September 2021
27Sep

Jamaica. The nation is facing a retirement crisis

A social pension is a non-contributory cash income that is given by the Government to the elderly. In July of this year, the Jamaican Government launched an $800,000,000 social pension geared at providing guaranteed income to senior citizens 75 years and older who don't have retirement income or disability benefits. Recipients are entitled to a monthly payout of $3,400. But, can this paltry sum suffice in an economy of rising prices? The nation is indeed facing a retirement crisis. With...

September 27, 2021
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27Sep

UK. The trillions in our pension pots could be key to tackling the climate crisis

By Richard Curtis Someone said something really striking to me the other day – that weather used to be the last thing on the news, but now it’s the first. And it’s not good news. Fire, floods, drought – climate change in terrible and obvious action. It made me think of something I’ve been increasingly obsessed by – unexpectedly – which is pensions. Pensions used to be the last thing on our minds, certainly not something to talk about at...

September 27, 2021
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27Sep

Ghana. Cocoa farmers pension scheme takes off October 2021

The Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has announced that the much-anticipated cocoa farmers pension scheme will start in October 2021 for cocoa farmers in Ghana. He said that the scheme, once fully operational, would help farmers enjoy a decent retirement benefit after years of active farming, adding, “This adds to the several fantastic strides this government hopes to leave behind.” Mr Boahen Aidoo made this announcement at the signing ceremony of a $1.5 billion...

September 27, 2021
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24Sep

US. Stock Market Helps State Pension Debt Hit 10-Year Low, But Crisis Still Looms Large

Thanks to historic investment returns over the last year, state public pension plans are in their best shape since the Great Recession. After state pension debt grew to more than $1.4 trillion last year, two new reports estimate that gap between the total amount states have promised to retirees and what they’ve actually set aside in their pension investment funds will shrink dramatically. A recent analysis by the Pew Charitable Trusts says the gap could dip below $1 trillion this...

September 24, 2021
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24Sep

Uber to pay pensions to all its UK drivers, backdated to 2017

Uber is to pay out millions of pounds in missed pension payments to UK drivers dating back as far as 2017 under a deal with the retirement savings watchdog. The ride hailing company was forced to guarantee its 70,000 UK drivers a minimum hourly wage, holiday pay and pensions in March this year after a landmark supreme court ruling over their employment status. Couriers for the group’s UberEats food delivery service are not included in the deal. On Friday, Uber said...

September 24, 2021
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24Sep

Zimbabwe: Nssa to Increase Pension Payouts

National Social Security Authority (NSAA) is set to review pension payouts by between 25 and 30 percent with effect from October 1, 2021, in line with the roadmap of periodic reviews announced by Public Service, Labour and Social Welfare Minister Professor Paul Mavima. The minister made the pledge to periodically review payouts during engagements with pensioners' representatives in the first half of the year. Pensioners under the Pension and Other Benefits Scheme (POBS), had their pay-outs reviewed by 30 percent, subject...

September 24, 2021
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24Sep

US. New Bill Aims to Solve for the Retirement Plan Coverage Gap

Congressman Jim Himes, D-Connecticut, and Senator Mark Warner, D-Virginia, have introduced the Portable Retirement and Investment Account (PRIA) Act of 2021, designed to provide a retirement savings vehicle to Americans who don’t have access to one. Read also US. Stock Market Helps State Pension Debt Hit 10-Year Low, But Crisis Still Looms Large The legislation would establish a Portable Retirement and Investment Account (PRIA) Fund and a board responsible for establishing regulations for the fund. The bill says the board will...

September 24, 2021
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24Sep

Dutch pension funds can retain buffers in new DC system

Dutch pension funds that opt for the so-called flexible arrangement in the new pension system will be allowed to have buffers, according to a revised draft version of the new pension law that’s yet to be discussed in parliament. Under the original version of the law, only pension funds opting for the so-called “solidary pension arrangement” were allowed to retain buffers. This prompted a demand from several company pension funds that prefer the more individual “flexible pension arrangement” to also...

September 24, 2021
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23Sep

UK. DWP underpaid state pensions to the tune of £1bn

The Department for Work and Pensions (DWP) underpaid 134,000 pensioners in state pension to the tune of £1bn, according to new figures from the National Audit Office (NAO) “Repeated human errors over many years” was cited as the reason for the underpayment. Read also UK. Guy Opperman reappointed as pensions minister The NAO said some level of error in the processing of state pension claims was almost inevitable given “the complex rules and high degree of manual review necessary” when assessing them. Read...

September 23, 2021
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23Sep

When phased retirement could work out

Retirement doesn’t have to be a drastic cut from a full-time job to no job at all. You may still want to work, just not as much — especially if you aren’t financially ready to retire. The gradual reduction of hours known as “phased retirement” could be the answer, and it can be achieved either through an official policy at your employer or in a more informal fashion. In fact, 45% of U.S. workers envision reducing their work hours in a phased...

September 23, 2021
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