April 2022
04Apr

UK. Majority of young savers adverse to risk in their pensions

Just over a quarter (26 per cent) of savers aged 18-30 feel they can afford to take on some risk with their pensions, even though they are many years away from retirement, new analysis from PensionBee has revealed. The survey, which included responses from over 500 British savers, discovered that only 7 per cent of young savers reported that they were currently invested in a high-risk pension scheme, despite having the longest time horizon to recoup any losses. PensionBee also found...

April 4, 2022
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US. Saving for retirement is the top financial priority for just 17% of adults, survey shows
01Apr

US. Saving for retirement is the top financial priority for just 17% of adults, survey shows

Saving for retirement appears to be taking a backseat to other financial considerations for many Americans right now. Just 17% have made saving for their post-working years their top financial priority for 2022, according to First National Bank of Omaha’s latest financial wellness survey. This is despite 59% of respondents worrying that they won’t be able to retire by age 65. Additionally, 46% of those surveyed said they have less than $15,000 saved for retirement. The survey was conducted in February...

April 1, 2022
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March 2022

Ireland. State to pay €1 for every €3 a worker puts into new auto-enrolment pension scheme
31Mar

Ireland. State to pay €1 for every €3 a worker puts into new auto-enrolment pension scheme

About 750,000 workers who do not currently have a pension will be enrolled in a new workplace pension scheme from January 2024, it has been announced. The Cabinet has agreed its long-awaited auto-enrolment pension scheme, which will cost the taxpayer €3 billion in its first year. Social Protection Minister Heather Humphreys has said this pension scheme will operate in addition to the State pension and will kick in at retirement age which is currently 66. The State will pay €1 for...

March 31, 2022
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China:National Pension Insurance Co receives green light to start operations
24Mar

China: National Pension Insurance Co receives green light to start operations

The CBIRC has given approval to the newly established National Pension Insurance Company to commence operations, making it the 10th standalone pension insurer operating in China. The business scope of the new company includes: annuity insurance, life insurance, accident insurance, health insurance; reinsurance business of the above-mentioned businesses; management of clients' yuan and foreign-currency denominated funds for the purpose of old-age security, etc. The National Pension Insurance Co is set up to serve as an impetus for the development of the...

March 24, 2022
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New European pensions saving regime takes effect this week
21Mar

New European pensions saving regime takes effect this week

EU legislation which gives effect to a new European pensions savings regime is being introduced this week The Pan-European Personal Pension (PEPP) is a voluntary retirement savings option for EU citizens that complements existing pension schemes. It allows people to pay into the same scheme throughout the EU, even if they move countries. Read also China: National Pension Insurance Co receives green light to start operations Rachel McGovern, director of financial services at Brokers Ireland, which represents 1,225 brokers, says pension providers...

March 21, 2022
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Zimbabwe: Tougher Action Against Employers Not Remitting Pension Contributions
18Mar

Zimbabwe: Tougher Action Against Employers Not Remitting Pension Contributions

Errant employers who do not remit the pension contributions of their employees will soon face both criminal charges and civil action with the proposed Pension Fund and Provident Fund Act now being debated by the Senate, upgrading the present law to protect pension funds. The Bill being debated this week in Senate replaces the present Pension and Provident Funds Act and upgrades the requirements for the registration and administration of pension and provident funds. Clause 17 of the Bill compels employers...

March 18, 2022
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Does Informal Sector Size Impede Economy Growth in Developing Countries?
17Mar

Does Informal Sector Size Impede Economy Growth in Developing Countries?

By Loudi Njoya, Ngouhouo Ibrahim & Etah Ewane This paper empirically analyses the impact of the informal sector on long-term growth in developing countries. Using a panel of 112 countries from the icrg and Medina and Schneider (2018) over the period 1991 to 2015, a U-shaped relationship between the size of the informal sector and the growth of GDP per capita was obtained. These results, contrary to those of Ceyhun Elgin and Serdar Birinci (2016), show that a certain threshold...

March 17, 2022
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Research reveals shortcomings in retirement preparedness in the UK
17Mar

Research reveals shortcomings in retirement preparedness in the UK

Berkshire and Buckinghamshire residents are most prepared for retirement, despite only 52.3 per cent of residents being on track for a moderate income, the Hargreaves Lansdown Savings and Resilience barometer has revealed. The research showed that around 50.6 per cent of residents in Surrey, East and West Sussex were on track for a moderate retirement income, defined by the PLSA as around £20,800 per year for a single person and £30,600 per year for a couple. In addition to this, around...

March 17, 2022
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14Mar

Global Pension Asset Values Grow to Record $56 Trillion in 2021

Total pension fund assets in the 22 largest global markets rose to a record $56.6 trillion as of the end of 2021, up from $52.9 trillion the previous year, according to new research from WTW’s Thinking Ahead Institute. The 2022 “Global Pension Assets Study” estimates that the $56.6 trillion in pension assets accounts for 76% of the gross domestic products of the 22 economies, which consist of 21 countries and Hong Kong. It also said total pension assets have nearly...

March 14, 2022
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10Mar

Saving for Retirement by Kenya’s Informal Sector

Insurance companies in Kenya need to offer financial management education which is a key contributor to ensuring that the informal sector workers save and invest in pension schemes. Kenya’s vision 2030 targets the provision of high quality of life for all citizens. There are both public and privately run retirement schemes in the country but most citizens are subscribed to NSSF especially those in the formal sector. In Kenya, the current retirement age stands at 60 years but unfortunately, most people...

March 10, 2022
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