News Archives - Page 340 of 955 - Pension Policy International

24FebFebruary 24, 2023

U.S. Here’s how much 401(k) plans fell last year

Saving for retirement requires looking at the big picture, but it can be dispiriting when your 401(k) or other retirement plan takes a beating — a common plight for American workers last year, according to new data from Fidelity. The average balance in a 401(k) plan tumbled 20.5% in 2022, reducing employee nest eggs to $103,900 at the end of 2022, Fidelity said on Thursday. That compares with an average balance of $130,700 a year earlier, the financial services firm...

February 24, 2023

NewsInvestment, savings, US

24FebFebruary 24, 2023

Canada’s CDPQ is slammed by bond rout in worst year since 2008

The historic bond market rout did not spare the Caisse de Depot et Placement du Quebec, causing the pension manager to post its worst results since the global financial crisis. Canada’s second-largest public fund lost 5.6 per cent and saw net assets fall to $402 billion (US$297 billion), down $18 billion from the prior year. Its fixed-income portfolio was shredded by the rapid rise in interest rates, falling almost 15 per cent. The result would have been much worse if not...

February 24, 2023

NewsCanada, Pension Management, Returns

24FebFebruary 24, 2023

The rise of elderly workers: The Europeans defying retirement norms and working past the age of 70

While trade unions are mobilising in France to defend retirement at 62, throughout the European Union, men and women are working beyond the age of 65 or even 75. Who are they? The official statistics draw the average picture of a self-employed man aged between 65 and 69, working rather part-time in the health or social sector. But this average situation obviously overlooks the nuances from country to country. In which EU countries do people work beyond the age of 65? Firstly, it’s...

February 24, 2023

NewsAging, EU, Labor Market, Retirement Age

24FebFebruary 24, 2023

Gustavo Petro, Colombia’s president, wants to smother the gig economy

On february 22nd fleets of taxi drivers went on strike and tried to block roads in over two dozen cities in Colombia. Their beef was with Gustavo Petro, the country’s recently elected left-wing president. They cheered when Mr Petro’s administration said that it was going to regulate transport apps, such as Didi and Uber, which are illegal in the country. But his government’s proposals, which were leaked in January, created uproar among ordinary Colombians: one draft suggested they would...

February 24, 2023

NewsColombia, Informal Sector, Labor Market

24FebFebruary 24, 2023

Ireland. Majority expect to have to rely on the State pension when they retire

MOST workers expect to have to rely on the State pension when they retire. Some 57pc of workers say the State pension will be their main source of income. The State pension was cited as the expected main source of income on retirement for nearly six in ten workers with no pension coverage, Central Statistics Office research has found. The Government is planning to bring in an auto-enrolment pension scheme to supplement the State pension for thousands of workers who have no...

February 24, 2023

NewsAging, Ireland, State Pensions

23FebFebruary 23, 2023

Nigeria: SEC to collaborate with PenCom in deepening commodities sector

The Securities and Exchange Commission (SEC) has announced plans to collaborate with the National Pension Commission (PenCom) on areas that would assist in further deepening the commodities ecosystem. Its Director-General, Mr Lamido Yuguda in a statement said this during a meeting between the commission’s management, the Lagos Futures and Commodities Exchange (LFCE) and PenCom held in Abuja. Yuguda was represented by Mr Ibrahim Boyi, Executive Commissioner Corporate Services of SEC at the meeting. The director-general noted that SEC was passionate about the...

February 23, 2023

NewsInvestment, Nigeria, Pension Management, Regulation

23FebFebruary 23, 2023

U.K. Pensions Regulator tells retirement plan trustees to disclose ESG data or face fines

The U.K. Pensions Regulator warned Wednesday that retirement fund trustees could be fined if they don't report on ESG and climate change investments. TPR said in a news release it will launch a campaign in the spring that will check if trustees are publishing ESG data in their statement of investment principles, which outline how retirement funds invest. Since 2019, retirement funds have been required to publish ESG policies on plan websites to show ESG investments to plan participants. They are...

February 23, 2023

NewsESG, Regulation, UK

23FebFebruary 23, 2023

Australia plans to limit early access to retirement funds, cut tax breaks

Australia's centre-left government said on Thursday it would push ahead with plans to change superannuation rules, including restricting early access to funds until retirement and limiting tax breaks for high-earners. The Labor government earlier this week launched a consultation on reforming superannuation - or retirement fund - saying it wanted the A$3.3 trillion ($2.3 trillion) pension system to become sustainable and equitable in the face of mounting pressure on the federal budget. "We are not trying to revolutionise the system, but...

February 23, 2023

NewsAustralia, Taxation, Withdrawals

23FebFebruary 23, 2023

Willis Towers Watson dives into U.S. market for pooled employer plans

After launching pooled employer plans in the U.K. and Europe, Willis Towers Watson is hitting the U.S. market with its own PEP offering. In a news release Thursday, the British-American multinational company announced that it had launched LifeSight PEP, a pooled employer plan for the U.S. market that it says "simplifies 401(k) plan sponsorship for employers and improves outcomes for their employees." The pooled employer plan will use Transamerica as its record keeper. The company will pursue employers with anywhere from a...

February 23, 2023

NewsOccupational Pensions, Pension Management, US

23FebFebruary 23, 2023

Leveraging Fintech To Drive Financial Inclusion: Strategies And Best Practices

Financial inclusion (i.e., the availability and accessibility of financial services for individuals and businesses) is a fundamental goal for governments and organizations around the world. Despite progress in recent years, there are still many individuals and communities that lack access to basic financial services such as savings and credit. Fintech, or financial technology, has the potential to play a major role in addressing this problem by making financial services more accessible and affordable for those who need them most. One...

February 23, 2023

NewsFinancial Inclusion, Fintech, Informal Sector

February 2023