July 2021
30Jul

Mboweni pushing for major retirement change in South Africa

Finance minister Tito Mboweni wants a key regulatory change that will allow South Africans to access their retirement funds early. The finance minister said in a media briefing on Wednesday (28 July), that the change will be made with the proviso that workers use any funds in a responsible manner. He said that workers should be able to access a portion of their retirement funds during ‘difficult times’ – whether it be for a bond repayment or to pay off debt. “A...

July 30, 2021
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30Jul

Is the Aon/WTW deal collapse a positive for UK pensions?

The announcement that Aon and Willis Towers Watson (WTW) have called off their $30bn (£21.7bn) merger after the businesses reached an impasse with the US Department of Justice (DOJ) over competition issues did not come as a huge surprise to many. While the two firms received approval (with conditions) for the merger by the European Commission in July, the tie-up had become increasingly bogged down over issues with the DOJ - issues which cumulated in the US agency filing a...

July 30, 2021
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29Jul

US. Financial Groups, Firms Push for a Biden Order on Retirement Security

Financial services firms and policy groups are urging President Joe Biden to issue an executive order to create an inter-agency task force on retirement security as part of his Build Back Better initiative. “Social Security and Medicare face financing shortfalls, while pension plans have largely disappeared for younger workers,” the 31 organizations, all partners in the Funding Our Future coalition, told Biden in a letter, released Wednesday. Read also US. Ohio Pensioners May Hold The Key To Finally Fixing America’s Struggling...

July 29, 2021
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29Jul

UK. We need more retirement products to help DC savers

In its first nine years, auto-enrolment’s incredible success has been built on how much people have been able to save into their pension pots. Now the time has come to give serious consideration to how this new generation of savers will turn these savings into a reliable pension income. This is because in the next decade people reliant on defined contribution workplace pensions to supplement the state pension will start to retire in large numbers. What this means is that policymakers and...

July 29, 2021
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29Jul

Our pensions are the most powerful tools we have to fight climate change

Richard Curtis is urging people to take control of how their pension is invested and demand it is given to eco-friendly companies by lobbying their providers. The film director and sustainability campaigner, who is the founder of Make My Money Matter, said that our pensions, which are collectively worth trillions of pounds, are the most “powerful tools we have in our arsenal” to fight climate change. Speaking to iMoney editor Sarah Davidson during a live talk on Wednesday, he said: “There...

July 29, 2021
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28Jul

Can Climate Change Impact Your Retirement?

Recent fires, floods, and extreme heat events are demonstrating that climate change is here—now—not some day in the distant future. How could that realization impact your retirement plans? Any concern you might feel about climate change could depend in part on your age. A recent survey conducted by the Society of Actuaries (SOA), titled “Financial Perspectives on Aging and Retirement Across the Generations,” takes a deeper look into the topic and provides insights into how different generations view the importance...

July 28, 2021
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28Jul

Chileans tapped into pensions to survive the pandemic – now what?

Chile’s celebrated $200bn private pensions system, based on individual capital accounts, has served as a model for dozens of emerging markets since it was established 40 years ago during the military dictatorship of Augusto Pinochet. The system was trailblazing: Chile was the first country to eschew a government-backed pension system and replace it with mandatory private retirement savings. Read also Latin America. What Comes After the Commodity Super Cycle and the Pandemic? Policies to Tackle Poverty and Inequality in Latin America Over...

July 28, 2021
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28Jul

Ghana. Minister for Employment initiates mass pension enrolment programme

The Minister for Employment and Labour Relations, Ignatius Barfour Awuah has initiated a mass pension enrolment programme by paying for a year’s pension contribution for 10 individuals in the Upper Manya Krobo District in the Eastern Region. At an outreach program at Asesewa in the Eastern Region, to sensitise people on pensions in the area organised for informal sector workers in Asesewa by the National Pensions Regulatory Authority (NPRA), Mr. Bafour Awuah said the gesture was to encourage the people...

July 28, 2021
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28Jul

UK. Consultation risks taking DC pension consolidation ‘too far, too fast’

The Department for Work and Pensions’ (DWP) most recent consultation on further consolidation in the defined contribution (DC) pension market risks taking consolidation “too far, too fast”, according to Hymans Robertson. In its response to the consultation Future of the DC pension market: the case for greater consolidation, Hymans Robertson warned that taking consolidation further and faster would be “counter-productive”, and reduce competition and innovation. “Since DC took over from defined benefit (DB) as the main source of pension provision in...

July 28, 2021
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28Jul

US. Can Robinhood be trusted with retirement accounts?

Robinhood, the brokerage popular among novice traders, may soon add retirement accounts onto its platform following its impending IPO, expected this week. New types of accounts could add scale to the brokerage—but may draw even more scrutiny from financial regulators. Robinhood, the brokerage popular among novice traders, may soon add retirement accounts onto its platform following its impending IPO, expected this week. New types of accounts could add scale to the brokerage—but may draw even more scrutiny from financial regulators. “Retirement...

July 28, 2021
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