September 2022

UK. Gig economy workers and pension rights

With many employers avoiding their obligations, it’s time the government stepped in, argue Stephen Morrall and Annabelle Woosnam Last year the case Uber BV v Aslam made headlines across the media when the Supreme Court ruled that thousands of Uber drivers are ‘workers’, as defined by legislation, and not independent contractors. Accordingly, they are legally entitled to basic employment rights. However, according to a recent Financial Times article, the Pensions Regulator chief executive has conceded that, despite his calls for...

UK. Govt appoints new pensions minister

Alex Burghart has been appointed as the new parliamentary under secretary of state in the Department of Work and Pensions in Liz Truss’ latest cabinet reshuffle. Burghart has been elected twice as MP for Brentwood and Ongar. He was previously parliamentary under-secretary for the Department for Education between September 2021 and July 2022. The Department for Work and Pensions confirmed the appointment, but did not comment on it. In a statement released yesterday (September 20), Truss sacked the UK’s longest serving pensions...

Pensions, with inflation soaring, 2022 will be the worst year to retire

What impact will inflation have on pensions? An answer comes from the tenth edition of Natixis IM’s Global Retirement (GRI) Index 2022. Analysis suggests that 2022 may be the hardest year to retire in recent history. This is due to a market environment that affects retirement savings. In practice, the high inflation rate will erode part of the capital set aside but the volatility on the markets as well as the low interest rates also weigh. These are the...

African Women Impact Fund launches with USD$60 million commitment to drive an inclusive investment environment

The Economic Commission for Africa (ECA) and Standard Bank Group, with the support of the Arab Bank for Economic Development in Africa (BADEA), the Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund and the African Union Commission (AUC), have announced the African Women Impact Fund (AWIF) Initiative's achievement of its first commitment of USD$60 million. The announcement was made at the inaugural The Global Africa Business Initiative, held from 18 – 19 September during the week of the United...

The U.S. retirement system gets a ‘C+’ grade, experts say — even though it’s worth $39 trillion. Here’s why

The U.S. retirement system may seem flush — yet it ranks poorly in relation to those in other developed nations. Collectively, Americans had more than $39 trillion in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute. However, the U.S. places well outside the top 10 on various global retirement rankings from industry players, such as the Mercer CFA Institute Global Pension Index and Natixis Investment Managers 2021 Global Retirement Index. According to Mercer’s index,...

UK. Early pensions access could encourage people to save, says ACA

Younger generations could be encouraged to save more for the long-term if the state allowed them to dip into their retirement savings early in order to cover urgent essential expenditure. This is according to evidence submitted by the Association of Consulting Actuaries for a Treasury Select Committee inquiry examining whether the current suite of tax reliefs represent good value for money. The ACA said too many people currently do not have a cushion of adequate immediate-access savings that would cover unexpected...

US. Why Intelligent Aging Should Be Healthcare’s Moonshot

Tom Lawry is the National Director for Artificial Intelligence, Health and Life Sciences at Microsoft. “It’s not how old you are, it’s how you are old.” – Jules Renard, French author. It was the summer of 1965 when Medicare was signed into law, guaranteeing that the federal government would manage the provision and cost of medical care for all seniors. In doing so, President Lyndon Johnson proudly declared: “No longer will older Americans be denied the healing miracle of modern medicine....

Over 75s make up over 15% of Japan’s population for first time

The share of Japan's older adult population, those over age 65, has been increasing every year since 1950 and is expected to reach 35.3% of the total population in 2040. For the first time, Japan's over 75s account for over 15% of the population, after their cohort rose by 720,000 to 19.37 million people, government data released Sunday showed, in further evidence of the country's rapidly graying society. Also hitting a record high this year was the number of those over...

France’s far right to oppose Macron’s pension reform, Le Pen warns

French far-right Rassemblement National leader Marine Le Pen said on Sunday that her party will vote against President Emmanuel Macron's pension reforms and against the 2023 budget. "We will oppose Emmanuel Macron's pension reform plans that are unfair and will divide (the country)," Le Pen told a party meeting in Cap d'Agde in southern France. Macron wants to start implementing the reforms, which mainly consist of a progressive rise to 65 of the legal retirement age, next summer. France's far right scored...

Australia. Millions to get cash boost

Millions of Australians are in for a welcome boost on Tuesday, with Centrelink payments set to rise in response to growing inflation. Centrelink payments will increase on Tuesday for millions of Australians as an indexation increase to match cost of living pressure kicks in. The payment increase is set to be the biggest in 30 years and will benefit aged pensioners, disability support pensioners, carers and those on JobSeeker and Rent Assistance among others. Single parents will receive an extra $35.20 per...