November 2020

09Nov

75% of Aussies support 12% superannuation guarantee increase

An overwhelming majority of Australians support lifting the superannuation guarantee to 12% despite Reserve Bank modelling revealing that doing so will shrink wages growth. Three in four Australians say they support increasing the super guarantee to 12%, according to a nationwide survey conducted by the Association of Superannuation Funds of Australia (ASFA). Only 12% of the 1,375 people surveyed said they think the super guarantee rate should remain unchanged at 9.5%. The superannuation guarantee is the minimum amount your...

November 9, 2020
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09Nov

UK. DWP guidance nudge claims are ‘pure spin’, says MP

MPs have criticised the Department for Work and Pensions’ (DWP) latest proposals on guidance nudges, saying they lacked determination and would not go far enough to increase uptake. In the latest hearing of the Pension Schemes Bill, Neil Gray, a Scottish National Party MP, labelled the DWP’s claim that a stronger nudge by providers would significantly increase take up of Pension Wise guidance “pure spin”. Mr Gray said: “[...] the cited Maps (Money and Pensions Service) stronger nudge trials...

November 9, 2020
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06Nov

US. 10 Ways to Close Public Pension Funding Gaps

The best way to close public pension funding gaps, according to the National Conference on Public Employee Retirement Systems (NCPERS), is to reform state and local revenue systems and close tax loopholes. “But that is a long road, and it is beyond the scope of responsibilities of pension trustees and administrators,” NCPERS said in a recent research paper called “Ten Ways to Close Public Pension Funding Gaps.” “However, we can help ensure that state and local governments are looking...

November 6, 2020
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06Nov

UK. FCA chairman hails ‘significant improvement’ in DB advice

The chairman of the Financial Conduct Authority has hailed significant improvement in the defined benefit transfer advice market following a "systematic and intensive" supervision drive. Speaking at a Treasury select committee meeting yesterday (November 4) Charles Randell praised improvement in the pension advice sector, a market which has been the subject of heavy scrutiny by the regulator in recent years. Mr Randell said the FCA had undertaken a "systematic and intensive" supervision programme with firms with defined benefit...

November 6, 2020
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06Nov

How the pandemic is changing what retirement means to consumers: Survey

COVID-19 is having a fundamental impact on retirement, according to a study by Principal. One in five respondents said the effects of the pandemic were “changing the definition of retirement,” including 23% of people who were already retired. COVID-19 is having a fundamental impact on retirement, according to a study by Principal. One in five respondents said the effects of the pandemic were “changing the definition of retirement,” including 23% of people who were already retired. The study highlights...

November 6, 2020
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06Nov

COVID-19 in Latin America: a humanitarian crisis

Latin America has some of the highest COVID-19 death rates in the world. Why? For outsiders, much of the discussion of COVID-19 in Latin America has focused on Brazil and the errors of President Jair Bolsonaro. But the region as a whole is facing a humanitarian crisis borne out of political instability, corruption, social unrest, fragile health systems, and perhaps most importantly, longstanding and pervasive inequality—in income, health care, and education—which has been woven into the social and...

November 6, 2020
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05Nov

UK. Can superfunds be the silver bullet for DB woes?

Consolidation as a means of achieving better outcomes for pension schemes is a growing trend. This was highlighted in the UK’s Department for Work and Pensions’ (DWP) 2018 White Paper on protecting defined benefit (DB) pension schemes. However, the term ‘consolidation’ is in itself extensive in relation to what it exactly means to pension schemes. According to several investment consultants, consolidation should seek to achieve one or a combination of several goals: create efficiencies of scale; improve governance through...

November 5, 2020
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05Nov

Ireland. Minister Humphreys announces the Establishment of the Pensions Commission

The Minister for Social Protection, Heather Humphreys, T.D., has today secured Government approval to establish the Commission on Pensions. The Commission, which will be chaired by Ms Josephine Feehily, will examine sustainability and eligibility issues in respect of State Pension arrangements and will outline options for Government to address issues such as qualifying age, contribution rates, total contributions and eligibility requirements. Read also UK. Can superfunds be the silver bullet for DB woes? The membership of the Commission reflects the...

November 5, 2020
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05Nov

The technologies that could transform ageing

At the start of the summer, Paula Tinkler was ready to take her career in a new direction. This may not be unusual – but the speed with which she was able to make the transition was. Within a week, she was shadowing a carer in Workington, England. Within a month, she was working as a carer herself. Not only was her training rapid – it also took place completely in her own home. “I began the recruitment process...

November 5, 2020
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05Nov

Latvia. Constitutional Court to decide on minimal old age pension amount

On Wednesday, 4 November, a court hearing was commenced during which it is planned to decide on the current old age pension amount’s compliance with the Constitution of the Republic of Latvia. In accordance with Europe’s Reviewed Social Charter, the minimal old age pension amount in Latvia should be at least EUR 341 a month, whereas currently it is EUR 80, as reported by the Ombudsman’s Bureau. Ombudsman Juris Jansons turned to the Constitutional Court over the non-compliance of...

November 5, 2020
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