September 2021
29Sep

US. Bridging The Retirement Readiness Gap With Focused Financial Literacy

Most Americans are behind the curve when it comes to their retirement readiness. However, there’s a significant racial gap in retirement readiness — especially between white and non-white individuals. As of 2016, 48% of white Americans between the ages of 30 and 59 were projected to be unable to maintain their standard of living in retirement, compared to 54% of Black Americans and 61% of Hispanic Americans, according to an analysis by the Center for Retirement Research at Boston...

September 29, 2021
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29Sep

Canada’s second-largest pension fund says first to exit oil assets

Canada’s No. 2 pension fund, Caisse de depot et placement du Quebec, said Tuesday it will shed all of its oil production assets, valued at C$3.9 billion ($3.08 billion), by the end of 2022 and reduce carbon intensity by 60% by 2030. It said it would be the first institutional investor in Canada to exit oil production assets. As part of a plan to reach net-zero emissions by 2050, Montreal-based Caisse plans to hold green assets worth C$54 billion by 2025...

September 29, 2021
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29Sep

16.5% of S. Korea’s population aged 65 and older in 2021: report

People aged 65 and older made up 16.5 percent of South Korea's population this year, a report showed Wednesday, highlighting concerns that the fast-aging demographic transition could pose a drag on the country's economy. According to the report by Statistics Korea, the number of people aged 65 and older stood at 8.53 million this year. The South Korean population is projected to peak in 2028 before going on a downward curve, the report showed. However, the graying of South Korea will accelerate,...

September 29, 2021
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29Sep

UK. How to give pension advice to same-sex couples in divorce

It is not uncommon for pension rights to represent a significant proportion of the matrimonial assets. Therefore, dealing with these rights in a way that ensures that both parties’ interests are best served may lead to some difficult and acrimonious discussions. The circumstances of each party may be such that finding a solution that suits both is elusive. Advisers are likely to be approached by the legal representatives of one party with a view to reaching an optimal solution for that party. In...

September 29, 2021
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28Sep

How to fix the gender pension gap

By Azka Ali, David Knox, Yvonne Sonsino The gender pension gap is a problem in most retirement income systems around the world. The causes and compounding effects are related to employment and pension design as well as socio-cultural issues. These issues need fixing at a multi-stakeholder level by HR and pension leaders, governments and women themselves. The gender pension gap exists in virtually every retirement income system around the world. The range is remarkable, with Japan having an almost 50%...

September 28, 2021
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UK, Pension Management
28Sep

U.K. regulators propose to expand access to illiquid investments

U.K. financial regulators issued recommendations Monday aimed at making it easier for defined contribution plan participants to invest in less-liquid assets. The productive finance working group's report, A Roadmap for Increasing Productive Finance Investment, made four recommendations with specific actions for both the industry and government. The group includes officials with the Bank of England, the Financial Conduct Authority and the Treasury. The recommendations include encouraging plan trustees to consider less-liquid assets; increasing scale by continuing to consolidate smaller plans; building...

September 28, 2021
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28Sep

Puerto Rico Board Agrees to Pension Changes If New Bonds Granted

By Michelle Kaske Puerto Rico’s financial oversight board said it will sign off on island lawmakers’ proposed changes to pensions if officials approve a plan to sell new bonds, a move that could enable the commonwealth to end its record bankruptcy. The panel will agree to raising its proposed $1,500 minimum pension payment to $2,000 and allowing the commonwealth to make up for any of the proposed pension reductions by allocating revenues to retirees in future budgets, the board said in...

September 28, 2021
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27Sep

US. Hidden In The Reconciliation Bill: A Retirement Plan Mandate That Will Take Most People By Surprise

By Elizabeth Bauer Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes, “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic...

September 27, 2021
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27Sep

Jamaica. The nation is facing a retirement crisis

A social pension is a non-contributory cash income that is given by the Government to the elderly. In July of this year, the Jamaican Government launched an $800,000,000 social pension geared at providing guaranteed income to senior citizens 75 years and older who don't have retirement income or disability benefits. Recipients are entitled to a monthly payout of $3,400. But, can this paltry sum suffice in an economy of rising prices? The nation is indeed facing a retirement crisis. With...

September 27, 2021
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27Sep

UK. The trillions in our pension pots could be key to tackling the climate crisis

By Richard Curtis Someone said something really striking to me the other day – that weather used to be the last thing on the news, but now it’s the first. And it’s not good news. Fire, floods, drought – climate change in terrible and obvious action. It made me think of something I’ve been increasingly obsessed by – unexpectedly – which is pensions. Pensions used to be the last thing on our minds, certainly not something to talk about at...

September 27, 2021
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