Most Singaporeans (81%) aspire to retire between the ages of 50 and 70, with younger generations, including millennials (71%) and Gen Z (71%), aiming for retirement at 60. 75% of Singaporeans have prioritised planning for retirement, typically starting at age 35, according to the Etiqa Insurance Singapore Retirement Insights Report 2024.
The Australian Prudential Regulation Authority (APRA) has released a comprehensive package of product performance metrics and insights to increase transparency and sharpen superannuation trustees' focus on improving member outcomes.
Research released yesterday by the Association of Superannuation Funds of Australia (ASFA) revealed that 51% of adult Australians, including around 60% of those aged 65+, have consulted any source of information on preparing for retirement.
The Turkish government aims to start the operations of the Supplementary Retirement System (TES), a mandatory scheme, in the last quarter of 2025, according to local media reports.
The agency forces of leading life insurance companies in China are undergoing reform, with the insurers turning to financial planners. The professional planners offer advice on insurance, health and wealth, retirement, wealth and health insurance, and full life-cycle.
A survey has found that more than half of the respondents from cities that carry out the private individual pension pilot scheme have not yet participated in the programme.
Insurers are expanding into the family office space in Hong Kong and Singapore to target the needs of wealthy families in line with consumer demand, says global management consultancy McKinsey & Co.
The Standing Committee of the Chinese National People's Congress, which serves as China's parliament, has endorsed a plan to gradually delay retirement for employees.
The State Council, which is China's cabinet, has issued the notice, "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of the Insurance Industry". The "Opinions" set out measures to be taken for the reform and development of China's insurance industry in the next five to 10 years.
While the Chinese insurance industry faces significant challenges, Fitch Ratings believes efforts from regulators and insurers will make the industry more resilient over the longer term.