News Archives - Page 353 of 982 - Pension Policy International

18AprApril 18, 2023

Do state and local pension plans really need to be fully funded?

The Center for Retirement Research’s most recent undefined makes a strong case for shifting the focus of fiscal sustainability for state and local pension plans from full funding to stabilizing their pension debt as a share of the economy. While full funding is tidy in the sense that, if the pension were to shut down, assets would be available to pay full benefits, it involves a significant opportunity cost in terms of forgoing public investment in infrastructure and education. To assess...

April 18, 2023

NewsFunding, US

18AprApril 18, 2023

One in five Korean workers are over 60: Statistics

One out of five Korean workers are over 60 years old, in an aging society with plunging birth rates. The number of elderly still working and the on-year increase in the number of elderly working both reached all-time highs last year. The number of people over 60 who were working last year stood at 5.86 million, hitting the highest figure since data compilation began in 1963, according to Statistics Korea and the Ministry of SMEs and Startups on Monday. The number was...

April 18, 2023

NewsAging, Labor Market, South Korea

18AprApril 18, 2023

European managers aim to hold line on ESG fees despite costs

Money managers in Europe said they are gathering more assets thanks to the explosion of investor demand for sustainable investment strategies in recent years, but they aren't yet charging higher management fees for ESG strategies even if their costs have increased. Adam Gillett, head of sustainable investment at Willis Towers Watson PLC, said that the costs involved in meeting the standards of the European Union's Sustainable Finance Disclosure Regulation are significant. "Where permitted and appropriate, managers may be including some of...

April 18, 2023

NewsESG, EU

18AprApril 18, 2023

15 Cheapest Countries for Retirement

The Costs of Living in Retirement On average, a comfortable retirement in the USA costs an estimated $1 million. With Americans spending $50,220 annually post-retirement, 25% have already begun delaying their retirement plans. A 40-year high inflation, rising interest rates, and pandemic-led supply-chain disruptions are all notable factors causing this delay. CNBC notes that one million dollars in a retirement account two years ago are worth $120,000 less when accounted for inflation today. As a result, 77% of people have...

April 18, 2023

NewsAdequacy, Retirement Planning

17AprApril 17, 2023

UK. PLSA sets out key issues for defined contribution reform

In the Pensions and Lifetime Savings Association’s (PLSA) regular column for Professional Pensions, the trade body’s director of policy and advocacy takes a look at defined contribution (DC) reform. It is hugely positive that pensions minister Laura Trott has wasted no time in setting out her vision for DC pensions. Her recent support for the Gullis Bill on reform of auto-enrolment to increase the amount of saving into workplace pensions is an important step towards achieving pensions adequacy and has a...

April 17, 2023

NewsDefined Contribution, Pension Reform, UK

17AprApril 17, 2023

Macron to address France after ‘Pyrrhic’ pensions victory

President Emmanuel Macron is on Monday to address France for the first time since signing into law his controversial pension reform, facing warnings the political and social crisis it sparked is not over. Macron signed the legislation early Saturday, just hours after the banner change to raise the retirement age from 62 to 64 had been validated by the constitutional court, prompting accusations he was smuggling the law through in the dead of night. After three months of protests and strikes,...

April 17, 2023

NewsFrance, Pension Reform, Retirement Age

17AprApril 17, 2023

Nigeria. Pension funds investment in banks reduced to N1.6trn by PFAs

The Pension Funds Administrators has reduced the funds under the Contributory Pension Scheme that was invested in fixed deposits and bank acceptances to N1.6 trillion in February. This was as the total funds under the scheme hit N15.49 trillion in the period under review, according to the National Pension Commission. PenCom disclosed this in its unaudited report on the pension funds industry portfolio for the period ended February 28, 2023. The data provided information on the approved existing schemes, Closed Pension...

April 17, 2023

NewsInvestment, Nigeria, Pension Management

17AprApril 17, 2023

UK. Should pensions tax relief be used to fund care costs?

Getting more people into work and keeping them there for longer was a thread that ran throughout last month’s Spring Budget. Chancellor Jeremy Hunt focused on childcare, state benefit reform and elements of the pensions tax relief system, such as the abolition of the lifetime allowance (LTA). But there was nothing more to add on the funding of social care. Last year’s Autumn Statement, which confirmed the proposed £86,000 cap on social care costs in England would be delayed by...

April 17, 2023

NewsHealth, Taxation, UK

14AprApril 14, 2023

Constitutional Council approves Macron’s controversial French pension reform

The Constitutional Court, the country’s highest authority on constitutional matters, on Friday handed down its ruling on whether the pension reform – which among other things raises the pension age from 62 to 64 – was constitutional. As there is no appeal against court decisions, a refusal would have been a crushing blow for Macron’s government – but the court announced on Friday evening that the major parts of the reform were approved. The court also rejected a request for a...

April 14, 2023

NewsFrance, Pension Reform, Retirement Age

14AprApril 14, 2023

UK. TPR authorises first CDC pension scheme

The Pensions Regulator (TPR) has authorised the UK’s first collective defined contribution (CDC) pension scheme. CDC schemes provide an alternative to traditional defined benefit (DB) and defined contribution (DC) pension schemes and see member and employer contributions pooled in a collective fund from which an aspired to pension income for life is drawn. The pooling of longevity and investment risks makes CDC schemes more resilient to market shocks. Yesterday (April 13), the regulator published a list of authorised CDC schemes on its...

April 14, 2023

NewsCDC, Regulation, UK

April 2023