June 2021
22Jun

UK Rules Out Ditching ‘Triple Lock’ Pledge on State Pension Increases

British newspapers have reported that the government was looking at suspending the promise to increase pensions by whichever is higher of consumer price inflation, average earnings growth, or 2.5%. They said it could help pay for the cost of the government’s COVID-19 response. “We are committed to the triple lock,” the spokesman said, when asked about the reports. Due partly to distortions from the coronavirus pandemic, annual wages in the three months to April grew by an annual 5.6% – creating...

June 22, 2021
News, Slider, , , ,
Read more...
22Jun

South Africa. UDM President says PIC must be taken to court

UDM President, Bantu Holomisa has rallied behind the PSA in its cries for pensions to not be touched when it comes to the SAA and PIC ownership deal. On Monday, 21 June 2021, the United Democratic Movement (UDM) President, Bantu Holomisa backed an article from a local publication. The article alleged that the Public Servants Association (PSA) is concerned that its workers might lose their pensions, due to the involvement of the Public Investment Corporation (PIC) in South African Airways’...

June 22, 2021
News, Slider, ,
Read more...
21Jun

UK. State pension: Warning as ‘low’ sum leaves millions at risk of ‘inadequate’ income

The State Pension is made available to individuals who have put forward a set number of National Insurance contributions throughout their lifetime. Many people will have worked for decades to ensure their state pension reaches the full sum as outlined by the Department for Work and Pensions (DWP). At present, the most someone can receive through the basic state pension is £137.60 per week. This increases slightly to a full sum of £179.60 per week for those on the new...

June 21, 2021
News, Slider, , ,
Read more...
21Jun

New Giant Saudi Pension Fund Aims to Crack World’s Top 10 Ranks

Saudi Arabia gave a first glimpse of the ambition behind the merger of two of its pension and insurance funds with a plan to rival the world’s largest investors. The new entity will boast assets of over $250 billion, according to the chief executive officer of Hassana Investment Co, the investment management arm of the kingdom’s General Organization of Social Insurance. GOSI, as the fund is known, will combine with the Public Pension Agency in a move that will reduce...

June 21, 2021
News, Slider, ,
Read more...
21Jun

Euro area pension fund statistics: first quarter of 2021

Total assets of euro area pension funds amounted to €3,105 billion in first quarter of 2021, €39 billion lower than in fourth quarter of 2020 Total pension entitlements of euro area pension funds dropped to €2,672 billion in first quarter of 2021, down €109 billion from fourth quarter of 2020 Total assets of euro area pension funds decreased to €3,105 billion in the first quarter of 2021, from €3,144 billion in the fourth quarter of 2020. Investment fund shares accounted for 48.2%...

June 21, 2021
News, Slider, , ,
Read more...
21Jun

UK. Pensions commits to net zero by 2050

Pensions has committed to net zero emissions by 2050 by overhauling its investment strategy. The new strategy will see members’ savings invested in an equity fund which invests in companies that have lower carbon footprints. It will include investing in sustainable bonds and sustainable equities to at least 50 per cent of the portfolio’s net asset value by the end of 2021. The pensions provider says the changes come after an overhaul of the trust’s investment strategy in order to integrate ESG...

June 21, 2021
News, Slider, , ,
Read more...
18Jun

Canada. The Public Sector Pension Investment Board Gains 18.4% in FY2021

The Public Sector Pension Investment Board (PSP Investments) on Wednesday reported that it gained 18.4% in its most recent fiscal year ending in March, thanks to the recovery in the capital markets after the downturn last year. The Canadian allocator, based in Ottawa, grew to C$204.5 billion (US$166.6 billion) in net assets under management, up 20.4% from C$169.8 billion from the prior fiscal year, the fund disclosed. This past fiscal year wasn’t an easy one, the fund’s top official reflected. “Our...

June 18, 2021
News, Slider, , ,
Read more...
18Jun

Saudi Arabia to merge pension, unemployment insurance funds with $29b in holdings

Saudi Arabia will combine two state-run pension and unemployment insurance funds into an entity with almost $29 billion of local and foreign stocks. Read also PIC confirms it owns 30% of new SAA consortium partner The cabinet approved the combination of the Public Pension Agency and the General Organization of Social Insurance (also known as GOSI). It'll boost investment returns, reduce costs and help with their diversification, Finance Minister and GOSI Chairman Mohammed Al Jadaan said in a statement. Read also Saudi...

June 18, 2021
News, Slider, ,
Read more...
18Jun

UK. Why investment pathways matter more than you think

The FCA launched its Retirement Outcomes Review in 2016 to check how the market was developing after the introduction of pension freedoms and address any signs of consumer harm. It found many who chose to draw down pension savings without taking regulated advice were losing out on retirement income because their pension pots were invested in cash, even though they didn’t intend to spend it in the short term. Two consultations were issued as a result of the review. First, CP18/17,...

June 18, 2021
News, Slider, , ,
Read more...
18Jun

US. Required IRA, 401(k) withdrawals would start at age 75 under congressional proposal. Here’s who would benefit

The age when older Americans must start making withdrawals from retirement accounts could change yet again. Under a provision in proposed retirement legislation pending in Congress, required minimum distributions, or RMDs, would start at age 75 by 2032, up from age 72 — which only took effect last year after the 2019 Secure Act raised it from age 70½. The proposed adjustment would generally not impact most retirees: The majority — 79.5%, according to the IRS — take more than their...

June 18, 2021
News, Slider, ,
Read more...