News Archives - Page 398 of 983 - Pension Policy International

16NovNovember 16, 2022

68% of Brits back pension triple lock

‘Attacking’ it would be a ‘seriously high-risk and deeply unpopular move’ More than two-thirds of UK adults support an inflation-matching increase in the state pension next year, AJ Bell research has found. Of the 4,000 Brits asked if they backed increasing the state pension in line with wage growth, inflation, or not at all, the overwhelming majority (86%) felt the state pension should increase next year. Most (68%) said they backed an inflation-linked increase, while a further 18% said it should be...

November 16, 2022

NewsIncome, State Pensions, UK

16NovNovember 16, 2022

Global population hits 8 billion, doubling in 48 years

The world’s population has reached 8 billion, up by one billion in just 11 years since the population hit 7 billion in 2011. On Tuesday, the UNDP announced that the world’s population had hit 8 billion. UN Secretary-General Antonio Guterres said in a statement that it is a “milestone in human development,” and that this is an “occasion to celebrate diversity and advancements while considering humanity’s shared responsibility for the planet.” Since 1974, when the global population first exceeded 4 billion,...

November 16, 2022

NewsAging, Labor Market, Longevity

16NovNovember 16, 2022

Age for starting savings for pension drops in China

The average age for starting saving for a pension dropped sharply in China from 38 to 35, according to a survey on the prospect of China's elderly care released by Fidelity International and Ant Fortune on Tuesday, the Paper reported. Perceptions on and behaviors for retirement planning continue to improve when China's personal pension policy landed as a third pillar to support the country's pension system with the basic endowment insurance as the first pillar, and the enterprise annuity as...

November 16, 2022

NewsAging, China, savings

15NovNovember 15, 2022

The Nobel laureate, Paul Krugman and other experts will celebrate 25th anniversary of the Mexican pension system at Encuentro Amafore 2022

Encuentro Amafore 2022 will take place at the Citibanamex Center on the 16 and 17 of November, with keynote speeches by the 2008 Nobel Prize in Economics, Paul Krugman; 2004 Pulitzer Prize-winning historian and geopolitical expert Anne Applebaum; the political scientist, writer and professor at Stanford University, Francis Fukuyama; and the Director of Strategic Alliances and Contents of América Móvil, Arturo Elías Ayub. It will also feature keynote addresses by the director of strategic functions at BlackRock, Peter Fisher; Franklin...

November 15, 2022

News2022, ESG, Financial Inclusion, Innovation, Mexico, Pension Management, Regulation

15NovNovember 15, 2022

U.S. Pension Funding Ratios Continue to Increase

Better equity performance and higher interest rates in October contribute to pensions nearing full funding. Aon’s Pension Risk Tracker in October reached its highest funded status level since its’ inception in 2011, as the aggregate pension funded status of S&P 500 companies increased to 97.2%. from 93.8% in September. Aon reports that pension asset returned 0.8% in October. The Aon report was one of several, released since the end of October, that showed improvements. The month-end 10-yr Treasury rate increased 27 basis...

November 15, 2022

NewsFunding, Occupational Pensions, US

15NovNovember 15, 2022

UK. Sunak gives strongest hint he will protect pensions triple lock

PM, also under pressure to raise benefits and public sector pay with inflation, claims ‘compassion’ will be at heart of autumn statement Rishi Sunak has given his strongest hint the government will protect the triple lock on pensions, saying pensioners “will always be at the forefront of my mind”. The rule, which applies to UK state pensions, means pensions must rise each year in line with the highest of three possible figures: inflation, average earnings, or 2.5%. Sunak is likely to face...

November 15, 2022

NewsState Pensions, UK

15NovNovember 15, 2022

Nigeria. PenCom promises safety net on Micro-Pension Plan scheme

The National Pension Commission (PenCom) has revealed plans to intensify financial self-sufficiency for Micro Pension Plan (MPP) subscribers as the number of contributors increases to 84,000. This suggests that the level of awareness of the scheme among artisans, entrepreneurs and participants in the informal sector has increased in the last few months. The scheme is to encourage participants in the sector, which forms a large percentage of the working population, to save for their retirement. Speaking to newsmen at the ongoing Lagos...

November 15, 2022

NewsNigeria, Regulation

14NovNovember 14, 2022

UK. Pension savers face ‘double’ tax hit as inflation soars

The government’s decision to freeze the lifetime allowance could yield up to £2bn for the Treasury, double the £1bn it previously projected due to a surge in inflation this year. The lifetime allowance, the amount a pension holder can benefit from without having to pay extra tax, was frozen at £1,073,100 in the 2021 Budget by former chancellor and current prime minister, Rishi Sunak. But according to pension consultants LCP, the freeze did not take into account inflation proofing and over...

November 14, 2022

NewsIncome, UK

14NovNovember 14, 2022

South Africa. Unions and SOEs that fail to pay employee benefits are facing few to no consequences

Retirement, medical and other contributions deducted from employees’ salaries are not being paid to the relevant funds and schemes by some SOEs and unions. In a tough economic environment, unions and state-owned enterprises (SOEs) are starting to default on employee benefits such as retirement fund and medical scheme contributions. And there are apparently few to no consequences for this behaviour. Earlier this week, Pension Funds Adjudicator Muvhango Lukhaimane issued a ruling against the South African Transport and Allied Workers Union (Satawu)...

November 14, 2022

Newssavings, South Africa

14NovNovember 14, 2022

Jamaica. Automatic pension enrolment will save retirees

85 per cent of UK workers now pensionable vs 18 per cent in Jamaica With about 18 per cent of Jamaica's working population having a pension plan, the retirement crisis persists and this situation should be of grave concern to the Government and all taxpayers. Jamaica has an ageing population which is increasingly at risk of pension poverty, ie inadequate retirement income. As such, I am recommending the automatic or mandatory enrolment of eligible employees in a workplace pension plan. This would...

November 14, 2022

NewsAdequacy, Enrollment, Jamaica

November 2022