November 2020

27Nov

With more childcare and domestic work, the pandemic poses a ‘real danger’ to women’s progress, UN finds

Since the onset of the coronavirus pandemic, women have been bearing the brunt of extra childcare duties and unpaid domestic work, a study by the United Nations (UN) has found. Women in a number of countries around the world have been spending around 31 hours on average a week on childcare, the study by the UN’s gender equality body, UN Women, found. This was an average 5.2 hours a week more than pre-pandemic time spent on childcare,...

November 27, 2020
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27Nov

UK. State pension rise will go ahead in 2021

State pensions will rise by 2.5 per cent next year, the government has announced. In her statutory annual review of benefit and State Pension rates, Therese Coffey, secretary of state for work and pensions, confirmed the state pension hike, in line with the government’s manifesto commitment not to tinker with the triple lock. The new rates will come into effect on April 12, 2021 and apply to the 2021/22 tax year. She said: “The Social Security (Up-rating of Benefits)...

November 27, 2020
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26Nov

In unprecedented move, Canadian pension funds unite to call for greater ESG standards

In an unprecedented move, some of Canada’s largest institutional investors have banded together to ask companies for more rigorous disclosures of environmental, social and governance factors, an effort they say is meant to promote more sustainable and inclusive economic growth. Read also Swedish pension giant and LGIM launch sustainable EM equity fund A group of eight pension funds, which together manage a total of about $1.6 trillion in assets, called on corporations in a joint statement Wednesday to standardize their...

November 26, 2020
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26Nov

UK. Millions face cut in value of workplace pensions

Millions of retirees will see the future value of their pension cut owing to a planned change in the way payments are calculated from 2030. Many of those with so-called defined benefit workplace pensions see their pension payments increase each year in line with the rising cost of living. Read also U.K. clarifies timeline for reform of inflation measure The way this annual rise is calculated is expected to become less generous from February 2030. Chancellor Rishi Sunak ruled out...

November 26, 2020
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26Nov

Switzerland. Government hopes for ‘first successful pension reforms’ of the century

In summer 2019 the social partners agreed on a reform of the Swiss occupational pension scheme. The government on Wednesday adopted this compromise unchanged; the ball is now in parliament’s court. Occupational pensions have been under pressure for a while as a result of rising life expectancy and low interest rates. Following the rejection by voters of the pension reform in September 2017, the government tried again, focusing on the second pillar (based on occupational pension plans and accident...

November 26, 2020
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26Nov

Swedish pension giant and LGIM launch sustainable EM equity fund

Swedish pension fund AP1 and LGIM have collaborated to launch a new EM equity fund. The L&G Emerging Market Equity Future Core fund will link the allocation of capital to clear sustainability requirements for companies it will invest in. The rationale behind the launch is to meet institutional investors’ need for index-linked funds with an extended sustainability profile. According to AP1, the need for this kind of product has increased as more investors choose passive or index-linked management models....

November 26, 2020
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25Nov

Saving pensions and COVID-19

Robust pension policies are crucial for safeguarding political and social stability in a rapidly ageing and changing world, Odusote Fatimah Abolanle and Alfred Muluan Wu write. With the COVID-19 pandemic grinding almost every sector of the global economy to a standstill, many governments have had to reform policy to buffer the health and economic shocks their citizens are going through, including pensions and social security. This unprecedented paradigm shift has exposed existing gaps in pension policies. Although some principles...

November 25, 2020
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25Nov

Malaysia is ageing, raise retirement age to 65 gradually, says World Bank

Rapid ageing will be one of the most crucial megatrends affecting Malaysia in the coming decades, raising policy challenges in areas such as employment, income security, health care, and aged care, the World Bank has said. In its report titled “A Silver Lining: Productive and Inclusive Ageing for Malaysia”, it said a gradual increase of the retirement age to 65 was needed as the country’s institutional framework for providing income security for older persons remained largely unchanged in...

November 25, 2020
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25Nov

US. Effect of the Biden Administration on Health and Retirement Benefits

What president- elect Joe Biden´s administration will be able to get done regarding health care and retirement policy will depend much on the political tone in Congress. Control of the Senate is hinging on two Georgia runoff elections in January, notes Geoff Manville, partner and government relations leader in Mercer’s Law and Policy Group. He says most observers believe Democrats will lose one of those races, which would give Republicans Senate control. “That would make it all but impossible...

November 25, 2020
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25Nov

UK Fintech launches a self managed pension product

The UK-based commission-free trading app has launched a waitlist for its Self Invested Personal Pension (SIPP) product, which will cost £9.99 ($12.75) a month for basic users, or £7 ($8.93) a month for Plus members, per AltFi. Users can start investing with £2 ($2.55) and will also get a free company share ranging from £40 ($51) to over £2,000 ($2,553) in value depending on the size of their portfolio. Unlike standard personal pension schemes, where funds are managed on...

November 25, 2020
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