October 2021
28Oct

Pandemic Offers This Silver Lining For Retirement Savers

From doctors visits to business meetings, the COVID-19 pandemic has shifted so many of our everyday interactions from in person to online. One silver lining of this dramatic change has been increased engagement when it comes to people learning about their retirement savings. Transamerica, an investment solutions, retirement and insurance company, has seen a significant uptick in the number of retirement plan participants meeting virtually with plan consultants since the start of the pandemic. From doctors visits to business meetings, the...

October 28, 2021
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19Oct

Canada. Why more retirees are looking to green their retirement portfolios

Many greying Canadians are adding a green hue to their investment portfolios to make money, manage risk and leave a better world for their children and grandchildren. Responsible investing – which considers both financial returns and social/environmental good – has long been on the radar of baby boomers and Gen Xers, with ethical mutual funds being widely available since the 1990s. Still, it was often seen as a niche strategy that potentially added risk to an investment portfolio. Consequently, considering only...

October 19, 2021
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15Oct

UK. Govt launches consultation on NHS pension scheme changes

The government has launched a consultation on proposed changes to the contributions that members pay into the NHS Pension Scheme in light of the move to a career average revalued earnings (CARE) model. Under the proposals, members’ contribution rates would change to be based on actual pensionable pay instead of members’ notional whole-time equivalent pay. This would mean that many part-time members would see their contribution amounts reduce, and is a reflection of the increasing number of scheme members with no...

October 15, 2021
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15Oct

Use positivity to beat savers’ pensions defeatism

Pension scheme communications need to focus on members’ progress and the steps they can take to improve income, rather than barriers they could face without action, Nest Insight research finds. Members can be put off by current communications that present barriers in terms of a lack of affordability, a feeling of being overwhelmed, and low confidence - all of which contribute to a "sense of defeatism". Small Steps to a Better Future, written in conjunction with Invesco and Maslanksy + Partners,...

October 15, 2021
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14Oct

Hong Kong government proposal for residents to convert pensions into annuities ‘absurd’ if made mandatory, labour minister says

A Hong Kong government proposal to encourage residents to convert their pensions into annuities would be “absurd” if made mandatory, the city’s labour minister said on Thursday. Secretary for Labour and Welfare Law Chi-kwong said that while studying the proposal was necessary, making it mandatory to convert Mandatory Provident Fund (MPF) pension plans into annuities was never going to happen in Hong Kong. “If anyone just thought about it, forcing everyone in Hong Kong to switch to an annuity is absurd,...

October 14, 2021
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13Oct

Superannuation gives Australians a stake in nation’s prosperity: Minister

Superannuation Minister Jane Hume has told a world summit on retirement incomes Australia’s compulsory saving system has helped the nation weather financial shocks and given people a stake in its prosperity. The federal government has resisted a fierce push from within its ranks during the past two years to overhaul the system by scrapping a legislated increase to the superannuation guarantee and give Australians greater access to their savings for housing deposits. Speaking to the World Pension Summit in The Hague...

October 13, 2021
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September 2021
29Sep

UK. How to give pension advice to same-sex couples in divorce

It is not uncommon for pension rights to represent a significant proportion of the matrimonial assets. Therefore, dealing with these rights in a way that ensures that both parties’ interests are best served may lead to some difficult and acrimonious discussions. The circumstances of each party may be such that finding a solution that suits both is elusive. Advisers are likely to be approached by the legal representatives of one party with a view to reaching an optimal solution for that party. In...

September 29, 2021
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27Sep

US. Hidden In The Reconciliation Bill: A Retirement Plan Mandate That Will Take Most People By Surprise

By Elizabeth Bauer Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes, “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic...

September 27, 2021
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24Sep

Dutch pension funds can retain buffers in new DC system

Dutch pension funds that opt for the so-called flexible arrangement in the new pension system will be allowed to have buffers, according to a revised draft version of the new pension law that’s yet to be discussed in parliament. Under the original version of the law, only pension funds opting for the so-called “solidary pension arrangement” were allowed to retain buffers. This prompted a demand from several company pension funds that prefer the more individual “flexible pension arrangement” to also...

September 24, 2021
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23Sep

CDCs could be the new annuities, say regulators

Collective defined contribution schemes could become a popular alternative to annuities if their risks can be contained, according to the Pensions Regulator and Financial Conduct Authority. Speaking at a Work and Pensions Committee hearing this morning, David Fairs, executive director at The Pensions Regulator, said CDC schemes had many advantages over defined contribution schemes and in future could be rolled out to multiple employers and master trusts, hence become the new pension product of choice for many. CDCs are a half-way...

September 23, 2021
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