April 2022
18Apr

US. Labor Department announces new ERISA Advisory Council members

The Department of Labor on Friday appointed seven members to its ERISA Advisory Council. It also announced that Peter Wiedenbeck, the Joseph H. Zumbalen professor of the law of property at Washington University School of Law, will serve as chairman of the 15-member council in 2022. Megan Broderick, senior director for global retirement and financial well-being at PepsiCo., will serve as vice chairwoman, according to a Labor Department news release. The council's new appointees, who will each serve three-year terms, are: ...

April 18, 2022
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15Apr

Swedish regulator to screen funds for ‘green painting’

Sweden's financial regulator said it will start reviewing funds to enforce new sustainable regulations and to prevent "green painting." The Swedish Financial Supervisory Authority, or Finansinspektionen, said it will review "whether the information provided about the funds that are classified as most sustainable meets the strict requirements" of sustainable finance disclosure regulation rules implemented in March 2021. In a notice on its website Tuesday, FI said that as demand for green and sustainable funds increases rapidly, "this entails the risk of...

April 15, 2022
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15Apr

Bad Retirement Savers Expect to Die Young

By Allison Bell What workers think about their retirement savings is closely related to how long they think they will live, according to a new Club Vita life expectancy survey. Workers who said that their savings would be enough to pay for a comfortable retirement agreed with Club Vita about how long they might live. Workers who said their savings would be too small to pay for a comfortable retirement predicted that they would die about 7.1 years earlier than Club Vita would have...

April 15, 2022
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15Apr

Kenya. Treasury cuts pensions and gratuity cash by Sh42bn

The Treasury has cut the budget for paying retired public servants by nearly Sh42.50 billion, pointing to a growing backlog which will not be cleared by end of June. The expenditure on pensions and gratuities for the current financial year has been slashed to Sh111.14 billion from earlier estimates of Sh153.64 billion, according to fresh estimates Treasury Cabinet Secretary Ukur Yatani has tabled in the National Assembly. This came after Mr Yatani said payroll for the public service pension was growing...

April 15, 2022
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15Apr

Japan’s population down 640,000 in 2021, biggest drop on record

Japan's population totaled 125,502,000 as of Oct. 1, down 644,000 from a year earlier, marking the biggest decline on record, according to government data released Friday. The fall was attributed to stricter border restrictions propelled by the coronavirus pandemic, the Ministry of Internal Affairs and Communications said. The tally includes foreign nationals. Tokyo's population shrank for the first time in 26 years. All of Japan's 47 prefectures except Okinawa posted a fall in the number of residents in the year to...

April 15, 2022
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15Apr

US. Mexican immigrants have to work longer due to inadequate Social Security benefits, study finds

Mexican immigrants are a critical part of the American workforce, but they are also financially vulnerable. As Emma Aguila explains in new research she co-authored in the Journal of Pension Economics and Finance, Mexican immigrants face greater obstacles in securing social security benefits and therefore have to work later into life. Equally important, Aguila and her colleagues, Zeewan Lee and Rebeca Wong, found Mexicans who do receive those benefits are more likely to rely on them compared to non-Hispanic white populations. However, an...

April 15, 2022
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14Apr

Principal Financial poised to take stake in Chinese pension manager

Principal Financial Group is poised to become only the third foreign firm to take a stake in a Chinese pension management firm on the mainland. A "change of shareholders" announcement on the website of CCB Pension Management Co. Ltd., a subsidiary of Beijing-based China Construction Bank, said Wednesday that subject to approval by the China Banking and Insurance Regulatory Commission, Principal will acquire a 17.65% stake in CCB Pension Management. The announcement said China Construction Bank will transfer 15 percentage points...

April 14, 2022
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14Apr

Germany set for bumper pension hike amid inflation surge

German Chancellor Olaf Scholz's coalition Cabinet on Wednesday gave the green light to the largest hike in pensions in more than a generation. The decision was made against a backdrop of rampant inflation, with pensions in Germany adjusted each year based on the national average salary. It also comes after some pensioners received no increase last year as the coronavirus pandemic battered the economy. How big is the increase? Pensions in states that made up the former West Germany, where there was no...

April 14, 2022
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14Apr

US. Retirees less worried about financial risk than younger people

As the pandemic passes the two-year mark, there seems to be an emerging gap in the financial security of younger Americans compared with their retired counterparts, new survey findings suggest. Americans who have yet to retire and are still balancing careers, family and saving are feeling more worried about their financial future than they did at this point last year and are significantly less confident than current retirees. In fact, nearly two-thirds (63%) of non-retirees said they fear running out of...

April 14, 2022
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14Apr

UK. Can retirement savers make their pension greener?

Pension savers are apparently turning their attention towards environmental, social and governance factors amid the increasing prevalence of ESG investing. Two-thirds (67 per cent) of consumers believe it is important to consider ESG factors before investing, rising to seven in 10 (72 per cent) for those with a pension, according to a survey from Aviva last year. When it comes to defined benefit pension funds, it will be down to the trustees who take advice from a consultant to decide what...

April 14, 2022
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