August 2019

26Aug

Japan. Healthcare for the ageing and elderly worldwide is turning to robots

In America and other ageing societies around the world, it has become common for the elderly to be cared for by their greying children or older workers. That’s largely because the younger labour force is shrinking, and few want to do such low-paying, back-aching work. Japan sees an answer in robots. At Minami Tsukuba nursing home near Tokyo, caregiver Asami Konishi wears a robotic device on her hips that cuts the stress on her back when she bends and...

August 26, 2019
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26Aug

New zealand. National floats company tax cut, recommits to higher pension age

The National Party is floating a cut to New Zealand's 28 per cent company tax rate among a suite of possible tax changes it would promise going into the 2020 election. "New Zealand has one of the highest company tax rates in the OECD at 28 per cent and we collect the fourth largest share of tax in the OECD from companies," the party's leader, Simon Bridges, said today at a launch of the party's economic policy discussion document...

August 26, 2019
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23Aug

South Africa’s Ramaphosa calls for discussion on utilising pension funds for projects

South Africa should discuss using worker pension funds to finance development and infrastructure projects, a proposal that has the backing of the country’s largest labour federation, President Cyril Ramaphosa said on Thursday. Read also South Africa should look to pensions instead of an IMF bailout: ANC In its 2019 poll manifesto ahead of the May general election, the ruling African National Congress (ANC) mentioned investigating prescribed assets - where the government authorises the investment of retirement savings in certain developmental...

August 23, 2019
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23Aug

Raising the retirement age to 75 won’t fix the UK’s pension problem

Like most developed countries across the world, the UK’s population is tipping rapidly into old age. By 2042, 24 per cent of people living in the UK will be aged 65 or older, up from 18 per cent in 2016. The all important ratio between working people and pensioners is shifting, and as a result, the weight of the financial burden is growing. Earlier this week, centre-right think tank The Centre for Social Justice (CSJ), chaired by former secretary...

August 23, 2019
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23Aug

3 challenges to getting Nigeria ready for retirement

Nigeria, like the rest of the world, is getting ready for retirement at a pace that might not meet the need of the future. In monetary term, the World Economic Forum (WEF) puts the likely gap between the outcome of global efforts at funding retirement and reality of retirement needs at $400 trillion by 2020. This shows that retirement realities may outweigh retirement preparations and expose elderly persons to financial insecurity in future. Chief Executive Officer of Principal Financial...

August 23, 2019
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23Aug

US. Pension fund joins action against Facebook

The California State Teachers' Retirement System has joined a derivatives case against Facebook in regards to Cambridge Analytica. The litigation at hand is a pending derivative lawsuit against Facebook's leadership, including the social media company's chief executive, Mark Zuckerberg. CalSTRS said intervening in the existing derivative suit will give it the opportunity to pursue corporate governance reform. Its aim is to "protect Facebook's profitability, strengthen the resiliency of its business model and enhance the long-term value of Facebook as...

August 23, 2019
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23Aug

Pan-Africa pensions and actuarial firm, Zamara enters Uganda as Alexander Forbes quits market

Alexander Forbes Financial Services Uganda Limited has rebranded to Zamara Actuaries, Administrators and Consultants (U) Limited, following the exit of the South African financial services group from Uganda. In a statement released on August 21, 2019, Alexander Forbes confirmed that they had sold their 51% stake in the Ugandan operation to Kent Holdings Limited- who previously owned 49% of the Ugandan operations. “Alexander Forbes Emerging Markets (AFEM) and Kent Holdings are pleased to announce that an agreement has been...

August 23, 2019
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22Aug

US Corporate DB Pension Funding Falls $11 Billion in July

The funded status of the 100 largest corporate defined benefit pension plans fell $11 billion in July as the funded ratio dropped to 87.9% from 88.4% at the end of June, according to consulting firm Milliman. The Milliman 100 Pension Funding Index (PFI) showed that the funded status deficit grew to $216 billion from $205 billion at the end of June due to a drop in the benchmark corporate bond interest rates used to value pension liabilities. However, the...

August 22, 2019
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22Aug

UK firm to unveil ‘abridged’ advice pension transfer tool

Digital financial advice firm Wealth Wizards is rolling out a tool to allow advisers to offer abridged advice around defined benefit (DB) pension transfers. Abridged advice, which was mentioned during a recent Financial Conduct Authority (FCA) consultation, is a concept that sees IFAs give a short form of advice that can only result in not to transfer DB pensions, based on a high-level assessment of a client’s circumstances. Wealth Wizards plans to offer the service to advisers as a...

August 22, 2019
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22Aug

Australia. Pensioners set to get a small pay rise in a matter of weeks

Pensioners will have more money in their pockets in a matter of weeks with a change to deeming rates coinciding with a scheduled pay rise. Single pensioners now receive $926.20 a fortnight, while a pensioner couple receives $698.10 each a fortnight. The pay rise, due to take effect on September 20, will give single pensioners around $1 day extra – just enough for a coffee from 7-Eleven – and a little less for couples. Changes to the deeming rate...

August 22, 2019
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