News Archives - Page 368 of 982 - Pension Policy International

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

22FebFebruary 22, 2023

France. ‘We need to work longer’: France’s Macron defends pensions reform

A majority of the French population, according to polls, and left-wing groups in parliament are strongly opposed to the plan, which includes raising the age of retirement from 62 to 64. But Macron, who put the overhaul at the centre of his re-election campaign last year, had until now largely avoided face-to-face meetings on the plan with members of the public and let his government handle the criticism. On Tuesday, he told journalists the later age was necessary as life expectancy...

February 22, 2023

NewsFrance, Pension Reform

22FebFebruary 22, 2023

UK. Pension schemes urged to utilise technology to improve saver experience

The Pensions Administration Standards Association (Pasa) has launched a whitepaper, Focusing on a Saver-Centric experience, encouraging pension schemes to leverage technology to ensure that recent admin enhancements aren’t "tactical and short term". The whitepaper found that an "overwhelming majority" of those interviewed viewed eAdmin as a ‘must have’ in today’s environment and have set aside the required budgets. It also found that developments are being prioritised by assessing the saver experience, operational efficiency, environmental impact and regulatory requirements, and are no...

February 22, 2023

NewsTechnology, UK

22FebFebruary 22, 2023

Higher Pension Costs, Earnings Hits Loom as Interest Rates Rise

Telecommunications giant AT&T Inc. cautioned investors this quarter about a rising corporate cost would ding its full-year earnings guidance. The culprit was pensions, and in particular, higher interest rates affecting its calculation to tally pension costs. The company said it expected adjusted earnings per share in the range of $2.35 to $2.45—a range that trailed analyst estimates—because of nearly 20 cents per share of “headwinds associated with non-cash pension costs,” Chief Financial Officer Paschal Desroches said on the company’s fourth...

February 22, 2023

NewsOccupational Pensions, Taxation, US

22FebFebruary 22, 2023

Redington DC report reveals ‘complexities’ facing savers

The consultancy's inaugural Future of Retirement Income report - launched today (21 February) - asked industry experts for their take on key debates within DC saving. With the minimum pension age due to increase, the report looked at trends for DC savers nearing and in retirement, including member communications, investment, advice and product innovation. The report noted with increasing life expectancy and focus on DC pots, the industry should engage with debates, adding that Redington would launch a series of roundtable...

February 22, 2023

NewsDefined Contribution, savings

21FebFebruary 21, 2023

UK urged to curb pension freedoms to boost workforce

Ministers seeking to boost the UK’s workforce should crack down on pension freedoms and tax breaks that encourage wealthy people to retire early, according to an influential think-tank. In a report on Tuesday, the Resolution Foundation set out a series of measures aimed at tackling the post-coronavirus pandemic rise in economic inactivity. That is now a crucial focus for Chancellor Jeremy Hunt, as he looks for ways to improve the UK’s growth prospects in his Budget on March 15. Hunt has...

February 21, 2023

NewsLabor Market, Regulation, UK

21FebFebruary 21, 2023

Kenya. Administrator welcomes NSSF contribution rise, urges simple opt-out process

Pension administrator Enwealth has welcomed the move to increase retirement savings contributions through the National Social Security Fund (NSSF) Act 2013. Early this February, the Court of Appeal quashed a judgment by an Employment and Labour Relations Court that declared the NSSF Act 2013 unconstitutional. While the Act recommended a monthly deduction of Sh200 to Sh600 for lower earners, top earners will be deducted Sh320 to Sh1,080 on a graduated scale. Increased contributions seek to ensure financial security for the retirees. However, the...

February 21, 2023

NewsKenya, Pension Management, savings

February 2023