October 2022
11Oct

Iceland, Netherlands and Denmark have the best pensions in the world in 2022

Today, Mercer and the CFA Institute released its 14th annual Mercer CFA Institute Global Pension Index (MCGPI). Iceland’s retirement income system has once again topped the list, with The Netherlands and Denmark retaining second and third places respectively in the rankings. As more employers have stepped away from defined benefit (DB) plans, the study also investigates the challenges and opportunities with the global shift towards defined contribution (DC) plans where individuals bear increased financial responsibility. The MCGPI is a comprehensive...

October 11, 2022
News, , ,
Read more...

August 2022
10Aug

These 7 African countries have recorded highest pension fund asset growth

A recent report by the Organisation for Economic Co-operation and Development (OECD) has shown that global pension fund assets grew by over 10% to $38.5 trillion in 2021. The report focused specifically on pension fund assets in 68 countries or reporting jurisdictions, consisting of 38 OECD countries and 30 non-OECD countries in Eastern Europe, Asia and Africa. The report said in parts: "Overall, pension fund assets amounted to USD 38.5 trillion in a total of 68 reporting jurisdictions at end-2021. Most...

August 10, 2022
News, , ,
Read more...

July 2022
22Jul

UK. The effect of rising inflation and interest rates on pension schemes

The UK is currently seeing soaring inflation, with record drops in wages, and prices for goods and services sky-rocketing, resulting in a keenly-felt "cost of living" crisis. But what is the impact for UK occupational pension schemes? The consumer price index (CPI) measured inflation at 9.1% at the end of May 2022, the highest level seen since February 1982. Governments have traditionally sought to counter rising inflation by increasing interest rates, to encourage people to spend less and save more,...

July 22, 2022
News, ,
Read more...

June 2022
15Jun

Millennials, Gen Z worry about retirement, sustainability, employer values

Money, politics, and stress are all factors affecting younger generations' willingness to stay in a job. A newly released study by Deloitte, a professional services networked, surveyed nearly 15,000 millennial and Gen Z professionals to see what their top priorities were in the workplace, as the Great Resignation continues. The survey by Deloitte found that workers from the millennial and Gen Z age groups are more likely to bring their political opinions to the workplace. The 2022 study by Deloitte...

June 15, 2022
News, , , ,
Read more...
01Jun

Today’s Pensions Just Don’t Favor Millennials and Gen Z

Even in 2022, pensions still command an aura of reverence. A benefit where you work for one company for 30 years and then retire with a livable wage? And you don’t have to fret about picking investments? What’s not to like? Although pensions are increasingly rare in the U.S., they’re not obsolete. About 38% of the private workforce had access to a defined benefit plan in 1980. By 2008, that had fallen to 20%. In spring of 2020, it was...

June 1, 2022
News, , , , ,
Read more...

May 2022
31May

Survey finds 56% of U.S. employees expecting less than $500K in retirement savings

While U.S. employees say it takes $1.1 million in savings, on average, to retire comfortably, 56 per cent expect to have less than $500,000 saved, according to a new survey by Schroders. It found 36 per cent of respondents expect to save less than $250,000 and only 24 per cent expect to save $1 million ahead of retirement. Among respondents nearing retirement age, more than half (54 per cent) said they’ll have less than $250,000 saved for retirement, while 22...

May 31, 2022
News, , ,
Read more...
30May

UK. Pension savers struggle to consolidate pots

More than one in 10 (11 per cent) of pension savers are struggling to consolidate their pension pots, according to research from pension specialists iSipp. The consolidation of pension pots could reduce annual fees and save time on administration. However, more than one in 10 have tried to consolidate funds and failed, while nearly two out of five (38 paper cent) admit they do not know how to consolidate pensions into one fund. Just one in five (19 per cent) of those...

May 30, 2022
News, , ,
Read more...
30May

UK. DWP shares how people can boost State Pension payments if they reached retirement age on certain dates

The Department for Work and Pensions (DWP) has released new guidance to help certain people increase their State Pension income. If you reached State Pension age between April 6, 2010 and April 5, 2015, but are not receiving or expecting to receive a full basic State Pension, then you may be able to increase the amount you get by paying up to six additional years of voluntary Class 3 National Insurance voluntary contributions for years going back to 1975. This is...

May 30, 2022
News, ,
Read more...
18May

Arab Pensions Conference grows into key regional platform

An eminent line-up of speakers from global think-tanks, government pension funds, regional financial institutions, actuaries, asset managers, insurers and HR leaders will take part in the Arab Pensions Conference in September. The sixth edition of the conference will be held on September 28 and 29 and hosted in Sharm El-Sheikh this year, in a move  that will see the event, which first started in Bahrain, shifts to a different city within the Arab  world  every year. A one-of-a-kind event organised by...

May 18, 2022
News, , ,
Read more...
04May

The post-pandemic prognosis for pension systems

Pension systems around the world faced a “stress test” during the pandemic—what you might call the “pension pandemic paradox.” Read also US. Study sheds light onto biracial, LGBTQ older adults for the first time On the one hand, there was pressure to allow access to pension savings as emergency support during a period of sharp economic downturn. This was understandable, since for many people pension savings are their biggest financial asset. But, in some countries, this turned into unprecedented access beyond...

May 4, 2022
News, , ,
Read more...