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The Netherlands has the best pension system in the world

by THEFUTURE.TEAM

October 21, 2024

KEY FACTS

The Netherlands has the best pension system in the world, according to the latest annual ranking of the Mercer consulting company and Monash University, Australia, BTA reports.
The Netherlands tops the ranking, which includes the pension systems of 48 countries, including Germany, France, the United Kingdom, the United States, Japan, China, and India, the New site reports.
Finland is second in the ranking, followed by Iceland, Israel and Singapore. At the bottom of the ranking are India, Argentina, Turkey, and the Republic of South Africa.

KEY CONTEXT

According to the researchers, the Dutch pension system is distinguished by the fact that many of the country’s residents accumulate a pension through work. This means that the system has many participants. It also provides good pensions and has good rules.

The researchers see as good the fact that the Netherlands is moving to a new system where the amount of the pension depends more and more on individual choice. The fact that the participants are consulted about this choice is a plus, Mercer reports.

KEY QUOTE

“Strong regulations and flexibility, for example in relation to the start date, ensure a sustainable pension system,” said pensions expert Mark Hemskerk of Mercer.

WHAT TO WATCH FOR

The Netherlands could further improve its pension system by reducing the level of household debt and providing greater protection for members’ accrued benefits. The researchers also recommend introducing pension credits for carers of young children.

HSBC Restructures Banking Divisions and Appoints First Female CFO

by THEFUTURE.TEAM

October 22, 2024

HSBC is undergoing significant changes as part of a strategic restructuring led by new CEO Georges Elhedery. The bank is merging its commercial and investment banking units in a bid to streamline its operations, cut costs, and enhance efficiency. This transformation includes consolidating its business into four divisions: UK, Hong Kong, corporate and institutional banking, and wealth banking. The newly formed corporate and institutional banking division will integrate commercial banking with its global banking and markets business, along with its Western wholesale operations.

A notable aspect of this overhaul is the appointment of Pam Kaur, HSBC’s first female Chief Financial Officer, marking a historic moment for the bank. Kaur, who has been with HSBC since 2013 and currently serves as Chief Risk and Compliance Officer, will step into this leadership role at a time when the bank is under pressure to reduce expenses and optimize its business structure.

Other leadership shifts include Greg Guyett assuming a new role as Chair of the Strategic Clients Group and the departure of Colin Bell, CEO of HSBC Bank and Europe, who is leaving to pursue other opportunities. HSBC has been gradually reducing its presence in Western markets like the U.S., France, and Canada to focus on its stronger foothold in Asia.

These changes are part of HSBC’s broader efforts to simplify operations and position itself for future success in an increasingly competitive and cost-sensitive environment.