The FBI has seen a spike in fraudulent unemployment insurance claims complaints related to the ongoing COVID-19 pandemic involving the use of stolen personally identifiable information (PII).
How can insurers better serve retirees in Asia post-crisis? Angat Sandhu and Ajit Rochlani from Oliver Wyman share their insights in this article.
State sponsored pension plans in India are currently not strong enough for individuals to consider them, according to a report by YES Securities on life insurance in India.
According to The Alliance for a Fairer Retirement System (AFRS) Australia's current retirement income system is riddled with systemic flaws that are detrimental to the financial wellbeing of retirees. A news report published on the website www.nestegg.com.au said the problems that the retirees in Australia face have been exacerbated by the current COVID-19 crisis.
Around 70% of retirees with money invested in a superannuation fund did not feel well educated about managing their retirement income, while around three in five do not know where their superannuation was invested, according to new research from Allianz Retire+, an Australian company dedicated to developing retirement products.
A large portion of Australia's middle-income earners are encouraged to spend their retirement nest egg or lose access to more disposable income from the Age Pension as the current means test rules are adversely applied to their assets, according to a paper released by the Actuaries Institute.
The Australian Prudential Regulation Authority (APRA) has said that its efforts to encourage consolidation in the superannuation or pension sector are often met with a long list of the difficulties of merging, some of which are valid, but others are myths.
In the first edition of its Global Pension Report, Allianz analysed pension systems around the world, looking at demographic and fiscal prerequisites in each market, contrasted with the existing pension systems, focusing on sustainability and adequacy.
Allianz unveiled the first edition of its "Global Pension Report", taking the pulse of pension systems around the world with its proprietary pension indicator, the Allianz Pension Indicator (API). The indicator follows a simple logic: It starts the analysis with the demographic and fiscal prerequisites and then continues to examine pension systems along their two decisive dimensions: sustainability and adequacy. Hence, it is based on three pillars and takes all in all 30 parameters into account, which are rated on a scale of 1 to 7, with 1 being the best grade. By adding up all weighted subtotals, the API assigns each of the analysed 70 countries a grade between 1 and 7, thus providing a comprehensive view of the respective pension system.
Most pension fund managers adhere to their own investment guidelines which are stricter than what Pension Fund Regulatory & Development Authority (PFRDA) has laid down, says Mr Supratim Bandyopadhyay, the Authority's chairman.