August 2021
17Aug

European Union: Putting A “PEPP” In The Step Of European Pension Providers?

The pan-European Personal Pension Product (PEPP) is a voluntary, individual, non-occupational personal pension product that offers savers a new pan-European means of saving for retirement. The first PEPPs can be established from 22 March 2022, but will this product prove popular for providers? Before the introduction of the PEPP, there was no legal framework governing personal pensions at an EU level. It was recognised that the lack of an internal market for pensions caused difficulties with pension portability for mobile...

August 17, 2021
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17Aug

Turkey: New Regulation On Activities To Be Evaluated Within The Scope Of Insurance Services And On Distance Insurance Contracts Has Been Published

The new regulation details the rules on the insurances that can be provided linked to goods and services offered by businesses whose primary business activity is not insurance brokerage which is becoming to stand out in practice. As per the new regulation, business processes carried out under the abolished regulation will be required to be compliant with the new Regulation by 1 September 2021. Accordingly, with the new regulation, insurance intermediaries, banks and institutions incorporated under special laws and authorized to...

August 17, 2021
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17Aug

UK. 4 million under-40s missing out on pension investment returns due to low risk appetite

Around four million workers under 40 could be losing out on investment returns as they are in low-risk pensions that do not have potential for higher growth, according to research from Interactive Investor (II). The research, undertaken by Opinium, revealed that 66 per cent of people aged between 18 and 39, equal to around 10 million people, have a low-risk (25 per cent) or medium-risk (41 per cent) pension, whilst 19 per cent have a high-risk pension. Furthermore, over half (54...

August 17, 2021
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17Aug

How to fix the deeply flawed US Retirement Savings System

By Chris Farrell America’s retirement savings system is a mess (that’s a technical economic term). “System” is actually too grand a word for the ad hoc retirement savings plan edifice that has been built up over years. To be sure, the system works reasonably well for those on the payroll of an employer with a retirement benefit plan and a relatively stable job. Employees at larger companies typically have 401(k)s with automatic enrollment, automatic contribution increases and a target-date default option...

August 17, 2021
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16Aug

UK. I Don’t Want My Pension Funding Sunak’s Big Bang

The U.K. government is calling on the nation’s pension funds to participate in an “investment big bang” by allocating more capital to domestic and long-term illiquid investments. It’s a proposal that’s short on detail and fraught with difficulties, and one that pension fund trustees should treat with an abundance of caution. Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak recently wrote an open letter to the overseers of Britain’s 2.6 trillion pound ($3.6 trillion) pension industry. They...

August 16, 2021
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16Aug

Warning over major retirement change for South Africa

National Treasury has published further details around a new retirement system proposed for South Africa that will allow people to access a portion of their savings early in times of a financial emergency. Treasury has described it as a ‘two-bucket’ system: The first bucket for longer-term financial security – Members must preserve their contributions and the compounded growth invested. They will not have access to this portion of their funds until they retire. The second bucket for short-term financial relief – Members...

August 16, 2021
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16Aug

Pakistan’s unsustainable public pension system

In the last ten years, while Pakistan’s tax revenues increased by 2.7 times, the pension bill from the federal government, which includes military pensions (36 percent of the total annual pension liabilities), increased by 5.2 times. The local toll is said to be even higher, with numbers estimated at 7.1 times. Since 2013, numbers of government retirees have increased by 25 percent; however, the pension expense has increased by 432 percent from Rs 55 billion to Rs 238 billion. This does not...

August 16, 2021
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16Aug

3 Ugly Truths About Retirement in Canada

Saving for retirement has never been easy. In the days when private and public sector employers offered generous defined benefit (DB) pensions, that didn’t matter as much. But today, with private sector DB pensions all but extinct, you really have to save if you want to retire comfortably. If you’re a government worker with a very generous pension plan, then perhaps that doesn’t apply to you. But if you’re like most Canadians, you’re really going to need some savings to...

August 16, 2021
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16Aug

US. 3 Unexpected Sources of Retirement Income

When we think of retirement, most of us think of accumulating a large sum of money and then spending it down gradually. One of the best insurance policies to prevent spending all of your money is to have numerous sources of income in retirement. As you'll see, even small amounts of retirement income can go an incredibly long way in making sure you have enough to last you the rest of your life. Here, we'll look at three unexpected sources...

August 16, 2021
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13Aug

Finland tops global pension rankings

Finland's pension system has ranked number one in the world in 2021 while the UK has fallen “short of the mark”, ranking 25th out of 33 countries included in analysis by Blacktower Financial Management. The analysis used key metrics to analyse pension systems around the world, including public spending, average retirement ages, average pension contributions and the percentage of the population who have participated in pension schemes. Finland was deemed to have the best pension system in the world, recording high...

August 13, 2021
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