April 2021
14Apr

EU insurance regulator cracks down on unit-linked policy costs

Insurers face stricter rules on selling products linked to the performance of stock or bond markets, in a bid to cut high costs for consumers, the European Union’s insurance regulator said on Tuesday. Insurers in the bloc collected premiums worth up to 340 billion euros ($404.33 billion) in 2019 from life insurance and pension premiums linked to the value of a stock, bond or property funds that cause the rates of return for investors to fluctuate. The EU’s European Insurance and...

April 14, 2021
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14Apr

US. Florida Senate Passes Bill to Move Most State Workers to DC Plan

The Florida state Senate has passed a bill that would eliminate the option for nearly all new state employees to participate in a defined benefit (DB) plan, instead requiring them to join a defined contribution (DC) plan. Read also New York pension fund divests $7 million from Canadian oil sands firms The bill, which was sponsored by Republican Sen. Ray Rodrigues, would require new hires as of July 1, 2022, to enroll in a 401(k)-style investment plan. Employees are currently given...

April 14, 2021
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14Apr

Zimbabwe. NSSA targets US$60 equivalent monthly pension payouts

The National Social Security Authority (NSSA) says it expects the minimum pension to be equivalent to US$60 by the end of the year payable at the interbank rate. The pensions authority, which recently announced a raft of measures to complement monthly pay-outs to its beneficiaries, has dispatched its state-of-the-art mobile clinic to the southern region to provide selected medical services to its pensioners. NSSA general manager, Mr Arthur Manase, said the medical surveillance clinic will be in the region for the...

April 14, 2021
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14Apr

Competing on customization: Fintech’s future in retirement planning

For decades, Americans thought about retirement planning in terms of a three-legged stool: Social Security, an employment-based pension and personal savings. However, all three legs of this stool are folding under the pressure of change. Social Security is forecast to run out of funds by 2035, company pensions (as well as full-time employment itself) are in decline, and millions are facing a squeeze on savings. People planning for their retirement are looking for fresh advice to help guarantee long-term financial...

April 14, 2021
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13Apr

New York pension fund divests $7 million from Canadian oil sands firms

New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday. The New York State Common Retirement Fund will divest more than $7 million in securities already held in the companies, and not make any further investments in them, DiNapoli said in a statement. Canada’s oil sands hold the world’s third-largest crude reserves and have...

April 13, 2021
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13Apr

Spain. The Silent Reform Of Pensions

Spain has a critical and essential employment problem: high chronic unemployment and job insecurity. Both of these are amongst the key causes of an embarrassing inequality, one of the worst in Europe. Then, to complicate the solutions, comes the problem of the high public deficit, which has increased over the last decade as an inevitable inevitability. A debt aggravated by its dependence on external financing with a bias towards instability. And at the heart of this debt is the...

April 13, 2021
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13Apr

UK. Pension Superfunds: Bright Future or Flash in the Pan?

The Pension Superfund is an interesting development for employers and employees in the United Kingdom and is beginning to become relevant in all of Europe. Insurers have recently been given the green light to offer the superfund and several insurers are already putting this in place for their customers. These Pensions represent a new and highly regulated 'vehicle' designed to consolidate UK occupational Defined Benefit (DB) pension funds. The superfund is achieved using a novel new method that accepts bulk...

April 13, 2021
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13Apr

Retiring While Black

When you consider unemployment statistics, to be young, employed, and Black may seem like a victory unto itself. That’s even more true if you have a job you call a career and a professional future that looks bright. Many Black people who are now of retirement age have not been so fortunate, and many pre-retirees continue to live paycheck to paycheck. Indeed, when you look at how the Black community fares in terms of retirement readiness, the statistics give cause...

April 13, 2021
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12Apr

World’s Top Pension Fund Treads Water as ESG Picks Up Pace

After taking over the helm of the world’s biggest pension fund in 2015, Hiromichi Mizuno helped chart a course that not just made sustainable investing big in Japan, but also raised the strategy’s global profile. Read also UK. Pension Superfunds: Bright Future or Flash in the Pan? The Government Pension Investment Fund’s former chief investment officer sidestepped public bemusement and criticism at home, as he sought to turn GPIF into a fund that -- as one Harvard Business Review article put...

April 12, 2021
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12Apr

What to Do (and Not Do) With a Target-Date Fund After Retiring

Target-date funds are a staple of employer-sponsored retirement funds, due in part to their ease of use. The funds adjust allocations over decades, starting with big equity exposures, then glide gradually into more fixed income. But some investors don’t stick with them, particularly after they retire. Thinking they can do a better job of managing their money than a target-date funds’ manager, some investors shift the money into individual retirement accounts where they invest in other types of funds. Is that...

April 12, 2021
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