February 2025
06Feb

South Africans withdraw R43 billion from pensions

Since the launch of the two-pot retirement system in September, more than 2.4 million South Africans have withdrawn a total of R43 billion from their pension funds. The South African Revenue Service (SARS) confirmed this last Friday evening. According to SARS, 2,664,279 applications for tax directives were received, with 2,403,379 approved. The remaining applications were rejected due to issues such as incorrect identity numbers and tax numbers. SARS Commissioner Edward Kieswetter exprncern over 213,654 taxpayers who declared incorrect taxable income to secure a...

February 6, 2025
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05Feb

China. Pensions Index expected to tackle aging challenges

In a significant move aimed at addressing the pressing global issue of aging, a top university in Shanghai has launched an innovative tool for sustainable and inclusive pension systems, which is expected to help China and other countries deal with the challenges. The China Pensions Index, which was created by East China Normal University, or ECNU, offers a comprehensive framework to assess and enhance pension systems, giving valuable insights to nations grappling with demographic shifts, a leading aging finance expert...

February 5, 2025
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05Feb

UK. Pensions inheritance tax raid to punish 150,000 families with higher bills

Labour’s pensions inheritance tax raid will hit 150,000 grieving families with higher death duty bills, figures show. Rachel Reeves’s decision to apply inheritance tax to pension wealth from April 2027 will drag 31,200 families into paying the levy for the first time by 2030, according to data obtained through a Freedom of Information request. Some 121,500 families that already pay inheritance tax will also see their bills rise as a result of the change. The policy means that estates with relatively modest assets...

February 5, 2025
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05Feb

Pension funds must be invested beyond Ghana — Ecobank CIO

CHIEF Investment Officer for Wealth and Asset Management at Ecobank, Emmanuel Owusu, has called for room to enable pension fund managers to diversify their investment portfolios beyond the shores of the country. Consequently, he advocated a regulatory shift to allow pension fund managers to explore opportunities in international markets, arguing that diversification was crucial for long-term growth. He was speaking at the 3rd Annual Forecast Dinner and Charter Recognition Ceremony organised by CFA Society Ghana, which brought together financial experts, policymakers...

February 5, 2025
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05Feb

UK. DWP Fraud Crackdown: Bank Data Access and Travel Monitoring Spark Debate

Wide-ranging new powers, including access to bank data and collaboration with outside organisations like airlines, are expected to be granted to the Department for Work and Pensions (DWP) in order to combat benefit fraud. Critics caution that these tactics could result in widespread surveillance and the degradation of civil freedoms, despite the government’s insistence that they target fraudsters. The Public Authorities (Fraud, Error and Recovery) measure is a new measure that aims to modernise the DWP’s information-gathering capabilities so that...

February 5, 2025
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05Feb

Australia. SMSFA calls for urgent review of pension tax ruling

The SMSF Association has called on the government to urgently review Tax Ruling 2013/5A1, saying the commissioner’s view on when a pension ceases due to the failure to make minimum pension payments remains problematic. In a submission in collaboration with the joint bodies, the SMSFA said TR 2013/5 lacks clear legislative backing, and its reliance on regulation 1.06(9A) appears to be an overreach, adding unnecessary complexity without providing practical benefit. The addendum to TR2013/5 deals with when a superannuation income stream...

February 5, 2025
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04Feb

UK. £35 million added to State Pension pots

Only two months left to boost State Pension by filling gaps in National Insurance records from 2006 onwards Since the launch of the digital service last April, 37,000 people have topped up more than 68,000 years, worth £35 million People wanting to maximise their State Pension by plugging gaps in their National Insurance record have contributed to a total of 68,673 years, worth £35 million, using the online service since April last year HM Revenue and Customs (HMRC) has...

February 4, 2025
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04Feb

Hong Kong. HSBC warning as thousands locked out of pensions with no access to savings

HSBC is refusing to transfer £978million in pension savings belonging to thousands of Hong Kong exiles who have fled to Britain. The FTSE 100 bank is withholding funds from tens of thousands of former Hong Kong residents who sought refuge in the UK following pro-democracy protests and the introduction of national security laws. The banking giant, which has its headquarters in London but maintains significant operations in China, claims legal barriers prevent it from releasing the pension funds to those who...

February 4, 2025
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04Feb

Asset owners ‘increasingly aware’ of risks of biodiversity loss, report says

Close to two-thirds of asset owners are now incorporating nature and biodiversity into their sustainability strategies whilst a further one-fifth intend to do so, according to a survey by Pensions for Purpose, the UK-based industry body. The report was based on interviews with 20 asset owners and managers across the UK, Europe, Asia-Pacific, North America and Latin America. These included the Bedfordshire Pension Fund, Cambridge Associates, PGGM, JANA Investment Advisers and the Wiltshire Pension Fund. Asset owners are “at a critical point in...

February 4, 2025
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04Feb

Greece Moves to Digitize Pension Records in Effort to Speed Up Payments

As part of this modernization effort, EFKA is upgrading its ATLAS pension allocation system by digitizing paper records from 1980 onwards across all primary and supplementary insurance funds. Greece’s national social security agency, EFKA, is launching a digital registry to record all insured workers’ social security contributions dating back to 1980. This initiative is part of a broader digital transformation aimed at expediting pension processing, a longstanding issue in the country’s bureaucracy. As part of this modernization effort, EFKA is upgrading...

February 4, 2025
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