June 2020
11Jun

UK. Workplace pension income rises by more than a third

Income from workplace pensions in the UK has risen by more than a third in just 10 years, analysis by financial services firm Equiniti has revealed. The findings show that average occupational pension income rose from £121 to £167 a week between 2008/09 and 2018/19, representing an increase of 38%. This is despite other sources of income remaining broadly flat or negative, with occupational pensions now accounting for 30% of total average pensioner income, up from 24% in 2008/09. ...

June 11, 2020
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10Jun

Denmark’s MP Pension divests 24 oil company holdings

Denmark's flag hangs outside a restaurant in Copenhagen. Danish pension fund MP Pensions plans to divest from 24 oil companies, following similar divestment last year from 10 energy giants. MP Pension, Gentofte, Denmark, has excluded a further 24 oil companies from its portfolio, divesting almost 900 million Danish kroner ($133.9 million) in assets. The 128.4 billion kroner pension fund excluded the oil companies following a 644 million kroner divestment from the 10 biggest oil companies in its portfolio last...

June 10, 2020
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10Jun

U.K. deficits rise as coronavirus continues to hit markets

The total deficit of U.K. defined benefit funds covered by the Pension Protection Fund's 7800 index worsened 37% in May to £176.3 billion ($217.6 billion). The deficit was £128.5 billion as of April 30. The deficit of U.K. defined benefit funds also deteriorated over the year ended May 31, from £38.1 billion as of May 31, 2019, London-based PPF said Tuesday in an update. Read also UK. Regulator repeats anti-scam warning as £5m lost to fraud The funding ratio of...

June 10, 2020
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08Jun

Ireland. Warning of cuts to social welfare unless pension age is raised to 67

Cuts to social welfare will be needed if the new government does not push up the pension age to 67 next year. The Department of Employment Affairs and Social Protection has warned that reductions in other social protection payments may be necessary if the pension age stays the same. It said ensuring the pension system is sustainable is vital if current workers are to receive a pension when they reach retirement age in the future. Read more @Independent

June 8, 2020
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03Jun

Coronavirus impact improves sustainability of Spanish pension system

Spain saw a rare improvement in the long-term sustainability of its pension system in May, but the data gave no cause for celebration because it was mainly the result of the coronavirus crisis and increased deaths among the elderly. Read also Chile’s pension system is changing for the worse Spain has been among European countries worst hit by the coronavirus pandemic, with the death toll now at 27,127. More than 80% of fatalities have been people aged 70 and older....

June 3, 2020
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02Jun

Greece. Significant raise for 236,000 auxiliary pensions

As of Tuesday, more than 236,000 pensioners will see their auxiliary pensions increased by an average of 75.47 euros, according to estimates by the Single Social Security Entity (EFKA). The hikes only concern retirees who saw their auxiliary benefits reduced in the summer of 2016 per the so-called Katrougalos law because the sum of their main and auxiliary pensions exceeded €1,300. The biggest category of raise recipients is the 206,000 former salary workers insured with the Social Security Foundation...

June 2, 2020
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May 2020
29May

Allianz pension report 2020 the silver swan

By Allianz Even before the Covid-19 outbreak, societies were becoming more and more fragmented over several social fault lines: culture, education, wealth, place of residence. Many of these overlap: The cosmopolitan, well-educated, wealthy people live in (big) cities, whereas more conservative, low-skilled workers tend to live in the periphery. There is, however, one important social fault line that cuts through all these identities: the generation gap. With demographic and climate change (and now the coronavirus pandemic), the generational...

May 29, 2020
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23May

Golden Aging: Prospects for Healthy, Active and Prosperous Aging in Europe and Central Asia

By Maurizio Bussolo, Johannes Koettl & Emily Sinnott The Europe and Central Asia region has among the oldest populations in the world. Europe, in particular, is approaching the end of a demographic transition toward population stabilization, and Central Asia, although still younger, is following quickly. Aging in Europe and Central Asia is different from that in Western Europe and East Asia in that populations are aging, while people are not necessarily living longer. The rise in the average age is largely attributable to...

May 23, 2020
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22May

How People React to Pension Risk

By Nicolas Salamanca, Andries De Grip, Olaf Sleijpen We show that people exposed to greater pension risk are less likely to invest in risky assets. We exploit a reform that links people’s future pension benefits to their pension funds’ funding ratio — a measure of the fund’s financial health — making funding ratios a fund-specific measure of pension risk. The effect of pension risk is stronger for people who are better informed about their pensions, for retirees and pension-age...

May 22, 2020
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21May

Large European companies fall short on ESG disclosure – report

Many of Europe's largest public companies are not adequately disclosing their environmental and climate-related risks, according to a report being released Tuesday by the Climate Disclosure Standards Board. The CDSB looked at Europe's 50 largest companies, with a combined market cap of $4.3 trillion, and found that in 2019, despite European Union reporting guidelines, 78% of them did not adequately report climate and environmental risks, and 42% omitted potentially material environmental or climate-related information for their sector. Also, 1...

May 21, 2020
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