May 2021
11May

UK. DB transfer victims lose up to 40% of compensation

Victims of defined benefit transfer mis-selling stand to lose an average 40 per cent of compensation payments thanks to changes in the way redress is calculated. While this problem could affect every victim of DB transfer misadvice across the UK, the discrepancy has come to light because steelworkers at Port Talbot have been 'comparing notes' on the compensation levels they have received so far. As a result, campaigners helping former British Steel Pension Scheme members to get redress have warned the way the...

May 11, 2021
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11May

German utility giant Eon starts €2.5bn pension fund

German utility giant Eon has created a new pension fund structure that will cover 10,000 members and have €2.5bn (£2.15bn) in assets under management. Eon acquired German energy company Innogy from RWE in 2019. Innogy’s pension assets from RWE Pensionsfonds were transferred to Willis Towers Watson’s Pensionsfonds in December that same year as an interim solution. Eon will use the pension expertise of Willis Towers Watson for both implementation and the ongoing operations of the new pension structure. Stefan Brenk, head of...

May 11, 2021
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10May

US. How Mass Retirement Is Affecting the Bond Market

Public work is a different ballgame, but in the private sector, defined benefit pensions have largely been replaced by 401(k) plans. However, there's still a massive amount of pension liabilities floating around in the market, and with mass retirement setting in, how those funds are managed can affect retirees everywhere – regardless of work history. Read also US. Biden’s $86 Billion Pension Rescue Set to Boost Corporate Bonds “There remains $1.8 trillion in assets in the largest 100 public companies’ pension...

May 10, 2021
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10May

Average Czech pension crosses 15,000 crowns per month

The average pension for senior citizens in the Czech Republic crossed 15,000 crowns for the first time this year, reveal stats from the Czech Social Security Administration (CSSZ). The CSSZ paid out an average of 15,351 crowns monthly to retirees by the end of the first quarter. In a year-on-year comparison, CSSZ expenditures grew while the total number of allocated old-age pensions dropped, largely due to effects of the Covid-19 pandemic. Czech pensions rose in January 2021, increasing by an average...

May 10, 2021
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10May

Philippines. DOF backs planned overhaul of military pension system

The Department of Finance (DOF) will rally support this year for the passage of proposed reforms in the pension system of the military and uniformed personnel (MUP). Finance Secretary Carlos Dominguez has directed the department’s Strategy, Economic and Results Group (SERG), led by Finance Assistant Secretary Juvy Danofrata, to assist the Treasury in gathering support from stakeholders and lawmakers for the revamp of the MUP pension system. “This year, Secretary Dominguez directed SERG to assist the Bureau of the Treasury (BTr)...

May 10, 2021
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07May

A Third Of Seniors Seek To Work Well Past Retirement Age, Or Won’t Retire At All, Poll Finds

More Americans plan to work past the age of 70 – or never retire at all – according to a survey released Thursday by reverse mortgage lender American Advisors Group, suggesting the pandemic prompted many aging Americans to rethink their retirement strategies in order to maintain their living standards. Almost half (46%) of the more than 1,500 Americans aged 60 to 75 surveyed by AAG said they plan to work part-time after they retire from full-time work. Nearly one-fifth (18%) of...

May 7, 2021
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07May

Leveraging longevity and tackling intergenerational inequality in Japan

Japan has the world’s most aged population. As the number of elderly people increases, the benefits the government funds, such as pensions, medical care and nursing care, have been swelling. Since these benefits are mainly financed by taxes and social insurance premiums paid by the working-age population, the burden will be heavier on future generations as Japan continues to age. Leveraging longevity and tackling intergenerational inequality in Japan 6 May 2021 Author: Sumio Saruyama, JCER Japan has the world’s most aged population. As...

May 7, 2021
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07May

Dutch government think tank wants more flexible pensions

The Centraal Plan Bureau (CPB), a Dutch government think tank, has proposed Dutch workers save less for their pensions so they can increase their liquid financial buffers. The CPB has criticised the “lack of flexibility” of the Dutch pension system in a new policy brief. “More flexibility in the way Dutch pensions are being accumulated would be beneficial given the low levels of liquid assets of Dutch households,” the think tank said. A quarter of households with more than €100,000 in...

May 7, 2021
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07May

4.8 million South Africans have unclaimed benefits worth R42 billion

About 4.8 million South Africans have unclaimed pension benefits, according to the Financial Sector Conduct Authority (FSCA). The unclaimed pension pot is worth R42 billion. Millions of, perhaps, cash-strapped people may not know how to claim what is rightfully theirs. Africa Melane asked Kabelo van der Merwe (Project Lead of Unclaimed Benefits at Liberty) how to find out if you are one of the 4.8 million, and how to claim if you are. If you want to check if you are the beneficiary...

May 7, 2021
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06May

U.S. corporate pension funding inches up in April – 3 reports

Funding ratios for U.S. corporate pension plans increased in April, according to reports from Wilshire Associates, Legal & General Investment Management America and Mercer. All three firms noted strong equity markets as the primary driver for the increases, partially offset by a decrease in discount rates leading to rising liability values. Wilshire's monthly report said U.S. corporate pension plans' aggregate funding ratio rose 0.6 percentage points to 92.9% in the month ended April 30. The change was the result of a...

May 6, 2021
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