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October 2024

08Oct

Australia. Pension exit improvements proposed

A government proposal to allow SMSF members to exit legacy pensions could be improved through the removal of the five-year timeframe, allowing partial commutations and exempting all reserve allocations from any form of contribution caps, the Institute of Financial Professionals Australia (IFPA) has stated. In its submission to Treasury regarding the draft regulations released in mid-September, IFPA welcomed the proposed changes, but added minor amendments to the regulations would ensure they were more effective and flexible in allowing people to exit...

October 8, 2024
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07Oct

UK. Royal Mail launches collective defined contribution pension plan

Royal Mail has launched a collective defined contribution (CDC) pension plan to provide its more than 100,000 employees with a cash lump sum and an income in retirement. Along with the Communications Workers Union (CWU) and Unite CMA, the employer designed and implemented a pension arrangement for its workforce that was affordable for itself and its employees. Every employee with at least one year of service is eligible to join, with the majority joining automatically. The plan pools members’ contributions and provides staff...

October 7, 2024
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04Oct

Reverse Mortgages, Financial Inclusion, and Economic Development: Potential Benefit and Risks

By Peter Knaack, Margaret Miller & Fiona Stewart This paper examines the state of reverse mortgage markets in selected countries around the world and considers the potential benefits and risks of these products from a financial inclusion and economic benefit standpoint. Despite potentially increasing demand from aging societies—combined with limited pension income—a series of market failures constrain supply and demand. The paper discusses a series of market failures on the supply side, such as adverse selection, moral hazard, and the costly...

October 4, 2024
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04Oct

Fidelity International says fund sales surged on interest rate cuts, China market rally

Lower interest rates and a rally in China stocks have helped drive sales of investment fund products offered by Fidelity International, a senior executive said. “Following [the People’s Bank of China’s] stimulus package, China’s stock markets have been performing strongly, and we believe there is some room to grow,” said Charlotte Chan, the head of Fidelity’s Hong Kong office, in an interview. “Together with the Fed’s rate cutting cycle, this motivates investors to look at their allocations, especially those who...

October 4, 2024
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September 2024

26Sep

Insurance, pensions see 6.2% rise amidst market gains

In 2023, global financial assets rose by 7.6%, reaching $267.68t (EUR239t), recovering from the previous year's decline. Amongst asset classes, insurance and pensions saw a notable increase of 6.2%, driven by rising interest rates and stock market gains, according to Allianz’s 15th edition of its "Global Wealth Report." Households globally shifted away from bank deposits, which saw minimal growth of 4.6%, one of the lowest increases in two decades. Instead, insurance and pensions proved more resilient in attracting savings, with a...

September 26, 2024
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20Sep

81% of Citizens Worldwide Believe That Funding Their Retirement Is Their Own Responsibility

Are You Unsure if You Can Retire? Don’t Worry, the Global Retirement Index (GRI) by Natixis IM Shows Stability in Retirement Conditions Worldwide According to the latest edition of the Global Retirement Index (GRI) from Natixis Investment Managers, retirement conditions remain stable globally. After nearly all developed countries improved their scores last year, the latest findings suggest that retirement remains secure. Countries that perform best in the GRI tend to show consistent results across all sub-indices, reflecting a stabilization of global retirement prospects. The...

September 20, 2024
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17Sep

Precarity trap: Gig economy failing Asia’s youth

Precarious employment among youth in the Asia-Pacific region has become an increasingly urgent issue, with a growing number of young people trapped in temporary jobs without social security or long-term contracts. According to the International Labor Organization’s Global Employment Trends for Youth 2024 report, over 28% of youth in Southeast Asia and the Pacific were engaged in temporary employment that lacked financial security and social protections in 2023. This situation not only undermines the financial stability of individuals but also has...

September 17, 2024
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13Sep

Care-Dependent Target Benefit Pension Plan with Minimum Liability Gap

By Ruotian Ti, Ximin Rong, Cheng Tao & Hui Zhao With the progressive aging of populations, the significance of long-term care (LTC) services in aging societies is growing. In this paper, we integrate LTC services with pensions, studying a stochastic model for a care-dependent target benefit pension (TBP) plan. The plan members' target benefit rates are set according to the care cost for three different health states, i.e., healthy, mildly disabled and severely disabled states. And the pension contributions reflect...

September 13, 2024
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05Sep

Climate, housing and pensions – the new partnership shaping the future of retirement

Pensions for Purpose and Independent Governance Group (IGG) announces IGG’s new role as a Community Partner with Pensions for Purpose.} The partnership furthers IGG’s ongoing commitment to address the challenges the pensions industry faces through systemic risks such as climate change, biodiversity loss and income inequality. This association and the wider Pensions for Purpose Community has been set up to accelerate the sharing of knowledge and investment in assets that benefit people and the planet. This is the first linking...

September 5, 2024
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02Sep

US. Annuities gain traction with middle-market consumers

Middle-income Americans will have a more difficult time managing their longevity risk in retirement now that fewer of them have defined benefit plans. Making matters more complicated is that many of these middle-market investors may have saved thousands of dollars throughout their careers in their employer-sponsored defined contribution plans but may not know how they can be certain their money lasts throughout the retirement. LIMRA’s Retirement Investor Study, published earlier this year, examined middle-income investors’ views of their retirement risks...

September 2, 2024
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