August 2019

07Aug

Japan’s Government Pension Investment Fund to Support ADB’s Green Projects

The Asian Development Bank (ADB) and Japan’s Government Pension Investment Fund (GPIF) recently formed a partnership to support green project financing through investments in ADB’s green bonds. “We are pleased to collaborate with GPIF on this important initiative that promotes environment-related investments in Asia and the Pacific and is closely aligned with ADB’s development mandate,” ADB President Mr. Takehiko Nakao said. ADB issues green bonds to finance projects in the Asia and Pacific region that help its developing member...

August 7, 2019
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07Aug

Stanford analyzed 292 retirement strategies to determine the best one—here’s how it works

In 2017, the Stanford Center on Longevity analyzed 292 different retirement income strategies and determined the best way for most people to withdraw their savings. It’s called the “spend safely in retirement strategy” (SSiRS) and involves two basic components: delaying Social Security benefits and creating an “automatic retirement paycheck.” In a new 2019 report, “Viability of the Spend Safely in Retirement Strategy,” the research team took a deeper dive into the SSiRS and explored different ways to implement it....

August 7, 2019
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06Aug

Early retirement is becoming more and more popular in Germany

To many people, it may seem like a far-fetched dream, but to an increasing number, early retirement is becoming an everyday reality. For some time now, workers in Germany have been able to pay additional contributions towards their pension in order to be able to retire early without penalties. The latest figures show that the scheme is becoming more and more popular - but it costs a pretty penny. Voluntary pension contributions on the up The Deutsche Rentenversicherung, the...

August 6, 2019
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06Aug

Sri Lanka has second highest welfare coverage in Asia

Sri Lanka has the second highest welfare coverage in Asia, albeit with low spending per person, while other forms of social protection are below par, the Asian Development Bank said. The Social Protection Indicator for Asia Report said that Sri Lanka has the second highest social assistance (welfare assistance and child, elderly and disability assistance) coverage, reaching 54.7 percent of the programs' intendent recipients, behind Thailand's 60 percent. "Sri Lanka’s coverage was well balanced along with welfare assistance, including...

August 6, 2019
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06Aug

HSBC UK pension completes £7bn longevity swap with Prudential

The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc., has completed a longevity swap transaction with the HSBC Bank (UK) Pension Scheme. The longevity swap is the second largest transaction ever completed for a UK pension scheme, and concerns the longevity risk in relation to c£7 billion of pensioner liabilities. The new longevity insurance policy forms part of the Pension Scheme’s investment portfolio and is structured as an insurance contract with a HSBC-owned captive insurer...

August 6, 2019
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06Aug

Judges pensions grow almost ten times the social pensions’ growth in Ukraine

Experts from the National Council for Economic Development, as usual, analyzed how average pension has grown for different categories of people. The undisputed growth leader, as before, is the lifelong maintenance of judges. Over the year, pension for this category grew by 78%. The largest category of retired people, namely by age, received an average of 16.7% higher. And, traditionally, the last place belongs to the category of social pensions, where the growth is by 7.9%. The lifelong maintenance...

August 6, 2019
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05Aug

Ireland. Pensions time-bomb: Risk report warns workers not saving enough – or at all – for retirement

A major Government report has warned of a looming pensions time-bomb as the number of people entitled to the State pension is set to more than double over the next 36 years. The latest national risk assessment, published today, has identified the country’s ageing population as one of the most significant risks facing the State in the coming years. And it warned that Ireland’s low level of private pension coverage – just 35pc of private-sector workers have their own...

August 5, 2019
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05Aug

How South Africans can check where their retirement savings are actually going

Most South Africans would not knowingly support activities that might harm the environment, endanger the health of others or violate the rights of workers. Still, unless you know where your money is going, how can you be sure that it is being spent or invested responsibly? That is a question which the Financial Services Conduct Authority may help retirement fund members answer, says Deirdre Phillips, a partner at law firm Bowmans. By encouraging funds to make their investment policy...

August 5, 2019
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05Aug

UK. Pensions industry making ‘fat living’ from charging savers, MPs claim

Parts of the pension industry are making a “fat living” from people’s savings and should come under tougher scrutiny, MPs have said. In a damning Commons report, the work and pensions committee called for the government to take urgent action against pension funds that fail to disclose how much they charge savers, saying it is “unconvinced” that the industry will act voluntarily on providing transparent information about the costs and charges of investments. MPs have called for providers behind...

August 5, 2019
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05Aug

The Zanzibar Universal Pension

Two years ago Zanzibar took the revolutionary step of becoming the first in East and Central Africa to introduce a universal pension scheme for those over 70. Since its introduction, 28,117 older people are now benefitting from the scheme. Although an important leap towards the financial protection of older people, a recent study by the Economic and Social Research Foundation (ESRF) revealed that older people's source of income was still highly dependent on relatives despite being able to access...

August 5, 2019
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