November 2021
03Nov

Waiting to save: The cost of delaying your retirement funding

Putting enough money away for a comfortable retirement is a daunting task and, while we all know that starting early is critical, the numbers are alarming. Statistics from the 2021 10X South African Retirement Reality Report which has just been released are frightening. Around half the people surveyed indicated that they are making no provision for retirement at all, while the other half indicated they have some form of savings plan in place. 74% of survey respondents accept that...

November 3, 2021
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01Nov

Ghana. Government explores use of pensions funds for mortgage

The government is exploring the possibility of prospective home buyers using their Tier Two and Tier Three pension funds as initial deposit to support their mortgage plans. The Minister of Works and Housing, Mr. Francis Asenso-Boakye, who made this known, observed that the quest to provide access to housing for Ghanaians, especially low-to-middle income earners, required sustainable policies and programmes aimed at ensuring that the issue of affordable housing no longer became a myth but a possibility. At the maiden Business24...

November 1, 2021
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October 2021
29Oct

The Long Shadow The Long Shadow of Informality Edited by Challenges and Policies

By Franziska Ohnsorge and Shu Yu In emerging market and developing economies (EMDEs), far too many people and small enterprises operate outside the line of sight of governments—in a zone where little help is available to them in an emergency such as the COVID-19 crisis. This “informal” sector constitutes more than 70 percent of total employment in these countries and roughly one-third of output. Policy makers have long had good reasons to worry about this sector: Its participants are vulnerable even...

October 29, 2021
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28Oct

Pandemic Offers This Silver Lining For Retirement Savers

From doctors visits to business meetings, the COVID-19 pandemic has shifted so many of our everyday interactions from in person to online. One silver lining of this dramatic change has been increased engagement when it comes to people learning about their retirement savings. Transamerica, an investment solutions, retirement and insurance company, has seen a significant uptick in the number of retirement plan participants meeting virtually with plan consultants since the start of the pandemic. From doctors visits to business meetings, the...

October 28, 2021
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19Oct

Canada. Why more retirees are looking to green their retirement portfolios

Many greying Canadians are adding a green hue to their investment portfolios to make money, manage risk and leave a better world for their children and grandchildren. Responsible investing – which considers both financial returns and social/environmental good – has long been on the radar of baby boomers and Gen Xers, with ethical mutual funds being widely available since the 1990s. Still, it was often seen as a niche strategy that potentially added risk to an investment portfolio. Consequently, considering only...

October 19, 2021
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15Oct

UK. Govt launches consultation on NHS pension scheme changes

The government has launched a consultation on proposed changes to the contributions that members pay into the NHS Pension Scheme in light of the move to a career average revalued earnings (CARE) model. Under the proposals, members’ contribution rates would change to be based on actual pensionable pay instead of members’ notional whole-time equivalent pay. This would mean that many part-time members would see their contribution amounts reduce, and is a reflection of the increasing number of scheme members with no...

October 15, 2021
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15Oct

Use positivity to beat savers’ pensions defeatism

Pension scheme communications need to focus on members’ progress and the steps they can take to improve income, rather than barriers they could face without action, Nest Insight research finds. Members can be put off by current communications that present barriers in terms of a lack of affordability, a feeling of being overwhelmed, and low confidence - all of which contribute to a "sense of defeatism". Small Steps to a Better Future, written in conjunction with Invesco and Maslanksy + Partners,...

October 15, 2021
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14Oct

Hong Kong government proposal for residents to convert pensions into annuities ‘absurd’ if made mandatory, labour minister says

A Hong Kong government proposal to encourage residents to convert their pensions into annuities would be “absurd” if made mandatory, the city’s labour minister said on Thursday. Secretary for Labour and Welfare Law Chi-kwong said that while studying the proposal was necessary, making it mandatory to convert Mandatory Provident Fund (MPF) pension plans into annuities was never going to happen in Hong Kong. “If anyone just thought about it, forcing everyone in Hong Kong to switch to an annuity is absurd,...

October 14, 2021
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13Oct

Superannuation gives Australians a stake in nation’s prosperity: Minister

Superannuation Minister Jane Hume has told a world summit on retirement incomes Australia’s compulsory saving system has helped the nation weather financial shocks and given people a stake in its prosperity. The federal government has resisted a fierce push from within its ranks during the past two years to overhaul the system by scrapping a legislated increase to the superannuation guarantee and give Australians greater access to their savings for housing deposits. Speaking to the World Pension Summit in The Hague...

October 13, 2021
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September 2021
29Sep

UK. How to give pension advice to same-sex couples in divorce

It is not uncommon for pension rights to represent a significant proportion of the matrimonial assets. Therefore, dealing with these rights in a way that ensures that both parties’ interests are best served may lead to some difficult and acrimonious discussions. The circumstances of each party may be such that finding a solution that suits both is elusive. Advisers are likely to be approached by the legal representatives of one party with a view to reaching an optimal solution for that party. In...

September 29, 2021
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