March 2023
10Mar

Nigeria. Pension Fund Assets Increase By ₦568.33b – PenCom Boss

It appears that are days of enjoyment waiting Nigerian pensioners and the stories of months of wait pay will be over. The pension fund in Nigeria is real growing. There is something that the Director-General (DG) of Pension Commission Aisha Dahir-Umar, wants you to know. It is about the pensioners money that is now available. He says the Pension Fund Assets under Management (AuM) increased by ₦568.33 billion from ₦14.42 trillion as at September 30 to ₦14.99 trillion as at December...

March 10, 2023
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10Mar

A Leveraged Gender Gap: The Combined Effect of Longevity Risk (Mis)-Perception and Financial Risk-Taking

By Giovanna Apicella & Enrico G. De Giorgi Financial risk and longevity risk are the main risks affecting pension income. This paper analyses gender differences related to how financial risk taking and survival expectations are correlated. We analyse data from the “Survey of Health, Ageing and Retirement in Europe” (SHARE) database and find a significant gender gap in self-assessed risk tolerance, consistently with previous literature. Moreover, we show that individuals with realistic survival expectations (i.e., survival expectations that are close...

March 10, 2023
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09Mar

Reverse SSNIT policy that disqualifies persons aged 60 from contributing to scheme – ACRR petitions NPRA

The Africa Centre for Retirement Research (ACRR) has petitioned the National Pensions Regulatory Authority (NPRA) to reverse the Social Security and National Insurance Scheme (SSNIT) policy that disqualifies members aged 60 and above from contributing to the scheme. The group in a statement dated March 7 noted that if the policy is not reversed, “it will adversely and significantly affect the retirement wellbeing of over 11,000 workers and even more in the future.” This comes after SSNIT issued a policy directive...

March 9, 2023
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07Mar

Undersaving in British pensions still substantial, says government report

New government figures show the level of undersaving in British pensions is still substantial, despite increased pension participation in the private sector. ‘Analysis of future pension incomes’, published by the Department for Work and Pensions (DWP), updates figures from an auto-enrolment review in 2017 with a new estimate of the number and proportion of working-age individuals aged 22 to state pension age who are not saving enough for their retirement. The new report – covering England, Scotland and Wales – is...

March 7, 2023
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February 2023
24Feb

Fixed and Variable Longevity Annuities in Defined Contribution Plans: Optimal Retirement Portfolios Taking Social Security into Account

By Vanya Horneff, Raimond Maurer & Olivia S. Mitchell This paper investigates retirees’ optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected Social Security benefits. As an alternative, we also evaluate using plan assets to boost Social Security benefits through delayed claiming. We determine that including deferred income annuities in DC accounts is welfare enhancing for all sex/education groups examined. We also show that providing access to well-designed variable...

February 24, 2023
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24Feb

U.S. Here’s how much 401(k) plans fell last year

Saving for retirement requires looking at the big picture, but it can be dispiriting when your 401(k) or other retirement plan takes a beating — a common plight for American workers last year, according to new data from Fidelity. The average balance in a 401(k) plan tumbled 20.5% in 2022, reducing employee nest eggs to $103,900 at the end of 2022, Fidelity said on Thursday. That compares with an average balance of $130,700 a year earlier, the financial services firm...

February 24, 2023
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22Feb

Redington DC report reveals ‘complexities’ facing savers

The consultancy's inaugural Future of Retirement Income report - launched today (21 February) - asked industry experts for their take on key debates within DC saving. With the minimum pension age due to increase, the report looked at trends for DC savers nearing and in retirement, including member communications, investment, advice and product innovation. The report noted with increasing life expectancy and focus on DC pots, the industry should engage with debates, adding that Redington would launch a series of roundtable...

February 22, 2023
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22Feb

Recognize unpaid care work in Colombia: a historical debt to women

By Yaneth Vargas Sandoval This socio-legal research article aims to address unpaid care work in Colombia, so the first part will address how women despite the existence of the right to Equality and non-discrimination as a human right, in the reality of this right is not fulfilled, since it is women who must face unequal conditions in access and permanence in the labor market, they will endure salary gaps and it is difficult for them to access the old-age pension. All...

February 22, 2023
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21Feb

Kenya. Administrator welcomes NSSF contribution rise, urges simple opt-out process

Pension administrator Enwealth has welcomed the move to increase retirement savings contributions through the National Social Security Fund (NSSF) Act 2013. Early this February, the Court of Appeal quashed a judgment by an Employment and Labour Relations Court that declared the NSSF Act 2013 unconstitutional. While the Act recommended a monthly deduction of Sh200 to Sh600 for lower earners, top earners will be deducted Sh320 to Sh1,080 on a graduated scale. Increased contributions seek to ensure financial security for the retirees. However, the...

February 21, 2023
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08Feb

Thailand urges informal workers to prepare for their retirement

More than 16 million informal workers in Thailand have not participated in any savings scheme to prepare for their life during retirement even though the country is expected to become an aged society in the next two years. Thai Finance Minister Arkhom Termpittayapaisith said that Thailand is now an aging society as at least 10% of its population has been 60 years old and more since 2005. In the next few years, the country will become an aged society with the...

February 8, 2023
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