June 2020
23Jun

How COVID-19 is impacting Nigeria’s pensions industry

Monthly data from Nigeria’s pensions industry shows that the country’s total pension fund assets stood at 10.6 trillion naira as at April this year with Federal Government Securities weighing 66.25 per cent of the total pension fund assets. The data also showed that new retirement savings account grew 85 per cent less in April 2020 compared to the same period in 2019. Pabina Yinkere, Chief Investment Officer at Sigma Pensions joins CNBC Africa for more. Read more @CBC Africa

June 23, 2020
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23Jun

COVID19 impact on the pension risk transfer market

This has had a compounding impact on the premium rates insurers charge for BPA policies. The strong demand from trustees and sponsors of pension schemes to purchase BPAs during 2019 gave insurers a strong negotiating hand to choose which counterparties they would engage with. Consequently, insurers’ focus has gravitated towards larger transactions (where the prize was worth the risk of being unsuccessful). Whilst competition amongst insurers enabled larger schemes to maintain a comparatively strong negotiating...

June 23, 2020
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23Jun

UK. Long-awaited pensions dashboard enters next phase

The Money and Pension Service (MaPS) has announced that the Pensions Dashboard Programme (PDP) has moved into the next stage of the building process. The new platform will enable people to view all their pensions in one place, with the PDP having the responsibility to design and implement the new technology. Today marks the start of six weeks of “informal market engagement” which will enable the PDP to evaluate the efficiency and capacity of potential firms who could supply...

June 23, 2020
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23Jun

Impact of COVID-19 on the FinTech Industry

In a matter of months, the COVID-19 pandemic has forever changed our world. What started as a global standstill is quickly turning into a race to adapt as new data pours in, and we get a better vision of our new reality. With global productivity still in recovery, we are facing an unprecedented economic downturn that will impact the financial stability of individuals and businesses for months and even years to come. Though short-term recovery plans will enable many...

June 23, 2020
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22Jun

UK. TPR urged to nudge savers back into pensions

Employees who have opted out of their workplace pension during the coronavirus crisis should be encouraged back into saving more quickly than usual, MPs have said. Read also UK. Key workers being targeted by pension transfer scammers – APJ The Work and Pensions committee urged the Pensions Regulator (TPR) to consider helping such workers re-enrol sooner than the current three-year timeframe under auto-enrolment rules. Read also India. Govt may restrict foreign investment in pension funds The committee believes this is important...

June 22, 2020
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22Jun

India. Govt may restrict foreign investment in pension funds

Amid LAC tension, the Finance Ministry has proposed restrictions on pension fund investments from any bordering country. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority is capped at 49 per cent under the automatic route. According to a draft notification circulated for comments on Friday, “A government approval would be required for the investing entity or individual from any of the bordering countries, including China.” The restriction will be applicable from the date...

June 22, 2020
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22Jun

Norway’s Ageing Population Problem

Right now, the biggest problem faced by Norway is the necessary transition away from the oil and gas industry. The country's economy has been fuelled by the deposits under the Norwegian continental shelf for decades. With reservoirs running dry, the economy needs to diversify. But with investment in modern technologies such as electric battery and charging infrastructure, offshore wind, and autonomous shipping, Norway's government does at least have a plan. The same can't be said, yet, for the problem...

June 22, 2020
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22Jun

Lawmakers Offer Help to Japanese Banks Battling Fintech Firms

Japanese ruling-party lawmakers are looking to make it easier for banks to expand into different industries, a step that could help traditional lenders push back against tech rivals. The Liberal Democratic Party’s financial policy research panel wants to amend the banking law next year to relax limits on lenders’ lines of business as well as their investments in non-financial firms. The proposal, released last week, didn’t specify which areas banks might be allowed to enter. Japan’s government has been...

June 22, 2020
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19Jun

US. How The 2020 Elections Will Affect Your Retirement Plan—Regardless Of The Outcome

November may seem far off, but the 2020 election is right around the corner. With the current state of the country, we can expect a lot of changes to take place soon after the election, no matter what the outcome is. These changes will have huge impacts on Americans financially, so you’ll want to start preparing as soon as possible. It’s going to be taxing. We are on the heels of one of the largest stimulus packages in human...

June 19, 2020
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19Jun

UK. Coronavirus: Why the pension triple lock is back in the spotlight

At present, the state pension increases each year in line with the rising cost of living seen in the CPI measure of inflation, increasing average wages, or 2.5%, whichever of those three is highest. This is known as the triple lock, and it is a Conservative manifesto pledge for the five years of this Parliament. However, the technical aspects of state-paid wages during the coronavirus outbreak could lead to a big rise in the state pension if the government...

June 19, 2020
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