October 2024
23Oct

Ghana. SSNIT partners with academia to shape the future of pensions

The Social Security and National Insurance Trust (SSNIT) has organised a stakeholder engagement forum dubbed the SSNITposium, under the theme "Building a Knowledge-Based SSNIT Scheme", aimed at shaping the future of the SSNIT Scheme. The event brought together experts from academia, professional associations, and the pensions industry to share insights and foster collaboration on improving the Scheme. The Director-General of SSNIT, Mr. Kofi Osafo-Maafo, acknowledged the need for more public engagement and transparency regarding the Scheme. Referring to the International Labour Organization's...

October 23, 2024
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18Oct

SEC Investigations of Public Pensions

By Kangkang Zhang In recent years, the looming threat of substantial unfunded liabilities and the obligation to meet these financial commitments have become critical issues for numerous state pension plans, prompting concerns about their solvency and management. This study examines the effect on public pension plans of investigations by the U.S. Securities and Exchange Commission (SEC). Utilizing a stacked cohort difference-in-differences design, I observe that state pensions tend to improve investment performance when subjected to SEC investigation. The observed effect...

October 18, 2024
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17Oct

Big pension changes for divorce in South Africa

The new Pension Funds Amendment Act (PFAA) was recently signed into law, which will seriously impact divorce proceedings in South Africa. New retirement fund rules have changed how pensions are divided between divorced South Africans. “Before the PFAA it has been a well-established principle in our law that a divorce order is only enforceable against a pension fund as long as the member is still a member of the fund,” said Wright Rose-Innes. “Now, with the introduction of the PFAA and the...

October 17, 2024
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10Oct

UK. People have less than six months to make a vital pension change

People have less than six months left to fill gaps in their national insurance (NI) record from 2006 to maximise their state pension. More than 10,000 payments worth £12.5 million have already been made through a new digital service to boost people’s state pensions since it launched in April, HM Revenue & Customs (HMRC) has revealed. The service lets people check for gaps in their NI record, calculate if making a payment would increase their state pension, and then make...

October 10, 2024
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09Oct

UK. DWP suggests clearer communication and tech to boost pension engagement

There is a need for clearer communication, improved information and greater use of technology to boost public engagement with private pensions in the UK, according to the Department for Work and Pensions (DWP). The report, titled “Lessons on Pensions Engagement”, explores how to encourage greater participation in private pension schemes. It finds that “Pension engagement is a key departmental and governmental priority, but evidence shows engagement is low.” The analysis defines engagement in three ways: cognitive, emotional, and behavioural. It highlights...

October 9, 2024
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08Oct

Regulators increase scrutiny on funded reinsurance amid pension de-risking surge

The growing use of innovative “funded” or “asset-intensive” reinsurance structures by life insurance companies has attracted regulatory attention, particularly in light of the expanding pension de-risking market. These transactions, which involve transferring corporate pension scheme liabilities to life insurers, have led to an increase in reinsurance activity where both investment and longevity risks are passed to reinsurers. In its latest report, Hogan Lovells notes that while regulators recognize the strategic role of reinsurance in managing risk and capital, the rising volume of...

October 8, 2024
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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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September 2024
27Sep

UK. FCA data reveals surge in pension access without advice

The latest FCA retirement income data for 2023/24 reveals a significant shift in pension access and withdrawals, reflecting ongoing economic pressures and evolving strategies within retirement planning. The total number of pension plans accessed for the first time surged by 19.7%, reaching 885,455 compared to 739,652 in 2022/23. This substantial increase indicates that more individuals are turning to their pensions to manage their financial needs, likely influenced by the cost-of-living crisis forcing people to dip into their pension pots to...

September 27, 2024
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26Sep

UK. Industry weighs in on government’s pension investment review

Industry experts have stressed the need to put member security at the forefront of any changes to the pension market, cautioning the government against potential mandating or legislating for particular investment allocations. The government recently launched a call for evidence to help inform the first phase of its pension investment review, which will aim to boost investment, increase pension pots and tackle waste in the pensions system. In its response to the consutlation, the Society of Pension Professionals (SPP) agreed that scale can deliver...

September 26, 2024
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25Sep

US. 5 Ways a Kamala Harris Presidency Could Impact Retirees

Vice President Kamala Harris wasn’t even a contender for the White House earlier this year, but she is now the Democratic nominee for the presidency and running neck and neck with her Republican opponent, former President Donald Trump. If she wins, she is expected to promote policies that could affect the bottom line of millions of retirees. “There’s been nothing that she’s said that would lead me to believe she’s a negative to retirees,” says Chris Orestis, president of Retirement Genius,...

September 25, 2024
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