Covid-19’s impact on mortality amounts to a ‘short-term delay’ in the demographic shift to an ageing population, research from Allianz suggests.
The research extends to an impressive 75 countries and considers the sustainability of those pension systems in light of rising life expectancy.
The report finds that Covid-19 will negate life-expectancy gains over the course of a decade. However the average global life expectancy is poised to rise from 73.4 years in 2023 to 77.2 years by 2050. The number of people aged 65 and over is predicted to reach around 1.6 billion, with around 200 million in Europe.
It is interesting to see the report suggest that in some systems contribution levels are effectively maxed out at around 20 per cent.
The CII has launched a new five-year strategic plan as IFA Magazine reports. including “Undertaking a major review of the role professional standards plays in the context of Chartered status for individuals and corporate members”.
This is likely the key statement in the plan as far as advisers are concerned - "We recognise the desire for the PFS to be more autonomous within the wider Institute group, so we will refresh and renew our governance and identity to ensure both the CII and PFS can flourish as professional membership bodies".
Advisers are sceptical about plans for more PFS autonomy as Citywire reports.
Nucleus has removed the last of the exit fees on the James Hay's platform as FTAdviser reports.
James Hay Online will also begin to pay interest on transactional cash balances from July, and the cash panel available for longer-term cash investments will be “significantly extended”.
Interesting given it was James Hay that bought Nucleus.
There is a huge amount in the following story for Woodford Investors to mull. The Investment Week headline sums things up - Sale of Link Fund Solutions to comprise majority of Woodford redress.
It is a very neat report from IW.
Australia-based Waystone has signed definitive agreements to purchase the Irish and UK businesses of Link Fund Solutions, for an amount expected to total between £110m and £140m.
The deal will partly fund the settlement agreed upon by the FCA, Link Group and Link Fund Solutions to end the investigation into the company's role as authorised corporate director of WEIF, now LF Equity Income.
While the FCA has stated the total redress owed to investors is £298m, the regulator has agreed a deal to repay up to £235m to investors, which it intends to recommend to shareholders.
In essence, it appears that there will be a significant amount of compensation on offer to investors providing Link Group sells Link Fund Solutions. However, lawyers for some investors have questioned the size of the package also reported by Investment Week.
And if the deal to sell the business falls through, then Link and the FCA may lock horns again as the business is not accepting culpability.
It is quite a twisted chapter in a very twisted tale. October 2023 has been pencilled in for a resolution of the dispute, which also seems optimistic.
