July 2021
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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27Jul

China pensions starved of alternatives to stabilise returns

By Twinkle Zhou Experts warn that Beijing must take even speedier action to help its rapidly aging population save enough for retirement. In particular, the country’s regulators need to diversify the range of assets available for local pension funds into more alternative assets, to help them ensure more consistently high annual investment returns. Read also China to allow tax deductions for care of small children to help boost births Pension experts say the government and regulators do not lack for areas they...

July 27, 2021
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27Jul

Nigeria’s pension fund hits N12.6trn – PenCom

The National Pension Commision (PenCom) said pension fund assets had risen to N12.66 trillion as at June 30, with contributors under the Contributory Pension Scheme (CPS) hitting the 9.38 million mark. The Director General, PenCom, Aisha Dahir-Umar, said this at the 2021 Journalists Workshop held on Monday in Lagos, with the theme: Positioning the Pension Industry in the Post COVID-19 Era. Mrs Dahir-Umar, represented by Peter Aghahowa, Head, Corporate Communication, PenCom, noted that the consistent growth trajectory justified the commission’s overriding...

July 27, 2021
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27Jul

A healthier future for the Mexican pension industry

The last five years have been ones of intense transformation for the largest pension fund in Mexico. Establishing a sound and replicable investment process has been one of the main challenges for the team. Changing the team’s culture towards long-term investing, based on optimising diversification, has been the name of the game, and even though there are additional challenges in the future, positive results arise both from a quantitative and qualitative perspective. As a fusion between Banorte Bank and the...

July 27, 2021
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