December 2022
14Dec

Nine EU countries need pension reform

Nine EU countries have not explicitly committed to pension reforms in their recovery and resilience plans despite Commission recommendations on the matter from the 2019 European Semester, according to Commission documents and declarations made to EURACTIV. In 2019, during the European Semester, 17 EU countries received recommendations on the “long-term sustainability of public finances”, and 15 were urged to specifically reform their pension systems. Some of them were again asked to pursue reforms of the retirement system with the Next...

December 14, 2022
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14Dec

Germany. Scholz wants to limit early retirement to weather German labour crisis

While Germany's chancellor Olaf Scholz has called for policies to discourage people from taking early retirement, the FDP is looking to Sweden for inspiration, considering the economic benefits of a more flexible retirement policy and how it may help plug the country’s labour shortage. Scholz calls for cutbacks in early retirements Germany’s chancellor Olaf Scholz has made an appeal to people over the age of 60, calling on them to delay their retirement. The SPD politician said that pension-age people delaying...

December 14, 2022
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13Dec

UK. TPR calls for trustees to increase investment decision skills

Trustees should take advantage of available support and guidance to increase their skills in relation to investment decisions, The Pensions Regulator (TPR) executive director of policy, analysis and advice, David Fairs, has said. In a blog post, Fairs argued that defined contribution (DC) pension scheme trustees should take action to enable pension savers access to the investment opportunities that best support good outcomes. Fairs suggested that while DC trustees are at a fork in the road on their DC journey, “the...

December 13, 2022
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13Dec

Ghana. Exempt pension funds from Debt Exchange Programme – TUC insists

The Trade Union Congress (TUC), has reiterated its intention to advice itself if government fails to announce within a week the exemption of pension funds from the Debt Exchange programme. Speaking at a press conference on Monday, December 12, 2022, Dr Yaw Baah, Secretary General, Trade Union Congress, said government should publicly announce that all pension funds, including Social Security and National Insurance Trust (SSNIT), were exempted from the Debt Exchange Programme. He said the programme will negatively affect pension funds...

December 13, 2022
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13Dec

Overcoming Procrastination In Saving For Retirement

Procrastination in saving for retirement is so pervasive that it can be considered the norm. Retirement is a long way off and how much will be needed is unclear. The question is complicated by possible allocation to estate bequests and (for homeowners) the possible use of home equity in the process. Procrastination is further encouraged by expectations that future income growth will enhance the capacity to save in the future, further rationalizing the failure to save now. Overcoming Procrastination With...

December 13, 2022
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13Dec

Vanguard defends strategy as critics pile on after net-zero exit

Vanguard Group is under pressure to reassure stakeholders that it still cares about the climate, after becoming the target of fierce criticism from high-profile environmental advocates including Al Gore. The former U.S. vice president, who now chairs Generation Investment Management, called Vanguard's decision to quit the world's biggest climate-finance alliance "irresponsible and shortsighted." Mr. Gore also suggested the asset manager, which oversees $7.1 trillion in client funds, was out of step with the zeitgeist. It's a sentiment that was echoed by...

December 13, 2022
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13Dec

Financial institutions call on world leaders to adopt Global Biodiversity Framework

World leaders have been urged by 150 financial institutions representing more than US $24trn in assets to adopt a post-2020 Global Biodiversity Framework at the UN Biodiversity Conference COP15. As reported by our sister publication, European Pensions, the statement is led by the Principles for Responsible Investment (PRI), the UN Environment Programme Finance Initiative and the Finance for Biodiversity Foundation, and calls on governments from around the world to adopt the framework for economic players, including financial institutions. The framework aims...

December 13, 2022
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13Dec

Gabon: Employers to take charge of National Social Security Fund

Henri Claude Oyima, head of Gabon’s private bosses has indicated that the President of the republic Ali Bongo has nodded to the demand of the Federation of private companies of the central African country to take control of the struggling National Social Security Fund, CNSS. “We were pleased with the Head of State’s announcements on the issue of social security. That is, from now on, the National Social Security Fund and the National Health Insurance Fund will be managed, as...

December 13, 2022
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12Dec

US. Political fight against ESG continues in 3 states

Politicians in Kentucky, Florida and North Carolina have continued a crusade by Republican leaders for pension funds to break with ESG and BlackRock. While several state treasury funds have dropped BlackRock from investments, pension plans have been less willing to follow. In Florida, Chief Financial Officer Jimmy Patronis terminated BlackRock from the management of $2 billion in the state's long-duration portfolio and called on the Florida State Board of Administration, Tallahassee, to drop BlackRock from more than $13 billion in...

December 12, 2022
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12Dec

Macron postpones French pension overhaul to January

French President Emmanuel Macron said Monday that he was pushing back his presentation of a major pensions overhaul denounced by labour unions, citing recent leadership changes at two opposition parties. Both the Greens and the right-wing Republicans have elected new chiefs, and Macron said he would consult with them before unveiling details of the major reform on January 10, instead of Thursday as planned. “This will give a few more weeks for those… who have taken over to discuss some of...

December 12, 2022
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