April 2025
29Apr

UK pension system is at a tipping point

The UK faces a pensions time bomb that could detonate within a generation. Unlike all good suspense movies, there is not going to be a cutting of the red or blue wire in the final seconds of a digital countdown; solutions are complex, multi-faceted and wide reaching. For decades, the UK pension system has been regarded as a stable safety net, ensuring workers can retire with dignity. But beneath this illusion of security lies a crisis in the making. The combined pressures of...

April 29, 2025
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29Apr

US. Benefits Cuts on the Table in House Budget Legislation

Cuts to federal employees’ benefits are being pitched in budget legislation scheduled to be marked up in the House of Representatives this week. House Committee on Oversight and Government Reform Chairman James Comer (R-KY) announced that the Committee will mark up budget legislation on Wednesday, April 30 at 10:00 AM ET as part of the Trump administration’s plan to reduce federal spending to combat the growing debt which currently stands at about $36 trillion. Items Under Consideration The items to be considered would have...

April 29, 2025
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29Apr

Innovation, skills and reform of the pension system key to Luxembourg’s strong growth and public finances

Luxembourg has the highest GDP per capita among the 38 OECD countries and low public debt. To maintain strong economic growth and public finances, policies should now focus on boosting innovation and skills and securing the sustainability of the pension system for future generations, according to a new OECD report. The latest OECD Economic Survey of Luxembourg says that GDP growth is projected to pick up from 1.0% in 2024 to 2.1% in 2025 and 2.3% in 2026. Headline consumer price inflation is...

April 29, 2025
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29Apr

Finland. More than half of working-age people save for retirement, especially young people

Private savings for retirement have increased significantly over the past decade. According to a comprehensive survey by the Finnish Centre for Pensions, more than half of people aged 25–67 are saving or have saved for retirement in 2024. According to the study, the most common pension savers are the self-employed, people with above-average incomes and Finns close to retirement age. Savings rates among people under 30 have increased compared to previous similar surveys. In 2024, 45 per cent of the under-30-year-olds...

April 29, 2025
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28Apr

Why ageing well takes a village

For people to age well, they need systems, sectors and policies that create the conditions to support good health and economic well-being. One element of this involves creating policies that ensure people are not forced to stop working simply because they have reached a certain age. Policy-makers, employers and the public sector have collaborated on legislation that enables older people to keep working if they wish. Like everything in life, ageing is not something we do alone. That’s even more true when...

April 28, 2025
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28Apr

US. More and more Americans are draining their 401(k)s to survive — with ‘hardship withdrawals’ at 15%-20% above normal.

More Americans are tapping into their 401(k) to make ends meet — treating it more like an emergency fund than a retirement savings plan. Hardship withdrawals are running 15% to 20% above the historical norm, Empower CEO Ed Murphy told Bloomberg TV. Empower is the second-largest retirement plan (by number of participants) in the U.S. While new rules make it easier to withdraw funds, some people may be turning to their retirement savings as prices on consumer goods — from groceries to...

April 28, 2025
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28Apr

Nigeria. PenCom to recover unpaid pensions from power firms

The National Pension Commission has intensified efforts to recover unpaid pension contributions from electricity generation and distribution companies across the country. In a statement made available to our correspondent on Sunday, PenCom’s Director-General, Omolola Oloworaran, during a courtesy visit to the headquarters of the Nigerian Electricity Regulatory Commission recently, led a delegation to seek NERC’s intervention in enforcing compliance among erring power companies. According to Oloworaran, at least 16 power generation and distribution companies have failed to remit billions of naira...

April 28, 2025
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25Apr

US Labor Department considers overturning pension fund ESG rule

The US Department of Labor has requested that the Fifth Circuit Court of Appeals suspend litigation over a Biden-era rule that allows pension funds to consider environmental, social and governance (ESG) factors. With federal agencies now operating under the Trump administration, a number of states have attempted to overturn the Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule, which enables retirement fund managers to take ESG factors into account in the case of a tiebreaker between two financially...

April 25, 2025
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25Apr

China’s Pension Fund Returns Outdo Many in US, Europe, Former Official Says

China’s pension returns on investment are better than those in many developed countries in Europe and the US and are in a globally leading position, the former chairman of the National Council of Social Security Fund of China, which manages the country’s largest pension fund, the National Social Security Fund, said yesterday China’s strong pension returns are mainly because prices in the country are relatively stable and the investment products are reasonable, Dai Xianglong, who is also a former governor...

April 25, 2025
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25Apr

UK. Bill for underpaid state pensions set to hit £1 billion

New figures from DWP suggest that the total amount of state pension arrears to be paid out by the Government because of multiple errors is set to pass the £1 billion mark this year. Following the government's plans to consolidate small pension pots, it has also published the latest update of how much has been underpaid in state pensions to date. There are two separate correction exercises currently underway. The initial correction exercise which started in January 2021 and is nearing conclusion relates...

April 25, 2025
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