December 2022
01Dec

China to launch commercial pension scheme in 10 regions from January

China will launch a commercial pension scheme along with insurance firms in 10 provinces and municipalities from Jan. 1, as Beijing develops its third pillar pension system to help its large ageing population. The scheme will supplement the private pension plan launched last week in 36 cities, allowing individuals to open retirement accounts with banks and buy financial products. Under the latest scheme, customers can open accounts at the insurance firms and invest in pension products offered by the companies, the...

December 1, 2022
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01Dec

OECD Pensions Outlook 2022

The OECD Pensions Outlook discusses how to introduce, develop and strengthen asset-backed pension arrangements, the role that employers can play in their provision, and the implication of different fee structures on individuals saving for retirement and on providers. The 2022 edition focuses on describing best practices for developing mortality tables and providing policy guidance on how to design, implement and continue the operation of non-guaranteed lifetime retirement income arrangements. Get the report here

December 1, 2022
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November 2022
30Nov

UK. Sustainability in pension scheme strategies improve but still room for improvement on disclosures, XPS Pensions Group analysis finds

The pensions consultancy reviewed climate disclosures of 12 large pension schemes with £320bn in assets under management, made in line with TCFD guidance These are the first round of such disclosures to be published after doing so was made mandatory for schemes with over £5bn, in October 2021. The review found that 11 of the 12 schemes reviewed have targets in place linked to Net Zero or Paris Agreement Alignment, with the majority of these committing to meet that standard...

November 30, 2022
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08Nov

German pensions to rise in 2023 with contribution hikes on the horizon

As usual, pensions in Germany are set to go up next summer, according to a new report seen by Bild am Sonntag. As Germany struggles to retain the sustainability of its pension system, contribution rates are set to remain stable for next four years, but hikes are on the horizon. Pensions in Germany are adjusted every year in line with wage development. Although the increase in 2023 isn’t enough to offset the rising cost of living in Germany - and...

November 8, 2022
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October 2022
20Oct

Liz Truss commits to triple lock but then resigns as UK’s Prime Minister

The prime minister has resigned after 44 days in the role. In a statement outside 10 Downing Street today (October 20), Liz Truss said: “I came into office at a time of great economic and political instability…I cannot deliver the mandate.” Read also U.K. Pensions Doom Loop May Not Be Over Truss was told to quit by senior Tory members, according to the FT, the day after the home secretary, Suella Braverman, quit the government and used her resignation letter to issue...

October 20, 2022
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03Oct

Integrating sustainability in DC pensions

Workplace pensions are an integral part of the social infrastructure in our society, and most workplace pensions are now defined contribution schemes (DC). In contrast to the defined benefit (DB) world, there is no sponsor underwriting scheme risks and no Pension Protection Fund to fall back upon; massive responsibilities rest upon the shoulders of scheme trustees. A further important differentiating factor is the relative maturity of the two markets. Today’s active contributors to DC schemes are likely to be still...

October 3, 2022
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September 2022
20Sep

The U.S. retirement system gets a ‘C+’ grade, experts say — even though it’s worth $39 trillion. Here’s why

The U.S. retirement system may seem flush — yet it ranks poorly in relation to those in other developed nations. Collectively, Americans had more than $39 trillion in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute. However, the U.S. places well outside the top 10 on various global retirement rankings from industry players, such as the Mercer CFA Institute Global Pension Index and Natixis Investment Managers 2021 Global Retirement Index. According to Mercer’s index,...

September 20, 2022
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July 2022
29Jul

U.S. pension promises will go unmet without sweeping reform

This year, anybody receiving an annual statement from America’s mighty social security system might notice a tiny ticking time bomb — if they possess sharp eyes. Tucked into a footnote is a website link that explains that the two funds in this system — called “Disability Insurance” and “Old Age and Survivors Insurance” — have $2.9tn to plug the shortfall between expected payouts and what is gathered each year from payroll taxes. Those trillions sound soothingly big. But they are...

July 29, 2022
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21Jul

US. Here’s How Badly the Market Crash Has Hurt Pension Funds

Public pension plans in the U.S. saw significant losses in 2022 as interest rates rose and stock markets tanked. In its annual state of pensions report, Equable Institute, a non-profit that provides public pension research and information, found that in the fiscal year ending in June 2022, the aggregate funded ratio of statewide and municipal public pensions plans dropped by 6.9 percentage points — a loss of about half of 2021’s gains. In fact, the report said this drop is...

July 21, 2022
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20Jul

UK. Cross-industry Pension Attention campaign unveiled

The Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI) have unveiled the 'Pension Attention' campaign slogan and logo, ahead of the campaign launch in September. Plans for the campaign were initially announced in April 2022, with over 30 million pension savers to be targeted in an effort to boost people's understanding of and engagement with their pensions. It has received "unprecedented" cross industry support from 17 providers, including 13 sponsors and four official supporters, with those...

July 20, 2022
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