September 2020

03Sep

US. COVID-19 economy pushing workers into early, involuntary retirement

The COVID-19 pandemic may have pushed millions of older workers out of the workforce prematurely. A report published earlier this month from the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School showed that 2.8 million older workers have left their jobs since March — and ongoing economic turmoil coupled with poor health could make it difficult to resume their career elsewhere. Some may have already given up. Per the report, 38% of unemployed older employees stopped...

September 3, 2020
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03Sep

Europe needs a fully fledged capital markets union – now more than ever

The capital markets union (CMU) is one of the cornerstones of the euro area's financial architecture. But progress in developing it has been slow. Since the agreement on establishing CMU in 2015, many subprojects have been launched, and some completed, but European capital markets are still far from being fully integrated. Despite the fact that the coronavirus (COVID-19) crisis has made CMU more important than ever, progress has unfortunately slowed, notwithstanding the substantial headway made on the fiscal side...

September 3, 2020
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02Sep

How the coronavirus pandemic is deepening Asia’s pension crisis

As the Covid-19 pandemic continues to overwhelm economies in Asia, putting an unprecedented number of jobs on the line, another crisis is brewing in the backdrop – one that’s likely to hit millions of people years down the road. Along with the strain on their health and financial well-being, the pandemic threatens to derail Asians’ retirement security and Asia’s multitrillion-dollar pension systems, which already faced major challenges pre-Covid-19. As early as 2017, the World Economic Forum warned that a...

September 2, 2020
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02Sep

European Pensions Lead Adoption of ESG Investments

While the United States is beginning to take notice of investments backed by environmental, social and governance principles, the majority of European pensions have already adopted the ESG theme. According to Mercer’s most recent European Asset Allocation Survey, the majority of European pension funds now incorporate environmental, social, and governance risks into their investments, compared to just two years ago when less than half even considered ESG as an option, Chief Investment Officer reports. The survey results showed that...

September 2, 2020
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02Sep

Pennsylvania Teachers’ Pension Sheds $2 Billion in Risky Investments

The board of trustees of the $55.8 billion Pennsylvania Public School Employees’ Retirement System (PSERS) has unanimously voted to dump approximately $2 billion from “expensive and underperforming” investments. At its most recent meeting, the board agreed to the move as part of a $5 billion reallocation out of hedge funds and other higher risk investments into stocks, bonds, commodities, and infrastructure investments. The move was lauded by Pennsylvania State Treasurer Joe Torsella. “It’s time that more pension funds wake...

September 2, 2020
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02Sep

Bitcoin As a Retirement Plan Investment?

The cryptocurrency is legally permissible as a 401(k) investment under ERISA, but some plan sponsors may have questions about whether it is prudent. Bitwage launched what it touted as the “world’s first Bitcoin 401(k) plan” in May. Bitwage provides cryptocurrency payroll and invoicing services. It says the 401(k) offering is a four-way strategic collaboration between Bitwage, Leading Retirement Solutions, Kingdom Trust and Gemini. Leading Retirement Solutions provides the administration and recordingkeeping for the 401(k) plan. Kingdom Trust is the custodian,...

September 2, 2020
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01Sep

Canadian Pension Fund Returns Pressured, Long-Term Strategy Intact

Recent interim and fiscal year results from Canadian pension funds reflect the negative impacts from the coronavirus pandemic on valuations, with underperformance in early 2020 relative to targeted returns, says Fitch Ratings. Still, funds reporting results through June 30, 2020 also reflected a subsequent rebound in performance in the equity markets and credit spread tightening in 2Q20. Long-term fund performance will depend on asset mix, which is largely influenced by a plan's maturity and risk appetite, future market volatility...

September 1, 2020
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01Sep

Many Chinese women unprepared for retirement risk: survey

There is not enough awareness amongst Chinese woman concerning risks associated with retirement, a new study finds. The first retirement risks management white paper focusing on women, done by Manulife-Sinochem with the Fudan Development Institute, found less than half (47.4 percent) of those interviewed said they have pension insurance policies. In terms of the choice of protection, interviewees were generally worried about large medical expenditures, accessibility to care services, accidents and insufficient income. China’s population is aging – a...

September 1, 2020
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01Sep

How can cities adapt to the needs of their aging populations?

Long before COVID-19 had us rethinking just about every aspect of how we live, demographers and experts on aging were already considering what the future will look like for the world’s cities. A decade from now, roughly 3 of every 5 people on the planet will live in cities, and that population is getting older than the urban dwellers of the past. On top of that, aging populations will double between now and the end of the century. Add...

September 1, 2020
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01Sep

Cayman. Government mulls pension holiday extension

Premier Alden McLaughlin has indicated that government is considering an extension of the current pension holiday. Implemented as a COVID-19-assistance measure, the moratorium is set to expire at the end of September. It follows legislative changes earlier this year granting workers access to their private-sector pensions as temporary economic relief in the aftermath of the closure of local borders and subsequent rise in unemployment. McLaughlin, when asked by the Cayman Compass last week about a possible extension, said at...

September 1, 2020
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