February 2021
22Feb

Albania. Deficit in State Pension Scheme Deepening

The decit in the state pension scheme reached Dollar 506 million at the end of 2020, reaching the highest level since the start of the implementation of the new reform in this area. Government spending on pensions amounted to Dollar 1.34 billion, 2.2% more than in 2019, while contributions for social security payments fell for the rst time since 2016. Economic experts link this phenomenon to the eects of the Covid-19 pandemic, where many people lost their jobs, and in many...

February 22, 2021
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22Feb

Rwanda: ‘Rising Cost of Living’ Worries Pensioners

Pensioners have appealed for a rise in pension benefits, citing the rising cost of living. Dorothée Uwimana, the President of the Rwanda Pensioners' Association, told The New Times that the benefits they receive are not adequately adjusted for inflation and the cost of living in general. For instance, she explained that food prices have been rising steadily while pension benefits continued to be calculated based on the salaries that retirees used to earn many years This, Uwimana said, particularly hurts retirees who...

February 22, 2021
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19Feb

Underfunded and Under Pressure, U.S. Pensions to Keep Investing in China

U.S. state pension funds that invested in Ant Group Co. were stung when the financial technology firm’s initial public offering was suddenly pulled on orders of China’s president. But few of these investors are swearing off Chinese private markets, where they still hope to reap big returns. Read also US Corporate Pension Funded Ratio Climbs to 89.8% in January Shock waves rippled through the investment world when China halted the initial public offering of Ant, which would have been the world’s...

February 19, 2021
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19Feb

Spain Counts on Citizens to Buy Into Revolution for Pensions

Spain is hoping to entice people to prepare for retirement with a voluntary saving plan as it tries to wean them off relying solely on state pensions. The aim is to set up a fund run by private investment companies by the end of the year, offering Spaniards an affordable alternative to supplement their public pension. But unlike some other countries, the system will require workers to opt in rather than being automatically enrolled. “We think there’s a group of middle-...

February 19, 2021
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19Feb

The ongoing sustainability journey for UK pension schemes

With over £1.3trillion of investments held in the occupational pension arrangements of over 24 million of its citizens, it’s easy to see why pension schemes are an essential part of the UK government’s drive to net-zero. In terms of wider sustainability issues, however, trust law is slower to respond, leaving pension scheme trustees with difficult decisions in some instances. This article provides an overview of the current state of play. Read also Deutsche Bank inks buy-in deal for U.K. pension...

February 19, 2021
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19Feb

Addressing the financial timebomb of ageing Australia

The 2015 Intergenerational Report found that Australia’s aged dependency ratio (the number of people over 65 for every working-age person 15 to 64) is expected to double over the next 40 years. This means there will be fewer taxpayers supporting a growing demand for pensions and services, including health and aged care. In addition, the rate of home ownership is continuing to decline among young Australians, suggesting more people will face the ongoing costs of renting once they retire. The superannuation guarantee...

February 19, 2021
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19Feb

Fintech Raisin to support UK-based investment and pension providers, Aviva

Raisin, Open Banking solutions provider, has teamed up with UK-based savings and retirement firm Aviva with over 33.4 million customers worldwide. The fintech leveraged its Raisin Savings as a Service technology to launch Aviva Save, allowing the pension and investments specialist to enter the cash savings market in the UK. The new Aviva Save platform offers Aviva customers – with 15 million customers in the UK – a selection of fixed-term savings accounts. Aviva savers can pick and mix savings offers...

February 19, 2021
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18Feb

The Global Pension Transparency Benchmark launches in a bid to improve pension outcomes for members

The Global Pension Transparency Benchmark has revealed the opportunity for improvement in pension fund disclosure transparency around the globe. Read also Ten degrees of sustainability The Global Pension Transparency Benchmark is a world first global benchmark measuring transparency of pension disclosure, bringing a focus to transparency in a bid to improve pension outcomes for members. Read also ESG-Conscious Money Managers Are Pension Funds’ Top Consideration The GPTB ranks 15 countries on public disclosures of key value generation elements for the five largest pension...

February 18, 2021
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18Feb

Ten degrees of sustainability

By Tanya Broadfield In November, when COP26 takes place in Glasgow, the eyes of the world will be looking at what progress the UK has made towards delivering sustainability targets to support net zero and the tackling of climate change. Savills has identified 10 drivers of change we can expect to hear more about this year. 1. TCFD and climate transparency A raft of sustainability disclosure requirements is coming and The Taskforce on Climate-related Financial Disclosures (TCFD) is leading the way. Since January,...

February 18, 2021
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18Feb

South Africa. Cosatu Welcomes President Cyril Ramaphosa’s Signing of the Historic Pic Amendment Act Into Law

The Congress of South African Trade Unions (COSATU) welcomes President Cyril Ramaphosa's signing of the Public Investment Corporation (PIC) Amendment Act and its immediate enactment into law. This is long overdue. The PIC Amendment Act was drafted by Parliament's Finance Committees in close collaboration with COSATU. This was necessitated by the revelation of rampant looting and the mismanagement of PIC funds by many in the PIC and those companies who have benefited from its investments and loans. The Amendment Act...

February 18, 2021
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