February 2022
01Feb

​Virus has created different economic system, says Finnish pensions chief

The chief executive officer of the State Pension Fund of Finland (Valtion Eläkerahasto, VER), said the economic conditions brought about by the pandemic will stay with us, and with digitalisation and medicine as the key drivers of this new system, that is where governments need to allocate resources. Timo Löyttyniemi, CEO of VER, the €22.9bn fund which balances central government’s staff pension spending, said in a blog: “COVID has given birth to a different economic system where only change is...

February 1, 2022
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01Feb

Turkey’s retirees suffer inflation pain despite pension hike

With soaring inflation in Turkey that has hit all walks of life, the pain of high cost of living is probably felt most by the country's old-age pensioners, despite the promises by the government under President Recep Tayyip Erdogan not to "crush the people under exorbitant prices." "I buy fruits and vegetables at closure time in the neighborhood market because of the cheaper price as sellers want to clear their shelves at the end of the day," Faruk Ekmen, a...

February 1, 2022
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01Feb

Swedish Centre-Left Govt Proposes Raising Pensions in $1 Billion Reform

Sweden's centre-left government said on Monday it would propose raising pensions for the elderly with the lowest incomes in a reform that will cost 9.4 billion crowns ($1.00 billion) in 2023. The Social Democrat minority government agreed with the Green and the Left parties to raise pensions by up to 1,000 crowns tax free per month for the half a million pensioners with the lowest incomes, the parties told a joint news conference. "Nearly every other pensioner is covered by the...

February 1, 2022
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01Feb

UK. DWP publishes draft dashboard regulations

The Department for Work and Pensions (DWP) has launched a consultation on the draft pensions dashboards regulations. The consultation seeks views on the draft regulations which make provision for requirements to be met by pension dashboard services or the providers of these services, and by trustees or managers of relevant UK occupational pension schemes. Read also UK. Prudential reports itself to regulator over AVC failings The regulations - which the DWP said will apply to all registrable UK-based occupational pension schemes with...

February 1, 2022
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January 2022
31Jan

China rolling out perks to encourage couples to have 3rd child amid demographic crisis

Amidst a demographic crisis (/topic/demographic-crisis), China is happily rolling out a slew of supportive measures to encourage couples to have a third child. Fabien Baussart, President of CPFA (Center of Political and Foreign Affairs), in a blog post in The Times of Israel said that the new sets of incentives include perks such as baby bonuses, extended paid leaves, tax cuts and childbearing subsidies, among others. The Chinese authorities are pushing organizations and local administrations to offer handsome douceur to the...

January 31, 2022
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31Jan

UK. Millions of people miss out on pension cash due to strict rules

The Pensions and Lifetime Savings Association found that 47 percent of working individuals cannot afford to save for retirement. The current workplace pension criteria leaves young workers and low income earners “absolutely” forgotten about. The effects of the pandemic are starting to slam savers pockets, and with the gradual return to normality whilst inflation skyrockets will likely mean paycheques won’t go as far as they used to. Additionally, NOW: Pensions shared that the total number of people missing out on workplace...

January 31, 2022
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31Jan

Kenya. NSSF Members to Access Pension Services Through M-Pesa App

The National Social Security Fund (NSSF) members can now access pension services through the NSSF Mini App on the M-Pesa Super App. Following a NEW partnership with Safaricom, customers can register for NSSF membership, keep track of their contributions, top-up and manage their NSSF account, and make Tenant Purchase Scheme (TPS) payments through the "Discover" option within the M-PESA Super App. Read also Iranian Teachers Demand Fair Pay, Pension Adjustment Anthony Omerikwa, Managing Trustee, NSSF said that the partnership is part of...

January 31, 2022
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28Jan

Kenya. Zamara launches retirement insurance plan for boda boda riders

Zamara Group, a financial services provider, has entered into a partnership with the United Boda Boda Association of Kenya. The partnership agreement aims to bring financial security to close to 2 million Kenyans within the Boda Boda sector through its Fahari Retirement Plan. The partnership will kick off with rollout of pilot programs on retirement saving, pensions and insurance acceptance within the sector, training and mass rollout to facilitate adoption. Fahari ya Boda Boda is tailored to the specific needs...

January 28, 2022
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28Jan

Puerto Rico updated fiscal plan directs $10.3 billion to pension trust

Puerto Rico can avoid budget deficits for the next quarter century because federal funds will help drive economic growth on the island as it exits bankruptcy, the commonwealth's congressionally appointed financial oversight board said. The board Thursday unanimously approved a revised multiyear fiscal plan that incorporates federal funds that Congress authorized in the last year, an increase in federal Medicaid funding that's expected to save Puerto Rico $6 billion through fiscal 2026, and a new pension reserve trust that will...

January 28, 2022
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28Jan

The Supreme Court Declines To Establish Pleading Standard For Defined Contribution Plan Excessive Fee Litigation

To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24th that declined to opine on most of the issues that were before the Court in Hughes v. Northwestern University, No. 19-1401 (U.S. Jan. 24, 2022). In a unanimous opinion authored by Justice Sotomayor, in which Justice Barrett took no part, the Court vacated and remanded the Seventh Circuit's decision upholding the dismissal of plaintiffs' claims of excessive recordkeeping and investment...

January 28, 2022
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