ASIC is suing the trustee of Australia's largest superannuation fund, AustralianSuper, over delayed processing of nearly 7,000 death benefit claims, according to proceedings filed in the Federal Court.
There are rising levels of affluence that continue to be relevant across markets that Singapore-headquartered Great Eastern operates in, according to the company's group CEO Greg Hingston.
With the high cost of living and a strong emphasis on work-life balance, employees in Singapore expect comprehensive benefits beyond just salary.
The trustee of Australia's largest superannuation fund, AustralianSuper, will pay a A$27m ($17.1m) penalty after the Australian federal court found that it failed to merge multiple member accounts.
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.