That is according to new research by financial services firm Drewberry, which also shows that 75% of UK women have under £50,000 in their pension, compared with 57% of their male counterparts. In addition, it was found that 24% of all female workers in the UK earn less than £11,000 – almost three times the number of men – while 66% take home under 25,000, compared with 42% of males. This comes after the BBC was criticised last week when a...
More workers than commonly thought participate in retirement plans, according to a study by the Investment Company Institute. But even with the new numbers, there's plenty of room for improvement. The study by the mutual fund industry's trade group found that 63% of all workers aged 26 to 64 participated in an employer-sponsored retirement plan either directly or through a spouse. ICI's study looked at data from the IRS Statistics of Income Division Form W-2 study. The data provide an alternative...
The rapid ageing of Europe's population may keep interest rates depressed over the next decade, potentially limiting the European Central Bank's ability to adjust policy, a research paper published by the ECB on Wednesday showed. The expected rise in the share of people not working will hold back growth and limit investment, making it necessary for governments to encourage later retirement, and to promote innovation and investment, the researchers said in a paper that does not necessarily represent the ECB's...
Australia's largest pension fund, AustralianSuper, is preparing for the end of the global equities run and looking to infrastructure opportunities in the United States where it believes foreign firms will in time gain greater access. AustralianSuper is a A$120 billion (£73.53 billion) fund that seeks out major positions, chief executive Ian Silk said at a Reuters Newsmaker event on Thursday in Sydney, that can affect its burgeoning book. Silk said an equities rally - Australia's benchmark has gained 43 percent since...
The European Central Bank will require euro zone pension funds to disclose more detailed data on their operations, arguing that it lacks proper visibility in a huge sector that is vital for the transmission of monetary policy, it said on Wednesday. With 50 million customers and 2.5 trillion euros ($2.9 trillion) in assets, pension funds are among the biggest and fastest-growing investors. That makes them vital for the ECB in gauging the success of its policy, particularly in a period of...
The House of Commons has just risen for its summer recess, and it’s safe to say that MPs have a lot to reflect on over the next few weeks after a pretty eventful year. While a lot of the focus has rightly been on Brexit, given it has such huge implications for all of us, there is an important job to do in holding the Tories to account on the day-to-day business of government. One of the last announcements the Tory...
A first in Swiss banking: a pension fund is buying up a private bank in Switzerland with a view to creating a pension-focused bank. It stands out among the raft of recent deals in Switzerland: Tellco Vorsorge in central Switzerland is buying Zurich-based Dominick Private Bank. Together, they will become Switzerland's first pension-focused bank, the two said in a statement on Tuesday. While consolidation has been rife among private banks in recent years, the move marks the first time a pension...
Dutch online bank Binckbank broadens its portfolio of service with Binck Pension. With this product, Binckbank enters the emerging Dutch market of individual pension plans. Brink Pension is a life annuity that enables clients to build an individual (supplementary) pension with fiscal benefits. This service uses the same robo-advisory technology as Binck Forward. With the desired pension date, the model is able to adjust portfolio risks as the pension date approaches. Brink Forward is formerly known as the online wealth...
Workplace pensions provider NOW: Pensions has left a voluntary 'assurance' scheme operated by industry watchdogs after they raised concerns about the firm's administration and governance. But The Pensions Regulator stressed there was no suggestion savers' money was at risk, or that employers using NOW's services were not complying with duties to workers auto-enrolled into pension schemes. NOW admitted it was trying to sort out delays processing contributions from savers - an issue recently highlighted by This is Money after a reader's...
A sluggish forecast for U.S. economic growth as well as an increase in U.S. states' Medicaid and pension contribution costs is creating a budgetary squeeze in many state capitols, according to a research report issued by S&P Global Ratings on Monday. While the risk of a recession within the next 12 months has fallen into a 15-20 percent range from 20-25 percent, the rate of economic expansion "is expected to remain fairly anemic at 1.8 percent over the longer term...
