News Archives - Page 415 of 957 - Pension Policy International

24JunJune 24, 2022

That Social Security Income Replacement Cliff Could Hurt

Social Security will keep paying retirement benefits in 2035, even if its trust fund empties out, but the cut in the amount would be huge. That’s the assessment of Alicia Munnell, director of the Center for Retirement Research at Boston College. Munnell, one of the top academic retirement researchers in the world, says Social Security should receive enough payroll tax revenue to pay 80% of the currently promised benefits from current income in 2035, and about 74% of the promised benefits...

June 24, 2022

News2022, Income, Social Security, System sustainability, US

24JunJune 24, 2022

UAE entities should register GCC employees in pension, insurance system: GPSSA

The General Pension and Social Security Authority (GPSSA) called on the UAE-based entities to register their employees from the Gulf Cooperation Council (GCC) countries in the unified system for extending insurance protection. The authority explained that it includes those employed in the government and private sectors, free zones, and the hotel and tourism sector. Registering the GCC employees in the UAE is mandatory according to Law No.18, the UAE Cabinet issued on 22nd July, 2007, to regulate the provisions of insurance...

June 24, 2022

News2022, Enrolment, savings, UAE

23JunJune 23, 2022

Russia sanctions will hit US pensions

The Pacific Investment Management Co. (Pimco) has warned the U.S. Treasury Department about the fallout to investors from the strict sanctions that are pushing Russia toward default. Executives at the asset management giant told the U.S. Treasury that U.S. pension funds will face losses if fund managers are forced to write down their Russian holdings, according to people familiar with the matter. They also made the point that a Russian default would allow President Vladimir Putin to keep foreign currency...

June 23, 2022

News2022, Investment, Russia, US

23JunJune 23, 2022

Pensions to Rise With Inflation Even as UK Urges Pay Restraint

The UK government said the state pension will rise in line with inflation this year, a handout to elderly Britons even as Boris Johnson warned that doing the same for public sector salaries would not be feasible. Pensions will increase in step with September’s consumer price index, which is due to be “significantly higher than the forecast inflation rate” for the next fiscal year, Simon Clarke, chief secretary to the Treasury, said in a written response to a question in...

June 23, 2022

News2022, Income, Public spending, UK

23JunJune 23, 2022

US. BlackRock offers feedback to SEC on climate-risk disclosure proposal

BlackRock, which embraces climate-conscious investing and is pushing other companies to do the same, still supports the rules proposed by the SEC requiring climate-related disclosures from public companies. But the money manager has some notes for the regulator. In a June 17 letter to the SEC, BlackRock reiterated its belief that "climate risk is investment risk" and that related disclosures aligned with the Task Force on Climate-related Financial Disclosures framework should be mandated. However, the firm does not agree with...

June 23, 2022

News2022, ESG, Regulation, US

23JunJune 23, 2022

Swedish parliament passes mini-budget after pensions compromise

Sweden's parliament passed the government's extra budget on Wednesday after weeks of disagreement over extra money for pensioners, paving the way for increased spending on the police, defence and additional aid to Ukraine. The minority Social Democrat government, which hopes to win a third successive term in power at a general election in September, was forced to vote against its own budget last week to avoid having to adopt the opposition's finance bill. It then reintroduced interim spending plans, including around...

June 23, 2022

NewsPublic Pensions, Public spending, Sweden

22JunJune 22, 2022

US. Rising interest rates make it trickier to choose between a lump sum or an annuity

About 15% of private-sector workers have access to a traditional pension, which they often are able to take as a lump sum instead of an annuity. For anyone edging close to a retirement date, be aware that the higher the interest rate used to calculate a lump sum, the smaller the amount. On the other hand, pension annuities typically do not come with cost-of-living adjustments, making them susceptible to inflation risk. Here’s what to know. When you’re nearing retirement and are due a...

June 22, 2022

News2022, Political economy, US, Yields

22JunJune 22, 2022

UK. High inflation presents ‘tough time’ for schemes looking to invest

High inflation expectations have “surprisingly” led to UK defined benefit (DB) schemes seeing their long-term liabilities fall by around 0.2 per cent over the past 12 months, although the backdrop of rising prices and tightening real wages have resulted in a “tough time” for schemes looking to invest, according to XPS Pensions Group. The latest CPI inflation data, published this morning (22 June), showed that inflation has increased to 9.1 per cent, continuing the trend of rising inflation seen over...

June 22, 2022

News2022, Investment, UK

22JunJune 22, 2022

South Korea saw biggest natural population decline for the month of April

The number of deaths in South Korea recorded in April rose to an all-time high for that month. According to Statistics Korea, in April, there were almost 37-thousand deaths, which was a whopping 46.3 percent increase from a year earlier. As for the number of births, it was the 77th month in a row almost six-and-a-half years straight that the number of babies born has declined. Births came in at a little over 21-thousand, which was down 7 percent from a year...

June 22, 2022

News2022, Aging, Longevity, South Korea

22JunJune 22, 2022

US. Younger Boomers May Outlive Their 401(k) Savings

Baby boomers are not renowned for their frugality, having grown up in an era of rapid economic growth, mass consumerism and a feeling that the money faucet will never turn off. In retirement, however, the money can run out — a risk some boomers face as they spend their way too quickly through their retirement accounts, according to a new study from the Center for Retirement Research at Boston College. That risk is particularly big for younger boomers whose careers...

June 22, 2022

News2022, Pension design, US

June 2022