July 2020

28Jul

India. Govt employees retiring during pandemic will get ‘provisional pension’

The payment of 'provisional pension' will initially continue for a period of six months from the date of retirement and the period of 'provisional pension' may be further extended up to one year in exceptional cases. Government employees retiring during Covid-19 pandemic will be receiving “provisional" pension till their regular Pension Payment Order (PPO) is issued and other official formalities are completed, the Ministry of Personnel, Public Grievances & Pensions said on Monday. MoS Personnel, Public Grievances & Pensions,...

July 28, 2020
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27Jul

Will post-Brexit pensions be driven by purpose or profit?

Is the City facing into a more purposeful future driven by greater transition to sustainable incomes for its populous, or a new panacea of deregulation to compete globally? Read also: UK pension scheme NEST tightens climate change policy. Direction needs momentum, which is contingent on politics and trade deals. Indeed, many hope the UK might emerge as a fiduciary leader; yet the certainty of whether the UK deregulates or gold-plates in a post-lockdown-post-Brexit world is capricious. For example, the key...

July 27, 2020
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27Jul

Gig and older workers need to take control of their retirement

Several retirement trends have been brought into focus by the COVID-19 pandemic. One of the most disturbing is the number of workers between 50 and 65 who are in jobs without retirement benefits. Today half of all workers don’t have access to a work sponsored retirement plan. Read also US. DOL’S ESG proposal would hurt retirement accounts According to a recent study by Alicia H. Munnell and her colleagues at the Center for Retirement Research at Boston College, one-fifth of...

July 27, 2020
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24Jul

Some of The World’s Biggest Pension Systems Are Failing Women

Even before Covid-19 shuttered economies across the world, many women faced retiring with less savings than men. Now, that gap is set to widen further in some of the world’s biggest pension systems. Read also Germany. Siemens to co-operate with Raisin on pensions Women already typically earn less than men and take more time out from the workforce to have children, resulting in diminished pension pots. And as coronavirus lockdowns smash industries such as air travel, tourism, retail and hospitality,...

July 24, 2020
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24Jul

Canadian pension funds rebound in Q2 with 9.9% return

Canadian defined benefit plans posted positive investment returns in the second quarter, recovering all of the losses from the previous quarter, Northern Trust pension universe data found. For the quarter ended June 30, the median plan in the Northern Trust Canada Universe returned 9.9%, up from -7.1% in the first quarter, according to the findings released Thursday. Canadian DB plans benefited from the recovery following March's poor equity performance due to the economic impact of the COVID-19 pandemic. "Despite...

July 24, 2020
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24Jul

US. COVID-19 Underscores Need to Address Retirement Savings Gaps

Addressing the 2020 NAPA D.C. Fly-In Forum this week, two members of the House Ways & Means Committee shared their thoughts on how the economic stress caused by the pandemic has shined a spotlight on the need to better align retirement savings incentives. “I actually believe, long term, the biggest issue for the United States is retirement security,” noted Rep. David Schweikert (R-AZ). “If you look at the U.S. demographics, we have so many of our Baby Boom...

July 24, 2020
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23Jul

Chile’s Senate approves pension reform law

Chile's Senate on Wednesday approved a measure allowing citizens to withdraw up to 10 percent of their pension funds to help mitigate the effects of the coronavirus pandemic. Read also COVID-19 Relief Packages Help Fuel Ultra-Low Interest Rates The bill, approved by a 29-13 vote with one abstention, will now return to the lower house Chamber of Deputies where it has already been given the green light for a final and decisive vote. Read also Covid-19 May Destroy Chile’s Iconic...

July 23, 2020
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21Jul

US. What The Wild Stock Market Means For Public Pensions

As governments deal with paying for Covid-19 expenses amid falling tax revenue and shrinking budgets, there’s another big bill waiting for them: pension debt. And many could lean on taxpayers to help. Pension plans haven’t released their annual earnings yet, but a recent report from Moody’s Investors Service notes that “investment returns...have almost certainly fallen well short of targets.” The ratings agency estimates that when pension plans tally up their total performance between July 1, 2019 and June...

July 21, 2020
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17Jul

Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations

By Tobin Hanspal, Annika Weber, Johannes Wohlfart We survey a representative sample of US households to study how exposure to the COVID-19 stock market crash affects expectations and planned behavior. Wealth shocks are associated with upward adjustments of expectations about retirement age, desired working hours, and household debt, but have only small effects on expected spending. We provide correlational and experimental evidence that beliefs about the duration of the stock market recovery shape households’ expectations about their own wealth and...

July 17, 2020
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17Jul

Withdrawals from Mexican pension funds soar amid weak labor market

Withdrawals from Mexican pension funds resulting from unemployment soared in June to a record high, according to official data, as the country's labor market continues to suffer. Read also Faced with COVID-19, highest number of Australians tap retirement funds since April Withdrawals during the month totaled 1.86 billion pesos ($83 million), more than twice the 921 million pesos withdrawn in June 2019, according to figures released Wednesday by pensions regulator Consar. Read also FLF Africa launches Financial Literacy for Coronavirus...

July 17, 2020
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