July 2021
09Jul

Nigeria. Fintech firm, Tangerine, launches pension, insurance products

A leading financial services and technology platform, Tangerine, officially launched its financial service product offerings at a press conference held on Wednesday July 7. Speaking at the press conference was Livingstone Magorimbo, Head Life Insurance, Tangerine Nigeria, Dapo Akisanya, Head Pensions, Tangerine Nigeria & Ibitunde Balogun, Head Commercial, Tangerine Nigeria who introduced the press to Tangerine and shared the businesses agenda and future growth plans. In September 2019, Tangerine was established following the acquisition of 100% equity stake in Metropolitan Life...

July 9, 2021
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09Jul

UK. Chancellor Rishi Sunak hints at ruling out 8% pension rise

The chancellor has given his strongest indication yet of ruling out a predicted 8% rise in the state pension next year. Official forecasts suggest that the link with earnings growth could mean the bumper rise in the amount paid from April 2022. Rishi Sunak told the BBC a decision on pensions would be "based on fairness for pensioners and for taxpayers". Various commentators have called for an overhaul of the rules. However, groups representing older people say the government's promises to pensioners should...

July 9, 2021
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09Jul

US. Do You Get Your Money’s Worth From Buying An Annuity?

Once upon a time, in the (somewhat mythical) past of traditional defined benefit pensions, your employer protected you from the risk of outliving your money in retirement, by acting, more or less, as an insurance company providing an annuity. With that benefit receding into the past, many experts have been hoping that Americans with 401(k) plans would avail themselves of annuities on their own, to give themselves the same sort of protection, and, indeed, the SECURE Act of 2019...

July 9, 2021
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08Jul

The EU’s new green plan to achieve carbon neutrality

The European Commission revealed a new green financial plan on July 6 to meet its 2030 goal of cutting emissions by 55% across EU member states. The European Union body will need to raise €350 billion ($414 billion) a year to promote the use of natural gas over coal for power generation and push financial institutions to go green. Achieving the 55% cut in emissions will be a major step toward achieving carbon neutrality by the middle of the...

July 8, 2021
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08Jul

The slow-burn crisis inside Ukraine’s pension system

Adramatic situation with state pension provision is unfolding in Ukraine. In autumn last year, Ukrainian prime minister Denys Shmyhal stated that if “decisive measures” are not taken, then in 15 years the state will not be able to pay pensions. With the collapse of the Soviet Union, Ukraine inherited a so-called “solidarity pension system”: current pensioners are supposed to receive payments from pension contributions made by the working population. However, today the number of people employed in the Ukrainian economy...

July 8, 2021
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08Jul

ESG: Fad or Future?

The trend over recent years is impossible to ignore: ESG investing has been gathering steam. There have been record flows into ESG investments, companies in ESG sectors have registered impressive valuations and thousands of asset managers and owners have signed on to the UN Principles For Responsible Investment (PRI). Environmental sectors are outstripping growth in the overall economy and ESG-focused funds are outperforming their counterparts. There is a convergence of driving factors that already point to this being more...

July 8, 2021
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07Jul

UK. State pension predicted to rise by 8%

Predictions suggest that the link with earnings growth could mean an 8% rise in the amount paid from April 2022. That would cost the government £3bn more than previously expected, according to the Office for Budget Responsibility (OBR). Read also UK. Chancellor Rishi Sunak hints at ruling out 8% pension rise But UK state pensions remain less generous than much of Europe, and are vital for millions of people. Read also UK. Nearly a third of Gen Xers have inadequate pension savings At present: The...

July 7, 2021
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07Jul

Retirement for 45-Year-Olds May Vanish in Saudi Pension Reform

Saudi Arabia is considering revamping the kingdom’s pension system to require citizens to work longer and contribute more, another hit to living standards that could undermine public support for Crown Prince Mohammed bin Salman’s efforts to reshape the oil-reliant economy. Read also The slow-burn crisis inside Ukraine’s pension system The government -- faced with an estimated actuarial gap of 800 billion riyals ($213 billion) at the state-controlled pension fund -- is weighing proposals to increase the retirement age, according to three...

July 7, 2021
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07Jul

Covid-19 spurs wave of interest in sustainable investing

However, there are still challenges to overcome to make sustainable investment effective and measurable, the study noted. The survey polled 750 global institutional investors covering $26.1tn (£18.9tn) in assets. It found official institutions, including national pension plans, were much more likely (at 70 per cent) to cite Covid-19 as making sustainable investment “significantly more important” than for insurance institutions (57 per cent) and corporate pension plans (49 per cent). Engagement remained more popular than divestment strategies, and 57 per cent of...

July 7, 2021
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06Jul

Asset owners managing US$6 trillion call for global carbon price

Investors managing more than US$6 trillion in assets on Tuesday (Jul 6) called for a coordinated global price on carbon and said emissions costs would need to almost treble by 2030 to reach the world's climate goals. The call by The Net Zero Asset Owner Alliance, whose 43 members include some of the world's biggest pension schemes and insurers, comes ahead of the next round of global climate talks in November. Currently, 64 carbon pricing instruments such as emissions trading schemes...

July 6, 2021
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