October 2018

24Oct

Nigerian pensioners issue ultimatum on pension arrears

The Nigeria Union of Pensioners (NUP) have issued a 21-day ultimatum to the government to pay the arrears of pensions owed them and also increase the minimum being paid, in line with the impending review of minimum wage.Mr. Abel Afolayan, the national president of the NUP, who made the demands at a news conference in Abuja, said that the union has served the Pension Transitional Arrangement Directorate (PTAD the notice in compliance with the extant labour laws. He said that...

October 24, 2018
News, Slider,
Read more...
24Oct

UK. Savers top-up pensions as Budget cut looms

Pension provider Zurich has seen pension top-ups soar ahead of next week’s Budget as fear of pension tax relief cuts loom. Cash flowing into pensions on Zurich’s investment platform increased 98 per cent in September, compared to the annual average. The value of one-off pension contributions also jumped 161 per cent from the 12-month average as savers invested larger amounts, the provider said. Alistair Wilson, Zurich’s head of retail platform strategy, said people were "making the most of the higher pension savings...

October 24, 2018
News, Slider,
Read more...
23Oct

Study: Nearly 90 per cent of pension savings not accounting for climate risks

Assessment of world's 100 largest pension funds finds only 13 per cent have been assessed for their exposure to climate-related risks Up to £7.5tr of savings managed by the world's largest pension funds are potentially exposed to climate-related risks and have yet to undergo any formal climate risk assessment, a new analysis released today reveals. Non-profit initiative the Asset Owners Disclosure Project (AODP) assessed the world's 100 largest pension funds for the study and found just 13 per cent of savings...

October 23, 2018
News, Slider,
Read more...
23Oct

Here’s how well retirement income systems in Asia Pacific fare

As ageing populations continue to pose a challenge to governments worldwide, policymakers are struggling to balance delivering adequate financial security for their retirees while keeping it sustainable for the economy. Measuring 34 pension systems worldwide, the Melbourne Mercer Global Pension Index shows that the Netherlands and Denmark (with scores of 80.3 and 80.2 respectively) both offer A-Grade world class retirement income systems, topping the index globally. In Asia Pacific, top performing countries are Australia, Singapore, and New Zealand, scoring 72.6, 70.4,...

October 23, 2018
News, Slider,
Read more...
23Oct

Montenegro. Struggle for Pensions United Trade Unions

Montenegrins will retire next year with 61 years of age and 40 years of service, while the age limit for retirement is halted for 66 years for a man and 64 for a woman, and for the average pension one-quarter of the lowest rates, unconnected years is excluded. These are the results of the talks between the Ministry of Labor and Social Welfare and trade unions, which at the beginning were determined not to give in to their demands, but...

October 23, 2018
News, Slider,
Read more...
22Oct

Melbourne Mercer Global Pension Index 2018 released. Danish pension system among world’s best

Denmark rated second on Melbourne Mercer Global Pension Index 2018 When it comes to enjoying the golden years of retirement, few citizens of the world have it better than the Danes. According to the new Melbourne Mercer Global Pension Index 2018 (here in English), Denmark is second in the world when it comes to pension systems and received an A Grade for a score of 80.2 (out of 100). The only other country to obtain an A Grade was the Netherlands, which...

October 22, 2018
News, Slider,
Read more...
22Oct

Croatians protest over government plan to raise retirement age

Several thousand people protested in Croatia's capital on Saturday over government plans to raise the retirement age to 67 and cut pensions for those who retire early. This week the government asked parliament to pass legislation lifting the retirement age of 65 from 2033 onwards, defending the reform as a step in efforts to make the pension system sustainable. The bill also includes a proposal to cut the pensions of people who stop working before reaching retirement age by about four...

October 22, 2018
News, Slider,
Read more...
22Oct

Aging Japan rice farmers struggle

Grain falling out of favor with young consumers A crop once deemed so important it served as a form of currency, Japanese rice has fallen out of favor with younger, Westernized consumers, in a shift that has left ageing farmers struggling for survival. Rice consumption has nearly halved over the past 50 years, and as the older generation of farmers and consumers dies out, some fear the industry will be unable to hold its own in a competitive global market. Kazuo Ogura,...

October 22, 2018
News, Slider,
Read more...
22Oct

The Pivotal Role of Fairness: Which Consumers Like Annuities?

By Suzanne B. Shu (University of California, Los Angeles - Anderson School of Management), Robert Zeithammer (University of California, Los Angeles (UCLA) - Anderson School of Management), John W. Payne (Duke University - Marketing) Life annuities can be a valuable component of the decumulation stage of wealth during retirement. While economists argue that most retirees should annuitize, actual demand in the marketplace is low. We analyze data from two studies to determine how measurable individual differences among consumers affect their...

October 22, 2018
Articles, Pension design, System Sustainability, , ,
Read more...
22Oct

The Chinese Pension System

By Hanming Fang (University of Pennsylvania - Department of Economics; National Bureau of Economic Research (NBER)) & Jin Feng (Fudan University - School of Economics) We provide a detailed overview of the current state of the Chinese pension system, as well as its development, its problems and some ideas for future reforms. (more…)

October 22, 2018
Articles, Labor Market, Pension design, System Sustainability, ,
Read more...