May 2020
05May

Should UK millennials be worried about their retirement savings over the coronavirus crisis?

Experts weigh up whether job losses and stock market volatility from the coronavirus crisis has caused lasting damage to the retirement savings of British millennials. Research has shown young workers are among the most vulnerable to job losses or a reduction in working hours as a result of the financial strain of the Covid-19 outbreak. Jamie Smith, financial advisor at advice firm Foster Denovo, highlighted that in these circumstances a person is less likely to continue to save...

May 5, 2020
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04May

Jamaica. The COVID-19 response: Beyond the crisis

The Government's COVID-19 Economic Recovery Task Force very much duplicates the existing National Partnership Council that had been established to drive Jamaica's economic development long before the advent of the global pandemic. The recovery process will be long and arduous, but the first order of business for Jamaica is to keep the wheels of industry turning, which is the initial focus, I believe, of the task force. Beyond that, the groundwork for a full and sustained recovery has to...

May 4, 2020
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04May

Before And After: FinTech vs. Healthcare Covid-19 Crisis Series

By Stephanie MacConnell for Forbes This is the first in a series of articles comparing the Covid-19 crisis in Healthcare to the financial crisis in 2008 that led to an industry-shaping boom in FinTech. The world before the 2008 financial crisis looked different. Most interaction with a person’s financial institution happened inside of a physical branch and most services for an individual were provided by one bank and perhaps one wealth manager. When banks crumbled and the 401ks of average Americans...

May 4, 2020
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04May

Australia. How financial planning around super will likely change

Financial planning around superannuation may be forced to change as a result of the impact of COVID-19 and the efforts of superannuation funds to increase their cash holdings, according to actuarial research house, Rice Warner. It said superannuation funds are likely to keep high levels of cash well into the future for fear of a repeat of the Government’s COVID-19 hardship early release regime. In an analysis of the impact of COVID-19 on superannuation funds, Rice Warner has pointed to the...

May 4, 2020
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01May

Peru takes another stab at major pension reform as AFP bill forced through

Peru’s government has submitted a bill for urgent consideration that establishes a special commission tasked with proposing ways to improve the country’s private and public pension systems. The commission will look at areas such as sustainability, pension size, coverage and demographics. President Martín Vizcarra (pictured) has previously called for an overhaul. Read also OECD pension chief says reforms must continue, urges crisis policy caution The body will comprise representatives of congress, the executive, the central bank and financial services...

May 1, 2020
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01May

US. How The Pandemic Is Making The Retirement Crisis Worse — And What To Do About It

The coronavirus crisis has torn the Band-Aid off the financial fragility of many Americans. With an unemployment rate between 15% and 20%, bank accounts draining, and the Dow down 23% in the first quarter, things are dreadful for millions of people. But Americans in their 50s and 60s nearing retirement may be among the most endangered. Many already weren’t on track for retirement, with little or no savings. Now, the COVID-19 downturn threatens to further undermine America’s vulnerable public...

May 1, 2020
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01May

Behind the Idea: SmartPension

The auto-enrolment pension provider Smart Pension, today announced a new partnership with London-based FinTech DueDil, enabling Smart to deliver its market-leading platform as a service model. The company is known for playing its part in transforming the pension sector through cloud-based technology. It has allowed Smart to quickly adapt to suit the government’s response to COVID-19 including employer support for ongoing contributions. Darren Philp is the Director of Policy and Communications at Smart Pension and Sam Barton is the...

May 1, 2020
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01May

Canada. Pension plan regulatory relief and COVID-19 – additional measures announced

In our most recent posts, we highlighted some of the regulatory relief available to administrators of Ontario registered pension plans and plans registered in jurisdictions other than Ontario as a result of COVID-19. In this post, we highlight additional relief measures that have been announced for administrators and sponsors of registered pension plans, including the announcement of significant funding relief for sponsors of federally regulated defined benefit registered pension plans. Federal On April 15, 2020, the federal government announced...

May 1, 2020
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April 2020

30Apr

OECD pension chief says reforms must continue, urges crisis policy caution

Global pension reform initiatives that got underway prior to the coronavirus outbreak must continue – but implementation needs careful reconsideration. That, along with concerns over the potential long-term impact of pension freedom and contribution relief measures, was among the key points raised during a webinar hosted by industry organisation the International Federations of Pension Funds Administrators (FIAP). Chile – which has a defined-contribution, or private scheme, and a solidarity pillar – is among those that have embarked along the...

April 30, 2020
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30Apr

South Africa: The Rules Around Pensions in a Time of Mass Job Losses

In addition to the stress faced by employees who might lose their jobs during the crisis engendered by Covid-19, there is the added concern of whether their pension contributions will remain safe or fairly managed. The Financial Services Conduct Authority (FSCA) warned, at the end of March, that many distressed employers might default on their employees' contributions to retirement funds, as a direct consequence of Covid-19's impact on businesses and the economy. While the FSCA reminded the public that...

April 30, 2020
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