October 2021
06Oct

Will South Africa’s social security reforms impact HNWs?

In September 2021, The South African Department of Social Development withdrew its Green Paper on Comprehensive Social Security and Retirement Reform. The paper proposed to introduce a government-run social security fund that would have allowed people to receive retirement, survivor, disability and/or unemployment benefits. Contributions would have been based on a person’s income and wealth, with different bands and benefits provided accordingly. But the government gazetted the green paper to “provide better clarity on some of the matters entailed [in it]”...

October 6, 2021
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06Oct

Uk. Employers Be Aware – Big Changes To The Defined Benefit Pensions Landscape Come Into Force

Employers be aware – big changes to the defined benefit pensions landscape come into force Some of the biggest changes to the defined benefit pensions landscape in recent years come into force on 1 October 2021. Much has already been made of the provisions of the Pension Schemes Act 2021. Here is a rundown of what comes into force on 1 October (note that these provisions do not have retrospective effect): Getting money into schemes – the Pensions Regulator gains...

October 6, 2021
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06Oct

Governments should consider green investing incentives, says IMF

Policymakers should consider providing a financial incentive for sustainable funds as existing capital is “too limited in size and scope” to have a major impact on climate change, the International Monetary Fund has warned. In its semi-annual Global Financial Stability Report, published on Monday, the IMF said that an additional investment of as much as $20tn (£14.7tn) over the next two decades will be required to facilitate a green transition. Alongside this, a mainstreaming of green fiscal policies and greater...

October 6, 2021
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05Oct

NPRA targets to rope in 11 million workers into pension schemes

Mr. Alhassan Yakubu Fuseini, the Tamale Zonal Manager of the National Pensions Regulatory Authority (NPRA), says the Authority plans to rope in 11 million workers in the formal sector onto pension schemes. He said as the NPRA works to achieve its target, it would also ensure that coverage for the informal sector was increased from the current three percent to 40 percent by 2026. “In order to meet this goal, it will be critical for the pension sector actors including workers...

October 5, 2021
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05Oct

Germany added to Sanofi pension fund in Belgium cross-border first

Sanofi European Pension Fund has become the first Belgium-based pension fund to begin operating cross-border activity in Germany, with two Hoechst companies coming on board. The development means that the liabilities associated with more than 5,000 pensioners of Hoechst GmbH and Hoechst Trevira Gmbh are being funded via Sanofi European Pension Fund. Hoechst AG was one of the three largest chemical and pharmaceutical companies in Germany before merging with Rhône-Poulenc in 1999 to form Aventis, which was subsequently taken over by...

October 5, 2021
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05Oct

Post-covid pension reforms in Europe should focus on sustainability – leading macroeconomic influencers

The reforms introduced in European pension systems have placed unnecessary burden on younger population. Experts opine that post-Covid reforms should focus on sustainability and equity. Linda Yueh Linda Yueh, economist at the University of Oxford, shared an article on the equity of pension systems in Europe in the post-Covid era. The ageing population in Europe resulted in the implementation of several reforms to ensure the sustainability of the pension system. Major reforms, however, were implemented following the 2007-2008 global financial crisis and...

October 5, 2021
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04Oct

How Technology Can Save the Global Pensions Industry

Technology continues to progress and change almost every aspect of our modern lives. The pensions industry has been subject to a great deal of change due to technological innovations. Interactive portals, modelling tools and blockchain technology mean that pension funds have an overwhelming variety of technology at their disposal. This has allowed individuals a greater level of control and overview of their pensions than ever before. Since technological advancement is showing no signs of slowing down, understanding its impact on...

October 4, 2021
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04Oct

Many Americans are facing a retirement savings shortfall

A new survey says 40% of Americans actually fear retirement more than death. The study found 87% of people fear not having enough income in retirement. The second biggest fear is losing health insurance. A variety of factors are influencing these fears. Many Americans are facing retirement savings shortfall and more than half worry about the future of social security. When deciding to retire, one of the biggest factors to consider is if you have enough money saved. To sustain...

October 4, 2021
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04Oct

Ireland. Call for measures to end pensions ‘discrimination’ against private sector

Small business lobby Isme and Brokers Ireland, which represents financial advisers, have called on the Government to increase financial support for private pensions. The groups have written to Ministers outlining measures that, it says, would remove “pensions discrimination against the self-employed and private sector workers”. “The gold-plated pensions available to our politicians and our public servants are simply not affordable for workers in the private sector,” Isme said as they presented what they call a pensions “white paper”, drawn up in...

October 4, 2021
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04Oct

UK’s ABI urges tax reform

The Association of British Insurers (ABI) has detailed a five-point plan in a new budget submission setting out how the insurance industry can work constructively with the UK government. It says freezing the rate of Insurance Premium Tax, maintaining adequate investment in flood defence infrastructure and simplifying pensions tax relief to encourage greater savings would lay good foundations for the UK’s recovery from COVID, and enable the insurance sector to play its fullest part in support. ABI Director General Huw Evans says...

October 4, 2021
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