May 2020
20May

World Bank Group: 100 Countries Get Support in Response to COVID-19 (Coronavirus)

The World Bank Group today announced its emergency operations to fight COVID-19 (coronavirus) have reached 100 developing countries – home to 70% of the world’s population. Since March, the Bank Group has rapidly delivered record levels of support in order to help countries protect the poor and vulnerable, reinforce health systems, maintain the private sector, and bolster economic recovery. This assistance, the largest and fastest crisis response in the Bank Group’s history, marks a milestone in implementing the Bank...

May 20, 2020
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20May

Canada. How are pension plan sponsors’ fiduciary duties evolving in the time of coronavirus?

While the coronavirus pandemic certainly doesn’t change pension plan sponsors’ fundamental fiduciary duty to their plan members, the crisis is creating circumstances that will test how that responsibility manifests. Fiduciary duty arises when one party has a certain vulnerability in respect to another party, said Kenneth Burns, partner at Lawson Lundell LLP, in a webinar roundtable hosted by the Association of Canadian Pension Management on Thursday. In a pension context, plan sponsors have a fiduciary duty to their members...

May 20, 2020
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19May

UK. Pension savings warning: Savers could be hit hard by freeze on transfers

Pension savings have been prevented from transfers as a result of a number of trustees utilising their emergency powers to prevent movement of money. This means those who wish to ditch their defined benefit pension schemes could have a hard time doing so.  The decision has been made by a number of companies facing financial hardship during the coronavirus crisis. Under new rules, put in place by the Pensions Regulator, trustees are able to suspend transfers for up to three months....

May 19, 2020
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19May

European insurers face increased risk exposures due to Covid-19, but market perceptions and imbalances remained at medium level

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the fourth quarter 2019 Solvency II data. Despite the fact that some indicators used in this Risk Dashboard do not capture the latest market development in the context of Covid-19 outbreak, the expected deterioration of the relevant indicators reflecting all available information in a forward looking perspective has been considered in the assigned risk levels. This addresses the current situation of high uncertainty...

May 19, 2020
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18May

Africa’s population is aging and it needs social protection

As the world continues to grapple with the unfolding COVID-19 crisis, many in Africa are worried not only about its spread but about the pandemic's long-term economic consequences as well. But long before our attention was captured by this virus, African governments were already ignoring an increasingly important factor in securing healthy populations and prosperous economies: Africa's older population is growing fast. Read also How COVID-19 impacts asset allocation strategy of pension funds According to a 2017 UN report on...

May 18, 2020
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18May

Social protection responses to the COVID-19 crisis around the world

By ILO This note summarizes the results of the Social Protection Monitor that tracks announcements of social protection measures responding to the possible impacts of the COVID-19 crisis. We will update this note as new data and information become available in this rapidly evolving situation. Disclaimer: Owing to the exceptional circumstances generated by this global health pandemic, there has been intense activity in terms of the breadth of national responses and therefore not all information contained in this document could be...

May 18, 2020
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15May

The End of Leisure and Retirement, COVID-19: Innovations, Jobs, Pensions, and Keynes: Guaranteed Income or Future Poverty and Redundancy?

By Niccolo Leo Caldararo The history of the support by society of the aged is discussed in cross cultural and historical context. Various cultural traditions are compared with the forms developed in complex societies from ancient Egypt and Greece and Rome, to China, the Aztec, Inca and Maya, to those of religious organizations, or those developed under different modern ideological systems like capitalism and communism as well as social democratic nations. It is found that the way a...

May 15, 2020
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15May

India. World Bank to provide $1 billion loan for social protection

After healthcare, the World Bank on Friday said it had cleared a $1 billion assistance for social protection and is in talks with the government for funding initiatives to assist micro, small and medium enterprises (MSMEs). World Bank country director Junaid Ahmad did not elaborate on the size of the loans for MSMEs, saying they were being negotiated. Read also Covid-19 impact: Global pension funds pause India investment He, however, complimented the government’s approach, focusing on healthcare, social protection and...

May 15, 2020
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15May

How the UK pensions industry is paving the way for open data sharing ecosystems

As consumer expectations around digital services increase, businesses across every sector are looking to meet a growing demand for better, and more user-friendly, applications of data. The Covid-19 pandemic has only accelerated this shift to digital as traditionally offline activities move online, and businesses are racing to stay ahead of both their customers and their competitors. The UK pensions industry might not seem an obvious place to look for inspiration about how to adapt to digital transformation, but that...

May 15, 2020
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14May

UK. Govt told to scrap pensions triple lock to reduce virus debt

The pensions triple lock could be scrapped in the near future as the government looks to recoup the hundreds of billions of pounds it has spent on Covid-19 support. According to a Treasury document dated May 5, seen by the Telegraph, chancellor Rishi Sunak has been advised to break one of the Conservatives’ manifesto pledges and scrap the pension triple lock on state pension rises. Under current rules, the state pension is increased by the triple lock which is...

May 14, 2020
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