May 2019

15May

China may see explosive growth of individual commercial pension insurance

Individual commercial pension insurance has the potential to see explosive growth in China as the country needs to address challenges in its pension system, according to a report by McKinsey & Company in Beijing on Tuesday. China's pension system is composed of three parts: first-level basic pension insurance, second-level enterprise and occupational annuity, and third-level individual commercial pension insurance. The structure of China's pension system is far from being balanced and sustainable. By the end of 2017,...

May 15, 2019
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15May

Childcare costs fuel gender pension gap

The gender pensions gap is being worsened by the cost of childcare as it causes 36 per cent of women to leave their job which in turn halts pension contributions. A report from not-for-profit pension provider The People’s Pension, published on May 13, found that after having children, nearly half of women (44 per cent) reduced their hours, more than a third (36 per cent) left work altogether and 15 per cent returned to work in a lower grade...

May 15, 2019
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15May

The Financial Burden of Retirement Is a Global Problem—but Asia Is Uniquely Vulnerable

Asian pension systems are facing major challenges. The region is experiencing seismic demographic changes, with rapidly aging populations and declining birthrates. But investment returns are relatively low due to geopolitical uncertainty and minimal interest rates. With the region having relatively few robust retirement systems, many Asian countries will struggle to provide adequate pensions. Governments need to take positive action now to reduce financial pressures and avoid intergenerational conflicts between the young and old. Life expectancy at birth in the...

May 15, 2019
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15May

Three Retirement Planning Needs Everyone Has

Every retirement is unique. An individual’s situation – where they live, their health, their family, their finances, their goals – drives retirement. But, despite being so unique and individualized, fundamental tenants of retirement apply to almost everyone. In fact, the notion that we think we are so unique can be a hinderance to a financially successful retirement. Perhaps this is best illustrated through the psychological occurrence when people go along with something because they believe everyone else is on...

May 15, 2019
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14May

Collective Defined Contribution Schemes: A Fresh Alternative?

The government has given the green light to a new form of defined contribution pension scheme. At least, it is new to the UK. "Collective defined contribution" ("CDC") schemes are common in the Netherlands and Denmark but the idea of introducing this type of scheme into the UK has only relatively recently gained traction. The fact that the Royal Mail wants to put such a scheme in place for its 140,000-strong workforce has provided the impetus...

May 14, 2019
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14May

82% of Americans Are Making a Massive Retirement Planning Mistake

If you get a sinking feeling in your stomach when you think about your retirement finances, you're not alone. In fact, 75% of Americans report feeling only somewhat confident or not confident at all about their future financial health, according to a Fidelity survey . Respondents said they worry about outliving their assets, rising healthcare and living costs, and having to adjust their lifestyle to a fixed-income budget. There is a simple way to avoid this fate and to...

May 14, 2019
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14May

Canada. Mark Evans appointed director of CPPIB

Mark Evans, a former Goldman banker and veteran tech investor, is joining the Canada Pension Plan Investment Board (CPPIB) as a director for a three-year term, the Department of Finance Canada announced Monday. Evans spent 15 years with Goldman Sachs until 1999, before working as an investor in the tech sector with various firms. He is currently working with several early stage tech companies. Evans has a BA in economics from Queen’s University and a master’s in economics from...

May 14, 2019
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13May

EU pledges to cover PA salaries and pensions for April

The European Union has pledged to give the Palestinian Authority €15 million ($17 million) to cover the salaries of public employees – salaries that PA President Mahmoud Abbas cut to keep up payments to imprisoned and released terrorists, wounded terrorists and the families of dead terrorists. Abbas has declared that the PA is “obligated” to continue rewarding the terrorist prisoners and families of so-called “martyrs.” Earlier this year, Israel decided to withhold from the tax money it collects on...

May 13, 2019
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13May

Uber, Lyft: Gig economy employees are facing a heightened retirement crisis

Americans are increasingly falling behind on their retirement savings, and it could be even worse for the millions working in the gig economy. Despite the overall gig economy booming with companies like Lyft (LYFT) and Uber (UBER) going public, the companies’ staunch resistance to meet drivers’ demands for full-time employment and benefits “has the potential” to worsen the retirement crisis, Chad Parks, Founder and CEO of Ubiquity Retirement + Savings told Yahoo Finance. “To the best of our knowledge,...

May 13, 2019
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13May

UK. Number of civil servants on £100,000 pensions trebles

The number of public servants retiring with pensions of more than £100,000 a year has trebled since 2010 as executives in final-salary schemes finish work. NHS, civil service and teaching pension schemes paid six-figure incomes to 375 people last year, up from 117 in 2010, according to data obtained under the Freedom of Information Act. More than 115,000 retired public servants are receiving more than the average salary of people in work, now £28,600 a year, up from 78,000...

May 13, 2019
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