The old world is getting older. The populations of European Union (EU) countries are aging and shrinking. Life expectancy at birth in the EU has increased by more than two years per decade since the 1960s to 78 and 84 years in 2016 for men and women respectively. It is projected to further rise by 8 and 7 years for men and women respectively by 2070, pushing the share of the population over 65 to 30 percent by 2070...
Most people give minimal thought to one of the most important issues in their retirement plans. The result can be a wildly inaccurate plan. A goal of every retirement plan is to ensure your income and cash flow last at least the rest of your life. To meet that goal, you need a reasonable estimate of your life expectancy. But in most plans, the life expectancy estimate essentially is plucked out of the air. Read More: Forbes
"What have you lost?” your colleague asks as you desperately retrace your steps. “My pension!” you cry. Okay, well that never happened. But imagine for a second that we were to treat our misplaced pensions in the same way we treat lost phones. In the UK, billions of pounds of pension money is currently “lost” – not in a stock market crash or stolen through fraud, but instead misplaced and unclaimed. The reasons for this are multifaceted, and have plenty to do...
South Africa's finance minister on Wednesday ordered an independent inquiry into state pension manager the Public Investment Corporation (PIC), following corruption allegations involving high-ranking executives, the National Treasury said. PIC, which is Africa's biggest investment fund, said this month its legal head had quit after evidence of wrongdoing emerged during a disciplinary hearing into the collapse of VBS Bank. The VBS administrator said an in affidavit that an unnamed PIC executive had taken a 5 million rand (£288,030) bribe to facilitate...
The UK competition regulator is proposing regulatory changes designed to ensure pension schemes pressure the market into providing the best value for members. The Competition and Markets Authority (CMA) is concerned competition problems exist within the UK's investment consultancy and fiduciary management markets. The regulator pointed out that about half of the UK's pension schemes use the same provider for both fiduciary management and investment consultancy. According to the regulator, trustees are vulnerable to pressure from their investment consultant which may...
First Trust Advisors L.P. (“First Trust”), a global ETF provider and asset manager, announced that Chilean pension funds investment risk rating commission, La Comisión Clasificadora de Riesgo (CCR), has approved an additional First Trust exchange-traded fund (ETF) for sale to Chilean pension funds, known as la Asociación de Administradoras de Fondos de Pensiones (AFPs). According to Chile’s pension plan investment guidelines, before an ETF can be purchased in a pension fund, it must be approved by the CCR. “More diverse...
Public sector employers are struggling with the same problems that private employers are when it comes to pension plans. Rising costs associated with these plans have forced many municipalities, school districts and colleges and universities to get creative with their benefits to not only save money but still attract and retain good employees. The cost of pensions increased in more than 70% of cities, and one in three cities identified these expenses as the largest expense affecting their budgets, a...
It's natural to assume that our living costs will mostly go down in retirement, but if there's one expense that's likely to rise during your golden years, it's healthcare. From deductibles to copays to Medicare premiums, healthcare can easily grow to become your single greatest monthly expense -- but planning for it can help alleviate some of the stress it causes so many seniors. So how much money should you expect to allocate to medical costs? The average retiree spends...
The parliament of Georgia approved a law on an accumulative pension system yesterday, which is part of a larger pension reform initiated by the Georgian government. The government plans to launch a supplementary programme alongside the currently existing universal basic pension which amounts to 180 Gel. The new programme, the launch of which is planned for the end of the year, will be mandatory for legally employed people under 40, meaning they will be enrolled automatically, and voluntary for people above...
County governments owe the County Pension Fund (CPF) more than Sh17 billion in unremitted contributions, the Nation has learnt. This emerged after the retirement fund expressed concern over delays in remittance of pension by the devolved units. Speaking at a Naivasha hotel on Saturday during an annual general meeting, CPF chief executive officer Hosea Kili said the anomaly was posing a major challenge to the operations of the umbrella savings scheme. Read more @Daily Nation
