November 2024
11Nov

Cooperation sought to tackle aging

13 Asian nations to share experiences via ASEAN Plus Three framework China is seeking to intensify exchanges in policymaking and technologies with 12 other Asian nations to tackle the shared challenges of aging populations. The cooperation is to be primarily conducted within the existing ASEAN Plus Three framework, known as APT, Civil Affairs Minister Lu Zhiyuan told a forum in Beijing. The APT framework was established in the 1990s among China, Japan and South Korea — all currently grappling with low birth...

November 11, 2024
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11Nov

Portugal. Workers Take to Streets Demanding Urgent Salary and Pension Increases!

In Lisbon and Porto, national protests demand salary increases and better public services, with potential future actions depending on budget discussions. On November 9, workers in Lisbon and Porto will take to the streets demanding higher wages. The protests aim to address both public and private sector concerns, highlighting the need for better salaries and pensions. Are you curious about the impact of these demonstrations on Portugal‘s economy? What drives workers to protest for their rights? On November 9, demonstrations are...

November 11, 2024
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11Nov

South Africa. How CDC may revolutionise the pension industry

A look at how collective defined contribution schemes differ from DB and DC schemes and why SA’s pension industry should note the shift in the UK. The local pension industry seems poised to embrace the collective defined contribution (CDC) model in the future despite their complexities. New administration systems to accommodate these types of structures will have to be designed as well as new regulations to govern them. An employer and member education drive to explain how these...

November 11, 2024
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08Nov

US. Republicans Break Protocol to Kill Social Security Benefits Expansion Bill

While many Republicans have called to protect or even expand Social Security benefits, GOP lawmakers killed a bill that would help millions of Americans get higher monthly payments. Experts spoke with Newsweek about the possible motives behind the move. A Social Security bill that would have repealed two rules that lower benefits for certain retirees was brought forward by House Reps. Garret Graves, (R-LA) and Abigail Spanberger (D-VA). Despite the bill previously having a wide range of bipartisan support and Graves and Spanberger securing the 218 signatures needed...

November 8, 2024
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08Nov

UK. Govt to present regs on CDC to parliament ‘as soon as able to’

Pensions Minister, Emma Reynolds, has said the government intends to present regulations to extend collective defined contribution (CDC) provision beyond single or connected schemes to parliament “as soon as [they] are able to”. Earlier this month, a consultation was launched by the Department for Work and Pensions on legislation to broaden CDC’s scope, which currently limits these schemes to individual employers or groups with existing connections. The extension seeks to allow unrelated employers to join CDC schemes, potentially opening up this pension...

November 8, 2024
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08Nov

US. Corporate pension funding improves in October after discount rates rise for the first time since April

Milliman analysis: Corporate pension funding improves in October after discount rates rise for the first time since April Milliman PFI funded ratio climbs to 103.4% after discount rates increase by 35 basis points Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. During October, the Milliman 100 PFI plans’ funded ratio improved from 102.5% at the end of September to...

November 8, 2024
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08Nov

Canadian pension risk transfer sales decrease to $2.1BN in Q3 2024: report

The market volume of annuity purchases by Canadian defined benefit pension plan sponsors reached an estimated $2.1 billion in the third quarter of 2024, a small decline from $2.5 billion in the previous quarter, according to a new report by Telus Health. It noted some insurers are showing a show a strong appetite and offer competitive pricing on a broad spectrum of deals, while others that are nearing their capacity limits are adopting a more selective approach in allocating their...

November 8, 2024
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07Nov

How AI could help modernize pension and retirement systems

The world is going through a seismic demographic transition, as populations age and traditional workforces shrink, prompting challenges for retirement systems that need to adapt to remain resilient. AI may be able to assist, by helping individuals make better decisions about their own retirement and by helping invest retirement assets. Given the importance of retirement, embedding trust into our AI systems is essential before they are deployed to the retirement business. Lifespans and the cost of living are rising...

November 7, 2024
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07Nov

US. Employers offering better retirement plan benefits — Willis Towers Watson

Employers are becoming more generous with their retirement plan benefits, according to Willis Towers Watson’s 2024 U.S. Defined Contribution Survey. While the median employer contribution to defined contribution plans remained at 7.1% of pay, the gap in overall retirement benefits offered by the most and least generous employers narrowed significantly between 2000 and 2020, the survey found. In 2020, the most generous employers — those in the 90th percentile — provided retirement benefits that were 10.9% of pay, whereas the least...

November 7, 2024
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07Nov

UK. Household Support Fund extended

The UK Government’s Department of Work and Pensions (DWP) recently announced an extension of the Household Support Fund (HSF) until 31 March 2025. The fund will offer critical support and advice for struggling households across Bournemouth, Christchurch and Poole (BCP) throughout the winter period, who are finding it difficult to pay for household essentials including food and energy. Local councils are responsible for administering the fund in their area, with BCP Council being allocated £2.65 million of the £421 million national...

November 7, 2024
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