extend the maturity periods of cedi currency bonds that the pension funds hold in exchange for higher interest payments as part of efforts to save billions in near-term debt payments under a loan deal from the International Monetary Fund. Abraham Koomson, leader of the federation of...
Workplace retirement plans may need to change their name—these days, more plan sponsors are looking for ways to serve their former employees even after they’ve quit working. Research released by Cerulli Associates last month showed that more than half of plan sponsors (54%) would prefer to keep their retired participants’ assets in their plan, rather than seeing them rolled into an individual retirement account or other plan. That’s more than double the 26% who said the same in 2019. But plan...
