August 2021
31Aug

Zimbabwe. NSSA closes accounts for widows

THE National Social and Security Authority (Nssa) has closed accounts for widows and widowers, triggering an outcry. In an interview yesterday, Masvingo Pensioners Forum co-ordinator Charles Gonzi described the move as inconsiderate. "Nssa closed accounts for those with deceased husbands and wives who could not register on time. We were told we needed to bring our children regardless of where we are coming from. In this COVID-19 pandemic, movement is very difficult. How are people supposed to travel in this environment?"...

August 31, 2021
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31Aug

India. Pensioners’ body urges Govt to exempt pension from income tax; seeks PM’s intervention

Pensioners' body Bharatiya Pensioners Manch has urged Prime Minister Narendra Modi to exempt pension from income tax to provide relief to the senior citizens in the country. In a letter shot off to the Prime Minister on August 25 this year, the body argued that if the pensions of the Members of Parliament and Members of Legislative Assemblies are not taxable, then why does the government levy income tax on the pension of retired employees. "Every retired person is paid pension...

August 31, 2021
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31Aug

Focusing on ‘What Should MENA Pension Systems Look Like for Next 50 Years’ Annual Arab Pensions Conference 2021 Convenes in Manama

How should we design the MENA pension systems for the next 50 years? How do we want our children and their children to retire one or two generations from today? This is the theme or big question the highly attended annual Arab Pensions Conference 2021 will be tackling in its next edition on the 16th and 17th of November. Read also Does it Matter to be Informal? Type of employment and political opinions in the MENA region Hosted in Manama digitally...

August 31, 2021
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30Aug

Plan for early pension access in South Africa could do more harm than good, authorities warn

Financial authorities have warned that the proposed Pensions Funds Amendment Bill could have a harmful impact on financial savings in South Africa. The bill, which was tabled by the opposition Democratic Alliance, will allow retirement fund members to access a portion of their savings in cash before retirement as a guarantee for a loan. The bill makes provision for this by amending the current Pension Funds Act to allow pension fund members to obtain a loan, secured by a guarantee from...

August 30, 2021
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30Aug

UK. Govt encouraged to make CDC pensions more flexible to improve take-up

The government should make the framework for collective defined contribution (CDC) schemes more flexible to encourage take-up and make it fairer for younger members, according to LCP. The firm’s response to the government consultation on CDC regulations said further flexibility was needed due to the framework having been drafted with the Royal Mail scheme in mind, leaving sponsors who may wish to explore different benefit structures facing limited options. Read also UK’s biggest pension scheme set to screen investments based on...

August 30, 2021
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Students demand that teacher pension fund revoke fossil-fuel investments
30Aug

US. Students demand that teacher pension fund revoke fossil-fuel investments

More than 500 Bay Area high school students gathered outside the San Francisco Federal Building on 7th Street Friday before marching down Market Street to City Hall, calling on the California State Teachers’ Retirement System, the state’s pension fund for California public school teachers, to divest its investment holdings in fossil fuel companies. They pointed out that that California’s wildfires demonstrate the need to reduce emissions. “This climate strike has been going on for years, but we’re feeling the effects of climate...

August 30, 2021
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27Aug

UK. 10m pensioners risk running out of money — poll

Nearly 10m British pension savers risk running out of money in retirement because they do not know how to make their savings last, according to new analysis which sheds fresh light on the complex choices facing retirees. In 2015, big changes to tax rules handed millions aged 55 and over full control over how they access their retirement cash, including spending the fund in one go. But a new study has found that faced with this increased choice, large numbers of...

August 27, 2021
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27Aug

US. How to Plan for Retirement in a Gig Economy

Being your own boss. Making your own schedule. Taking control of your career. Those perks and others—including not worrying about being downsized by your company—drive professionals into self-employment all the time. In fact, the gig economy keeps growing year after year. How big is the gig? Pretty enormous. The month before the 2020 pandemic exploded, CNBC reported that independent contractors made up anywhere from 10% to a third of workers. Then, Covid hit, and though some freelancers lost their work,...

August 27, 2021
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27Aug

Canada. Union Files Legal Challenge Over OMERS’ Early Retirement Policy

A Canadian union has filed a legal challenge with Ontario’s independent pension regulator over the $82.4 billion Ontario Municipal Employees Retirement System (OMERS)’s policy for paramedic plan members’ access to early retirement options. According to the Canadian Union of Public Employees (CUPE), OMERS has two classifications for its members: normal retirement age 65 (NRA 65) and normal retirement age 60 (NRA 60). NRA 65 members can retire with an unreduced pension at the age of 65 at the earliest, or...

August 27, 2021
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27Aug

UK. Do CDCs offer the best of both?

The DWP recently launched its consultation on draft collective defined contribution pensions scheme regulations, which is due to close on 31 August. Once these regulations are firmed up, by the end of this year in all probability, single or connected employers will be able to open collective defined contribution schemes for their employees. The Royal Mail, in a show of unity between employer and trades union, will be the first to do so. We will have to wait until early...

August 27, 2021
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