2022 Archives - Page 55 of 137 - Pension Policy International

29JunJune 29, 2022

South Africa. Treasury sheds light on retirement reform proposals

At a recent conference, National Treasury’s Acting Director-General expounded on the two-pot retirement system, the governance of umbrella funds and changes to Regulation 28. Ismail Momoniat, Acting Director-General at National Treasury, addressed the Pension Lawyers Association Virtual Conference in May with an update on retirement reform developments. He confirmed that retirement reform is alive and well, although there is still a need to consolidate the various proposals. He focused on five main areas: 1. Two-pot system proposal On the two-pot system proposal, which...

June 29, 2022

News2022, Pension Reform, South Africa

29JunJune 29, 2022

Bulgarian minimum pension will rise in July

Parliament finally approved the minimum pension to reach BGN 467 (EUR 240) as of July 1st. From this date, the maximum pension rises to BGN 2,000 (EUR 1,026). From October 1, the ceiling will rise once again - this time to BGN 3,400, which is the amount of the maximum insurance income. After parliament finally approved an increase in the minimum and maximum pensions from July 1st, Social Policy Minister Georgi Gokov confirmed that payments for the increase are still likely...

June 29, 2022

News2022, Bulgaria, Income, Social Protection

28JunJune 28, 2022

US. Gender gaps in retirement readiness and financial know-how persist, despite strides made by women in last 50 years

Despite the economic and professional gains made by women over the last 50 years, gender gaps persist — and not just in rate of pay. Retirement readiness and financial know-how are key areas with notable gaps, according to two studies recently released by the TIAA Institute. For example, among workers in TIAA’s system, men contributed a median $8,271 to their workplace retirement plan in 2020, compared with $5,994 for women. While that 27% gap is less than the 34% difference...

June 28, 2022

News2022, Gender Gap, Labor Market, US

28JunJune 28, 2022

Large Dutch funds index pensions again

Several large Dutch pension funds, including civil service scheme ABP an healthcare fund PFZW, have increased pension for the first time since 2008. The pension funds can finally index again thanks to a steep rise in funding ratios this year and a relaxation of solvency rules. ABP will increase pensions by 2.39% as of 1 July, and will pay an additional 1.2% to pensioners to compensate for missed indexation during the first six months of this year. The increase has been...

June 28, 2022

News2022, Netherlands, Payout, Pension Management

28JunJune 28, 2022

Iranian Pensioners Return To Streets, Say Government Failing To Meet Promises

Iranian pensioners and retired public employees showed no signs of letting up in their protests against what they say is the government's failure to address deteriorating living conditions. Videos posted on social media on June 27 showed retirees gathering in at least four cities, Ahvaz, Kermanshah, Arak, and Rasht, chanting slogans against the government of President Ebrahim Raisi. The recent wave of protests by pensioners and retirees comes after the government announced on June 6 that it would increase the monthly...

June 28, 2022

News2022, Income, Iran

28JunJune 28, 2022

US. New IRS Pre-Examination Retirement Plan Compliance Program

The Internal Revenue Service recently announced a new pilot pre-examination retirement plan compliance program initiated in June. If you are a plan sponsor, do not play ostrich should you receive an IRS Pre-Examination Retirement Plan Notice. Failure to respond timely to the pre-examination notice may result in larger legal, accounting and/or audit fees and the imposition of larger sanctions. Under the new program you have 90 days to do a self-audit of the plan that is the subject of the...

June 28, 2022

News2022, Regulation, supervision, US

27JunJune 27, 2022

China: Securities regulator proposes rules for inclusion of mutual funds in private pension scheme

The China Securities Regulatory Commission (CSRC) has said that mutual funds with at least CNY50m ($7.48m) of assets over the past four quarters are eligible to participate in the country's pilot private pension scheme. The securities regulator has proposed rules to regulate mutual funds, setting the criteria for qualified products and sales agents under a private pension scheme that will channel fresh savings into the country's capital markets, reported Reuters. The draft rules, published on 24 June, follow the launch by...

June 27, 2022

News2022, China, Private Pensions, Regulation

27JunJune 27, 2022

UK. Four in five DB transfer requests raise scam warning

Four in five (83 per cent) defined benefit transfer requests have raised one or more warning flags, according to XPS Pensions Group. The firm’s scam flag index recorded May to have the highest number of scam warnings in the tracker’s history, up from a near record high in March. This is an increase of roughly 30 per cent since the beginning of 2022. XPS Pensions Group client lead, member engagement hub, Helen Cavanagh, said: “We continue to see the rate of potential...

June 27, 2022

News2022, supervision, UK

27JunJune 27, 2022

Could ESG improve scheme engagement?

Industry Voice: A major survey carried out by Aegon shows pension savers care deeply about climate change and the environment Aegon's recent survey of around 10,000 UK residents shows that most pension investors care deeply about the environment and their world's future. It also suggests that the more someone's investments are helping the climate emergency, the more likely they are to be happy about their investments and be better engaged with their pension arrangements. But too many customers remain unaware...

June 27, 2022

News2022, ESG, UK

27JunJune 27, 2022

Vietnam: Most citizens grow old without retirement funding plans

Many Vietnamese citizens likely to grow old without any savings or retirement plan due to low income and lack of access to elderly care. Ms Luong Thi My Hanh, head of domestic asset management at investment fund Dragon Capital Vietnam, said most Vietnamese workers do not have a retirement plan and are focused merely on meeting daily needs, according to a report in VnExpress. Most of them save for short-term goals and usually spend all the money they have, she added. Over...

June 27, 2022

News2022, Aging, savings, Vietnam

June 2022