November 2021
23Nov

US. Pension Cash Dwindles, Risking Liquidity Crunch

Bigger private-market bets, inflation fears and a surge of retirees are putting public retirement funds at risk of a cash crunch that would force them to sell assets at losses to pay pension checks. Read also US. How The Pandemic Has Impacted Retirement Confidence Cash allocations have dropped to a seven-year low at the funds that manage more than $4.5 trillion in retirement savings for America’s teachers, police and firefighters. Read also US Department of Labor recovered more than $2.4B to employee...

November 23, 2021
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23Nov

​Three foreign pension lessons for the UK – PPI report

The Pensions Policy Institute’s (PPI) latest report looks at what the UK can learn from other countries to improve value for money for pension savers. Such contries, among others, include Sweden, Australia and the Netherlands. When Sweden introduced its defined contribution (DC)-based premium pension system in the 1990s, it launched a campaign to encourage workers to make an active, considerate choice between the six available investment funds. With remarkable success, as two thirds of workers did indeed make an active choice...

November 23, 2021
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23Nov

Low-income Greek pensioners to get one-off grant to buffer price surge

ATHENS- Greece will hand out one-off grants to low-income pensioners and medical staff ahead of Christmas to shield them from higher energy and food prices, Prime Minister Kyriakos Mitsotakis said on Monday. Consumer inflation hit a multi-year high of 3.4% in October with costs in the housing sector rising by an annual 7.8%, mainly due to rising electricity, heating oil and natural gas prices. The government has already spent about 700 million euros ($790 million)on subsidies for the majority of Greek...

November 23, 2021
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23Nov

Puerto Rico. Pension Costs Hound Final Steps in Bankruptcy Case

Disagreements over public worker pensions in Puerto Rico continue to threaten a restructuring plan that would ease $33 billion of the island’s debt just as the judge overseeing its bankruptcy case hears final arguments. A lawyer representing the congressionally appointed board overseeing the island’s finances said in court Monday that local laws, if enforced, would boost public-worker benefits and increase Puerto Rico’s expenses by an estimated $5 billion, too much for the plan to work. “Quite possibly the plan wouldn’t be...

November 23, 2021
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23Nov

How will we make the most of an extra 30 years of life?

Demographers predict that as many as half of the children born in the developed world since 2000 will reach the age of 100 and beyond. Once a rare event, century-long lives will become commonplace by 2050. The near doubling of life expectancy presents a range of challenges — along with yet unrealized opportunities. To the extent that we continue to live our lives according to the norms, institutions and policies based on lives half as long as the ones we...

November 23, 2021
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22Nov

Australia. Global Managers Circle as Retiring Boomers Cash In Billions

Almost two million Australians will soon start drawing down A$300 billion ($218 billion) in savings as they leave the workforce, and that’s providing opportunities for domestic, and increasingly overseas, asset managers as retirement costs soar at the quickest pace in seven years. Read also UK. How will the new pension transfer restrictions work? “The decumulation problem is the trickiest problem in finance to solve because everyone’s going to have a different set of needs and requirements and aspirations in retirement,” Richard...

November 22, 2021
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22Nov

Aging China outlines plan to improve elderly care services

China is urging some local governments to embark on pilot programmes next year to improve medical and care services for the elderly, with the goal of rolling out the scheme nationwide in 2023. Read also India’s fertility rate falls below replacement level. What it means. Of the 31 provinces, regions and municipalities in mainland China, 15 should launch their local pilot schemes for better medical and care services for the elderly next year, the National Health Commission (NHC) said in a...

November 22, 2021
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22Nov

Pension funds can steer next level growth and development in Nigeria

In retrospect, it is widely attested that an active pension ecosystem effectively congregating players – a regulator, administrators, custodians, public and private sector employers and working-class persons across several age groups – is well established in Nigeria. The maturity of this industry relative to more advanced economies of the world like the US or the Organisation for Economic Co-operation and Development nonetheless, the pension industry globally has displayed great resilience, navigating the turbulence and whirlwinds: macroeconomic shocks, economic downturns,...

November 22, 2021
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22Nov

Move to hinterland triggers brain drain at Korea’s mega pension fund

Earlier this year, Lee left her fund management job at South Korea's national pension fund, the world's third-largest, fed up with long commutes between her home in Seoul and her office in Jeonju, 200 kilometers away. For four years, Lee lived in a studio apartment in Jeonju, a city of 658,000, on weekdays, and traveled back to Seoul for the weekend. She feared her family would break up if she didn't make the hard decision to quit. Lee is one of...

November 22, 2021
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22Nov

Kenya. Safaricom lifts pension earnings to four-year high

Pensioners have enjoyed the highest returns from investments in four years helped by the big gains on the shares of Safaricom and large banks, which make up the bulk of the pension industry equities investments. Pension funds surveyed by fund administrator Zamara and Actuarial Services East Africa (Actserv) show a return of 15.1 percent on investments for the one year to September 2021, the highest since they reported a 15.5 percent return in 2017. Read also Ghana. Parliament asked to address...

November 22, 2021
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