October 2022
28Oct

UK. State pensions triple lock to stay, hints Nadhim Zahawi

Guarantee of at least a 2.5pc rise could be kept to help ‘uniquely vulnerable’, even though No 10 refused to commit to the pledge The state pension triple lock will be kept in place, Nadhim Zahawi has suggested, after Number 10 refused to commit to the pledge. Mr Zahawi, the new chairman of the Conservative Party, said pensioners were "uniquely vulnerable" amid the cost of living crisis and ahead of next month's Autumn Statement, which is expected to result in wide-ranging...

October 28, 2022
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28Oct

Ghana. NPRA calls for more collaborations with stakeholders to increase coverage and growth

The National Pensions Regulatory Authority (NPRA) is urging stakeholders in the industry to enhance collaboration that would inure to the benefit of Ghanaian workers during retirement. Bono, Bono East, and Ahafo Regions manager of the Authority, William Ohene Adjei, said it is only through effective collaboration that there would be a widening coverage and subsequently rope in more informal workers. He said as part of the Authority’s 5-year strategic plan, they intend to work towards increasing pension coverage and pension income. “It...

October 28, 2022
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28Oct

Egypt: Increase of minimum wage in public service to address rising cost of living

Egypt has increased the minimum wage in the public sector from 2,000 Egyptian pound ($101.3) to 3,000 in a move to help workers surf the increase in the cost of living, reports say. Prime Minister Mostafa Madbouly who announced the decision said the government will pay an exceptional bonus of EGP 300 for employees in the public sector and its affiliate companies, as well as pensions. Read also Nigeria. How data analytics, artificial intelligence will help PFAs enhance customer service The hike...

October 28, 2022
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28Oct

US. Faculty Wants Pensions Out of Fossil Fuels

Student activists have been demanding that higher education institutions divest their endowments from fossil fuel companies for over a decade. Now, as more institutions move toward sustainable investment, a group of faculty is calling on its pension fund to go green. About 300 clients of the Teachers Insurance and Annuity Association of America–College Retirement Equities Fund (TIAA), which hundreds of higher education institutions use to invest faculty members’ pensions, are calling on the fund to divest from companies they say...

October 28, 2022
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27Oct

France’s Macron vows to implement contested pension changes

French President Emmanuel Macron vowed to implement contested pension reforms that would make younger generations work longer. In an interview Wednesday evening on France 2 television, Macron said the changes would start being applied next year. “There’s only one way to do it if we are lucid. Since we are living longer, it’s to work longer,” he said. Read also US. Early retirement took off during the pandemic The minimum retirement age to get full a pension would be gradually increased from 62...

October 27, 2022
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27Oct

Don’t Count on Sunak to Protect Your UK Pension

Liz Truss lasted only 44 days as UK prime minister. But her legacy in respect of your pension will almost certainly endure for decades. It is important to understand how this might affect you and how best to respond. One of Truss’s last acts as PM was to reaffirm the government’s commitment to raise the state pension each year by the higher of earnings, inflation or 2.5%. The more fiscally hawkish new Prime Minister Rishi Sunak has been more circumspect...

October 27, 2022
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27Oct

Milliman analysis: Competitive pension risk transfer buyout rate rises 320 basis points to 100.1% during September

Competitive bidding process saves about 3.0% of buyout costs as of September 30 Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI). As the Pension Risk Transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer. During September, the estimated cost to transfer retiree pension risk to an insurer in...

October 27, 2022
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27Oct

The American healthcare system is broken, here’s what we can do to fix it

The United States is amid a major demographic shift that is testing the limits of an already strained healthcare system, with Americans living longer and requiring more extensive healthcare services than past generations. Improving access to primary care is a clear way to improve outcomes in our aging population, which is expected to reach nearly 84 million by 2050. Yet, despite this, primary care continues to be deeply undervalued — accounting for just 5% to 7% of total healthcare...

October 27, 2022
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26Oct

In the U.S., Income and Wealth are Concentrated at the Top. Where Does This Leave Older Americans?

Disparities in income and wealth among older Americans have widened in recent decades. Higher income and wealth are both associated with better prospects for living a long life. So where does this leave older Americans? Today’s WatchBlog post looks at our new report on these trends with older Americans and retirement, as well as what we can see happening in three other countries with large economies—Canada, Germany, and the United Kingdom. How does the U.S. compare? In some ways, we are similar to...

October 26, 2022
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26Oct

UK. TPR publishes consolidated enforcement powers

The Pensions Regulator has published its new enforcement policy, which contains new powers awarded in the Pension Schemes Act 2021, and replaces and consolidates compliance and enforcement policies governing defined benefit, defined contribution and public sector pension schemes. Amid a raft of announcements, TPR also published responses to a consultation issued after the PSA 2021, which came into force in order to provide clarity on how the watchdog intends to use its new powers. “Feedback from stakeholders also highlighted a need...

October 26, 2022
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