It is well known that the UK is ageing. In 1976, only 14 per cent of the population was aged over 65, today it is 18 per cent, and in 2036 it is estimated to be 25 per cent. Over the same period, the median age is expected to rise from 34 to 43. The economic implications are widely seen as dismal. Fewer workers will lead to falling GDP growth, while rising pensions and medical costs will push government debt ever...
Kenya requires a radical policy shift in order to cushion senior citizens from abject poverty, homelessness, illiteracy, diseases and social exclusion, campaigners said on Sunday on the eve of the International Day of Older Persons. The elderly campaigners said that promoting the welfare of the ageing population through robust social safety net programs is key to realize socio-economic progress in Kenya. "Today in Kenya, older activists are campaigning for universal quality healthcare, improved access to social protection, more affordable and accessible...
Record 16,590 people paying penalty on 2016-17 pension contributions The tax take from individuals paying a tax penalty for breaching the £40,000 annual allowance hit £517m ($673m, €580m) in the 2016-17 financial year – a huge increase from £143m in the previous year. The number of taxpayers reporting this through their tax returns reached 16,590, up from 5,430 in 2015-16. Meanwhile, the yield from those breaking the lifetime allowance (LTA) in 2016-17 reached £102m, involving 2,120 taxpayers, up from £66m and 1,180...
Asset managers are upping their REITs llocations in defined contribution funds, as the industry works to improve returns and reduce volatility. Asset managers are working to make target-date funds — the go-to defined contribution vehicle — look more like what preceded them: defined benefit plans. DB plans have historically delivered higher investment returns with less volatility than their pay-as-you-go counterparts, in part due to a broader investable universe. A number of multi-asset firms have looked to one product to help bridge...
KUALA Lumpur should brace itself for an ageing population and climate change. Federal Territories Minister Khalid Abdul Samad said proper city planning, development and management was critical as 77% of the country’s population lived in cities. “A large population in our cities will mean urbanisation challenges such as solid waste disposal, traffic congestion, air pollution, limited water resources, inadequate supply of housing and an increase in ageing population. “Malaysia will become an ageing society by 2040 in which almost 20% will be...
Pension schemes under their newly-formed umbrella body, the Kenya Pension Fund Investment Consortium is eyeing big-ticket investment projects by pooling their resources. Zamara Group Chief Executive Officer Sundeep Raichura says that teaming up of local pensions funds will enable them invest in alternative investment asset classes including affordable housing, private equity, energy and infrastructure projects which would ordinarily be challenging if pension funds were to invest individually. The Kenya Pension Fund Investment Consortium is currently made up of 10 pension funds...
Four directors of companies that formed part of a group involved in the transfer of millions of pounds of pensions have been banned for a total of 34 years. Karl Dunlop, Stuart Grehan and Ian Dunsford previously accepted disqualification undertakings for their management roles within the group of companies involved in the transfer of pension funds. Stuart Grehan, Director of Sycamore Crown Ltd and also known as Stuart Chapman-Clark, agreed to a 9-year voluntary ban as a result of false and...
Public pension plans are spending more than $2 billion a year in fees on high-cost, risky investments to boost returns. But those bets haven't been paying off, according a report Wednesday from the Pew Charitable Trusts. The higher cost comes as public pension fund managers try to make up for a steep shortfall brought by years of underfunding and lackluster investment returns. As of fiscal 2016, the latest data available, state pension funds tracked by Pew had a combined $1.4 trillion...
Russian parliament’s lower house passed a controversial pension reform bill on Wednesday, after President Vladimir Putin announced concessions to try to dampen widespread public anger over plans to raise the state retirement age. The bill, which still has to go through the formality of a third reading and senate hearing, would see Russian men retire at 65 instead of 60 and has sparked rare national protest, with tens of thousands rallying across Russia in recent months. The lower house passed the...
THE ageing population in Malaysia is rising and necessary steps are crucial to prepare for this unprecedented demographic patterns, said deputy health minister Dr Lee Boon Chye. He said people over 65 years of age comprise between 15% and 30% of the population, with the elderly population growing at a rate of 2.4% yearly. Dr Lee said by the end of the century, the ageing population would increase to 35%. “In Japan and other developed countries, 50% of the population will be...
