The National Bureau of Statistics is expected to release Nigeria’s pension asset data for the first quarter of the year, next week. Ahead of the release, we’ll take a look at how the global Covid-19 pandemic is impacting the asset allocation strategy for pension fund administrators. Joining CNBC Africa more is Niyi Falade, CEO of Crusader Sterling Pensions. Watch video @CN Africa
The World Bank Group today announced its emergency operations to fight COVID-19 (coronavirus) have reached 100 developing countries – home to 70% of the world’s population. Since March, the Bank Group has rapidly delivered record levels of support in order to help countries protect the poor and vulnerable, reinforce health systems, maintain the private sector, and bolster economic recovery. This assistance, the largest and fastest crisis response in the Bank Group’s history, marks a milestone in implementing the Bank...
While the coronavirus pandemic certainly doesn’t change pension plan sponsors’ fundamental fiduciary duty to their plan members, the crisis is creating circumstances that will test how that responsibility manifests. Fiduciary duty arises when one party has a certain vulnerability in respect to another party, said Kenneth Burns, partner at Lawson Lundell LLP, in a webinar roundtable hosted by the Association of Canadian Pension Management on Thursday. In a pension context, plan sponsors have a fiduciary duty to their members...
Pension savings have been prevented from transfers as a result of a number of trustees utilising their emergency powers to prevent movement of money. This means those who wish to ditch their defined benefit pension schemes could have a hard time doing so. The decision has been made by a number of companies facing financial hardship during the coronavirus crisis. Under new rules, put in place by the Pensions Regulator, trustees are able to suspend transfers for up to three months....
Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the fourth quarter 2019 Solvency II data. Despite the fact that some indicators used in this Risk Dashboard do not capture the latest market development in the context of Covid-19 outbreak, the expected deterioration of the relevant indicators reflecting all available information in a forward looking perspective has been considered in the assigned risk levels. This addresses the current situation of high uncertainty...
As the world continues to grapple with the unfolding COVID-19 crisis, many in Africa are worried not only about its spread but about the pandemic's long-term economic consequences as well. But long before our attention was captured by this virus, African governments were already ignoring an increasingly important factor in securing healthy populations and prosperous economies: Africa's older population is growing fast. Read also How COVID-19 impacts asset allocation strategy of pension funds According to a 2017 UN report on...
By ILO This note summarizes the results of the Social Protection Monitor that tracks announcements of social protection measures responding to the possible impacts of the COVID-19 crisis. We will update this note as new data and information become available in this rapidly evolving situation. Disclaimer: Owing to the exceptional circumstances generated by this global health pandemic, there has been intense activity in terms of the breadth of national responses and therefore not all information contained in this document could be...
By Niccolo Leo Caldararo The history of the support by society of the aged is discussed in cross cultural and historical context. Various cultural traditions are compared with the forms developed in complex societies from ancient Egypt and Greece and Rome, to China, the Aztec, Inca and Maya, to those of religious organizations, or those developed under different modern ideological systems like capitalism and communism as well as social democratic nations. It is found that the way a...
After healthcare, the World Bank on Friday said it had cleared a $1 billion assistance for social protection and is in talks with the government for funding initiatives to assist micro, small and medium enterprises (MSMEs). World Bank country director Junaid Ahmad did not elaborate on the size of the loans for MSMEs, saying they were being negotiated. Read also Covid-19 impact: Global pension funds pause India investment He, however, complimented the government’s approach, focusing on healthcare, social protection and...
As consumer expectations around digital services increase, businesses across every sector are looking to meet a growing demand for better, and more user-friendly, applications of data. The Covid-19 pandemic has only accelerated this shift to digital as traditionally offline activities move online, and businesses are racing to stay ahead of both their customers and their competitors. The UK pensions industry might not seem an obvious place to look for inspiration about how to adapt to digital transformation, but that...
