July 2019

03Jul

British companies, pension funds may have to report climate risks

Britain last week became the first G7 country to sign into law a requirement to reach net zero emissions by 2050 and the green finance strategy, published on Tuesday, sets out plans to increase investment in sustainable projects and infrastructure. The government paper builds on disclosure on climate risks set out by the G20 Task Force on Climate-related Financial Disclosures. The government report said the financial sector needed be at the heart of changes required to meet the net zero emissions...

July 3, 2019
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03Jul

Japan. Proportion of older households living on pension alone fell to just over half in 2018, ministry survey shows

A majority of elderly households live on pension income alone, a welfare ministry survey showed Tuesday. The share of elderly households who said pension or military pension benefits are their only source of income fell to 51.1 percent in 2018. The figure, which had stood at 52.2 percent in 2017, has been declining since it peaked at 57.8 percent in 2013, apparently reflecting an increase in the number of elderly who continue to work. The release of the data comes amid growing...

July 3, 2019
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03Jul

Most European DB pensions are cashflow negative

Over 70% of UK defined benefit (DB) pension schemes are cashflow negative, with more benefits being paid out than contributions being received, while in Europe as a whole the figure stands at 64%. In the UK, this marks an increase of cashflow-negative DB plans of 7% since 2018. The key driver behind this year-on-year increase is the maturity of these plans, with many now being closed both to new members and new benefit increases. Throughout Europe, including the UK, 72% of...

July 3, 2019
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02Jul

Why Africa’s Biggest Fund Manager Is Under Fire

The Public Investment Corp. is the behemoth of Africa’s fund managers, overseeing $150 billion in pension assets for more than 1 million South African state workers. While the PIC, as it’s widely known, was long heralded for delivering market-beating returns, its reputation has been scarred by accusations that it made questionable investment decisions and didn’t follow proper procedures. An official inquiry into how the fund manager is run has starkly highlighted its management shortcomings. 1. Why is the PIC so important? It’s...

July 2, 2019
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02Jul

Australia’s Top Pension Fund Explores Merger

Australia’s top-performing pension fund is considering merging with a smaller peer as consolidation grips the nation’s retirement industry. Melbourne-based Host-Plus Pty, which manages about A$43 billion ($30 billion) of retirement savings from hospitality and tourism workers, signed an agreement with Club Super to formally begin due diligence on a merger, the funds said in an emailed statement Tuesday. It’s anticipated the transaction will be approved, bringing greater benefits to members, the statement said. It’s the second merger in Australia’s A$2.8 trillion...

July 2, 2019
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02Jul

EIOPA outlines key financial stability risks of the European insurance and pensions sector

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its June 2019 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area.The risk of a prolonged low yield environment has become more prominent in recent months, as central banks have put the process of monetary policy normalisation on hold amid concerns over economic growth following growing trade tensions and political uncertainty. The low yield environment remains the key risk for both, the insurance and pension...

July 2, 2019
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02Jul

Bulgaria. More than 2,130,000 Pensioners Will Receive an Increase of 5.7% on Their Pensions From Today

More than 2,130,000 pensioners will receive an increase of 5.7 percent on their pensions from today - 1 July. The change is in compliance with the Social Insurance Code provided for by all pension payments granted starting with 31 December 2018. This was announced by the National Social Security Institute.An increase by the same percentage of today will also apply to pensions that are equated to the minimum amount for the type of pension, including those granted in 2019....

July 2, 2019
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02Jul

US. Workers in California are one step closer to retirement security

The Golden State is trying to make everyone’s golden years a little more comfortable.California’s state-sponsored retirement program, called CalSavers, is now out of the pilot phase and officially available to the public. The automatic enrollment program sets up an individual retirement account for employers to offer their workers, who can make contributions through payroll just like they would if they had a 401(k) plan. California is the third state to run with this program, following Oregon and Illinois.More than...

July 2, 2019
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01Jul

Zimbabwe. IPEC’s new boss buoyant

The newly-appointed Insurance and Pensions Commission (IPEC) commissioner Grace Muradzikwa says Zimbabwe’s insurance industry has shown resilience despite the economic turbulence.Muradzikwa (GM), an insurance industry veteran, told our business editor, Kuda Chideme (KC), in an exclusive interview that the industry was “safe and stable”. Below are excerpts from the interview.KC: Congratulations on your latest appointment, which comes at a very crucial point in the history of the insurance sector and the country’s entire financial services industry. What is your...

July 1, 2019
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01Jul

Experts to help UK champion ageing society opportunities

Council of advisers set up to help UK seize economic opportunities of ageing society, and Business Champion for the Ageing Society Grand Challenge announced. A new council of specialists from across society, the UK Longevity Council, will advise how best to use innovations in technology, products and services to improve the lives of our ageing population.With the number of people aged over 65 set to nearly double to more than 20 million in under 50 years, the government’s Ageing Society...

July 1, 2019
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