Nine government agencies have outlined a plan for developing retirement funding in phases. They issued jointly the "Guiding Opinions on Financial Support for China's Pension Services to Serve the High-quality Development of the Silver Economy" on 13 December.
The National Treasury is exploring ways to mobilise the KES2.5tn ($19.4bn) savings from the pension and insurance sectors to finance infrastructure projects under the Public-Private Partnership (PPP) model.
China yesterday announced the rollout of a private pension scheme from 36 pilot cities and regions to the entire country, with effect from 15 December.
The desire to free up capital is a major factor driving the opportunity in Asia for asset-intensive longevity transactions, says Reinsurance Group of America (RGA). Two other main elements are the ageing population and regulatory changes.
The Australian government yesterday announced the second tranche of its "Delivering Better Financial Outcomes" reforms to ensure Australians have access to quality and affordable financial advice.
More than 40% (45.4%) of respondents to a survey think that their retirement income will be low, highlighting that their financial concerns about retirement are quite high, according to AgeSA, a private pension and life insurance company.
China's individual pension system has attracted more than 60m people as subscribers, according to data from the Ministry of Human Resources and Social Security (MoHRSS).
The Australian government has announced a package of reforms in response to the feedback received from the "Superannuation in Retirement" consultation, to ensure the superannuation system will better support Australians' needs.
The Securities and Exchange Commission of Pakistan (SECP) has re-joined the International Organisation of Pension Supervisors (IOPS) as a Governing Member, marking a pivotal step in Pakistan's commitment to strengthening the pension sector.
The premium income of China's five major listed insurance companies in the A-share market grew to CNY2,524.7bn ($348.6bn) in the first 10 months of this year, an increase of 5.67% compared with the corresponding period last year, according to financial statements filed by the companies.