October 2024
25Oct

Kenya. Workers in informal sector to receive regulated wages, pension in new govt plan

The government has announced that workers in the informal sector will soon begin saving for their retirement and receive medical coverage through an expanded social protection programme. Speaking on Thursday during the launch of a social protection project funded by China in Nairobi, Labour and Social Protection Cabinet Secretary Alfred Mutua said the new plan, which is set for immediate implementation, is expected to benefit Kenya's 16 million informal-sector workers. This will be done by introducing regulated minimum wages and mandating...

October 25, 2024
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25Oct

Is the US headed for a retirement crisis?

Is the United States speeding towards a retirement crisis or not? Well, Wayne Park, CEO of John Hancock Retirement, won't go that far, but definitely believes the “check engine light is on.” Park’s concern is based on the firm’s recently released financial resiliency and longevity report which showed half the respondents feeling like they're falling behind in retirement saving, while another 40 percent said their financial situation was fair or poor. Meanwhile, the survey said the average respondent thinks they're going to be working...

October 25, 2024
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24Oct

US. NYC comptroller proposes stopping pensions’ private market investments in fossil fuels

New York City Comptroller Brad Lander put forth a proposal that would stop the city’s three pension funds from future private equity and infrastructure portfolio investments in midstream and downstream fossil fuel infrastructure like pipelines and liquefied natural gas terminals, Lander announced in a blog on Tuesday. The prohibition would apply to New York City’s Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System should their pension boards approve the decision. The move would expand on the...

October 24, 2024
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24Oct

Pensionbee’s strategic US expansion backed by £20m funding as fintech eyes global pension market

Pensionbee, the online retirement savings provider, reported positive adjusted earnings in the last quarter and raised £20m for its US expansion. The London-based fintech firm saw a revenue increase in the third quarter, jumping to £9m from £6m the previous year. The company anticipates breaking even on an adjusted EBITDA basis by 2024. For the third quarter, it recorded its second consecutive quarter of positive adjusted EBITDA at £1m, as reported by City AM The firm also reported £5.5bn in assets under...

October 24, 2024
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24Oct

Australian super funds face significant stability risks, says IMF

The International Monetary Fund has raised concerns about liquidity risks within Australia’s superannuation system due to a growing share of illiquid investments, such as private equity and credit. In its latest Global Financial Stability Report, the IMF warned that Australian super funds, which are increasingly allocating over 20 per cent of their assets to illiquid investments, face significant stability risks. “Australian superannuation funds are required to allow clients to switch between different investment options generally within three business days, even though...

October 24, 2024
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24Oct

What a Rapidly Aging World Population Means for Your Long-Term Portfolio

Global demographics are undergoing a profound transformation. As life expectancies grow and birth rates decline in many parts of the world, the proportion of the elderly population is increasing at an unprecedented rate. The World Health Organization (WHO) forecasts that by 2030, 1 in 6 people in the world will be aged 60 years or over. In 2030, the share of the global population aged 60 years and over will have increased from 1 billion in 2020 to 1.4 billion...

October 24, 2024
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23Oct

U.S. retirement preparedness is lacking: Morningstar

A new study from Morningstar focused on U.S. retirement readiness illustrates that while there has been some improvement over time, general retirement preparedness is lacking. Using data from the Federal Reserve’s Survey of Consumer Finances, Morningstar researchers analyzed data from 3,442 households before projecting 1,000 possible “life paths” for each of them. The company used savings rates, withdrawal patterns, job turnover and health care expenses to reach its conclusions. The authors previously published two separate papers on their findings earlier this year. The bottom line, they say, is...

October 23, 2024
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23Oct

New pension longevity model launched by Oliver Wyman and Mercer

Oliver Wyman and Mercer, businesses of Marsh McLennan, has launched a new pension risk transfer (PRT) longevity model that will enable pension plan sponsors, direct insurers and reinsurers to better price and manage longevity risk. Drawing on Mercer’s US longevity dataset of over one million pension lives, the model leverages the combined actuarial strength and longevity expertise of Oliver Wyman and Mercer. It also incorporates socioeconomic and demographic factors to generate a granular view of longevity risk. The underlying technology of the...

October 23, 2024
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23Oct

UK pensions minister pushes back launch of commercial pension dashboards

UK government pensions minister Emma Reynolds has announced that the its MoneyHelper Pension Dashboard service will be made available before commercial dashboards. Reynolds said it was too early to confirm a launch date to the public, with the DWP previously saying that the launch date will only be announced once they are assured most pension schemes have connected and the dashboards are working well. The Pension Dashboards Programme (PDP) has been given the task of developing the Pension Dashboards ecosystem and...

October 23, 2024
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23Oct

Ghana. SSNIT partners with academia to shape the future of pensions

The Social Security and National Insurance Trust (SSNIT) has organised a stakeholder engagement forum dubbed the SSNITposium, under the theme "Building a Knowledge-Based SSNIT Scheme", aimed at shaping the future of the SSNIT Scheme. The event brought together experts from academia, professional associations, and the pensions industry to share insights and foster collaboration on improving the Scheme. The Director-General of SSNIT, Mr. Kofi Osafo-Maafo, acknowledged the need for more public engagement and transparency regarding the Scheme. Referring to the International Labour Organization's...

October 23, 2024
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