September 2021
14Sep

UK. Dashboard will not have accurate DB quotations

The Society of Pension Professionals has warned pension dashboards will have to provide illustrative figures to defined benefit members, as it will not be possible to have accurate quotations due to the complexity of current benefit structures. In a report published today (September 13), the industry body made a series of recommendations to the Department of Work and Pensions and the Pensions Dashboard Programme on how estimated retirement income calculations should be approached from the beginning of the project's rollout. Since...

September 14, 2021
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10Sep

China launches wealth management product pilots for retirement in four cities

China's banking and insurance regulator said on Friday it will launch wealth management product pilots in four cities aimed at retail investors looking to boost their retirement savings. The products will be sold by wealth management units of the Industrial and Commercial Bank of China, China Construction Bank, China Merchants Bank and China Everbright Bank. The pilot products will last for a year starting from Sept. 15, and each institution involved can raise up 10 billion yuan ($1.6 billion) of products,...

September 10, 2021
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10Sep

Nigeria is struggling to get informal workers to save

Between a slumping economy and gnawing inflation, Nigerians are finding life tough. Temilola Balogun, who owns a clothing shop in Lagos, the commercial capital, sighs that it is hard to save anything. This is typical: most adults in Africa’s most populous country do not pay into a pension. Few will be able to retire without being supported by their children. Read also Nigerian pension fund asset rises to N12.8 trillion as RSA contributors hits 9.4 million To change this, in 2019...

September 10, 2021
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08Sep

India. PFRDA proposes changes in premature exit rules for Atal Pension Yojana, facilitates timely payment of money

By Navneet Dubey To increase acceptability of Atal Pension Yojana (APY) scheme among informal sector workers, the Pension Fund Regulatory and Development Authority (PFRDA) has proposed modifications in premature exit processing for the benefit of subscribers. APY is a social security scheme administered by PFRDA through banks and the department of post. The scheme offers guaranteed pension benefits to eligible citizens after reaching the age of 60 years, who subscribe and contribute to the scheme. According to a PFRDA circular issued on...

September 8, 2021
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06Sep

India. Atal Pension Yojana dominates social security scheme with 66% NPS subscriber base

Atal Pension Yojana has emerged as the most popular social security scheme under the National Pension System with over 2.8 crore subscribers, mainly from the non-metro centres. Out of 4.2 crore National Pension System (NPS) subscribers, over 66 per cent or 2.8 crore opted for the APY at the end of 2020-21, says the annual report of the National Pension Systems Trust (NPS Trust). The State Government Scheme ranks second with 11 per cent share, while the central autonomous bodies (CAB)...

September 6, 2021
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August 2021
27Aug

US. How to Plan for Retirement in a Gig Economy

Being your own boss. Making your own schedule. Taking control of your career. Those perks and others—including not worrying about being downsized by your company—drive professionals into self-employment all the time. In fact, the gig economy keeps growing year after year. How big is the gig? Pretty enormous. The month before the 2020 pandemic exploded, CNBC reported that independent contractors made up anywhere from 10% to a third of workers. Then, Covid hit, and though some freelancers lost their work,...

August 27, 2021
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27Aug

UK. Do CDCs offer the best of both?

The DWP recently launched its consultation on draft collective defined contribution pensions scheme regulations, which is due to close on 31 August. Once these regulations are firmed up, by the end of this year in all probability, single or connected employers will be able to open collective defined contribution schemes for their employees. The Royal Mail, in a show of unity between employer and trades union, will be the first to do so. We will have to wait until early...

August 27, 2021
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25Aug

How Blockchain Can Transform Retirement Planning

Retirement planning deals with massive amounts of data clusters across multiple processes. Keeping participants’ assets safe is one of the major responsibilities of plan providers to ensure customer trust. Read also Canada. Union Files Legal Challenge Over OMERS’ Early Retirement Policy Defined contribution (DC) plans such as the National Pension Scheme in India and 401(k) in the US have become mainstream, but there is no designated registry to track all the retirement plan accounts and their status on one platform. The...

August 25, 2021
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23Aug

ESG: Impact Investing

BEST OF BOTH WORLDS Investors are finding that financial performance and ESG ‘impact’ can be complementary goals Understanding the landscape of environmental, social and governance investing is critical to choosing the right investment strategy, particularly when it comes to the impact of that investment. As ESG investing continues to evolve and institutional investors have a growing number of strategies to pursue, they may find it challenging to navigate the wider array of options and to apply the appropriate nomenclature to the...

August 23, 2021
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20Aug

Why Tontines Should Be a Piece of the Retirement Solution

By Jasmin Sethi Retirees are often faced with the fear of outliving their assets. This fear, also known as longevity risk, has been eased by the availability of annuities, specifically annuities that I’ve termed in my paper as guaranteed income products, or GIPs, that offer fixed payments until death. One would think that a product offering fixed payments for life would be more popular among retirees, but the reality is that Americans choose not to purchase annuities. Why? A big factor...

August 20, 2021
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