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Aon International Wealth Update  
July 2023
Welcome to our latest newsletter, bringing you retirement, investment and employee benefit updates from all over the world.
Global
International Wealth Webinar Series 2023
Japan and Korea:
28 September 2023

Investment and Global Round Up:
8 November 2023

Previous webinars:
Canada and Brazil
UK and Germany
Managing Climate Risks
We are over half way into our 2023 International Wealth webinar series. The next session will be held on 28 September 2023 and will focus on retirement trends in Japan and Korea. Click below to register and watch the replay of previous webinars.
Register Here
 
International Gender Pension Gap
Globally, the gender pension gap varies significantly by country. Understanding and monitoring this ensures actions can be targeted in the areas where they will have the most impact. Aon’s global gender pension gap analysis enables multinationals to quickly assess the gap between retirement outcomes for their male and female populations on a country-by-country basis.
Read Here
 
International Wealth Solutions Website
Our International Wealth website provides access to global retirement legislative updates, market insights and an overview of the various market-leading solutions available to help you through your unique multi-country pension challenges.
Access Here
 
Follow us on Social Media
Stay up to date with Aon’s latest thought leadership through our LinkedIn and Twitter accounts, covering UK and global retirement topics.
Regional
Netherlands:

Dutch Pension Reform: Webinar for Employers
Following the Dutch Pension Reform being passed by the Senate, taking effect from 1 July 2023, our webinar hosted by expert speakers addresses the challenges and opportunities presented, and explores how organisations can leverage the pension reform changes. Aon’s Wealth Solutions business in Netherlands has a large team that is ready and able to help all employers with this great opportunity to re-define their approach to pensions.
Watch Here
 
Asia Pacific:

Climate Change and Financial Risk
Addressing climate-related financial risks can help protect company performance and contribute to a more sustainable and resilient future for corporates, investors, and financial institutions. Our article explores how regulation may influence innovation of new products and services to help organisations meet their climate change financial risk management obligations, and provides a snapshot of the latest regulatory developments in Australia, Japan, Hong Kong, and Singapore.
Read Here
 
Switzerland:

Annual Survey of 2022 Accounting Assumptions
Aon Switzerland’s annual international accounting survey reviews and documents the various valuation assumptions used for disclosure purposes under ASC 715, IAS 19 or IPSAS 39. The latest survey includes results as of the end of 2021 and 2022 for approximately 150 companies, and may be useful to companies when setting preliminary assumptions for 2023 year-end and budgets for 2024.
Read Here
 
Singapore:

Financial Wellbeing and Supplementary Savings Plans
Only Singapore citizens and permanent residents are eligible for mandatory Central Provident Fund (CPF) benefits. This leaves a potential gap in retirement savings for the 40 percent of the working population in Singapore consisting of foreigners that do not have access to the CPF and may have forgone retirement benefits in their home countries. Our article provides detail on the increasing trend in employer-led supplementary savings plans and how these are implemented in the form of International Retirement or Savings Plans.
Read Here
 
South Africa:

Draft Two-Pot Retirement System Proposals
The new two-pot retirement system intends to improve retirement outcomes by preserving the majority of the fund for retirement. Whilst final legislation for the planned implementation of the two-pot system from 1 March 2024 is awaited, the Treasury has published an updated version of the two-pot proposals (9 June 2023). Our publication outlines updates on the two-pot system to date.
Read Here
 
Mexico:

Financial Wellness Report
Financial well-being is seen as critical to facilitating personal and professional growth for the workforce. Read the 2023 financial wellness report which delves into the current state of Mexico, the challenges faced by individuals, and the best practices for fostering a financially healthy company.
Read Here
 
Australia:

Long Service & Annual Leave Survey 2023
Aon have completed a survey to help organisations understand the role they play in providing employees with Long Service Leave (LSL) & Annual Leave (AL). The survey report provides insights to the employer’s role in providing LSL & AL benefits and how they value these liabilities in financial statements. The report gives valuable market intelligence for organisations aiming to enhance their employee wellbeing and financial wellness programs to attract, engage and retain high performing people. Contact us via the link below to enquire about purchasing a copy of the report.
Contact Us Here
 
US:

Putting “Watch Lists” on Watch?
Our article discusses the use “watch lists” as part of institutional investors’ process for monitoring investment managers. Topics covered include potential changes to criteria in traditional watch lists, and alternative processes for monitoring investment managers.
Read Here
 
Japan:

Extension of Retirement Age Considerations
The “Stabilization of Employment of Elderly Persons” Act has been introduced in Japan to promote employment opportunities for elderly people and counter the reduction to the working population. Many companies have therefore increased or considered increasing their retirement age in recent years. Our article summarises the key points for companies to consider in relation to their scheme retirement ages.
Read Here
 
UK:

Consultation on Scheme Funding Regulations
Our quarterly summary of pensions issues covers pensions tax changes, the Pensions Regulator’s focus on climate change and ESG, the government’s plans for DC schemes, and a round-up of other news.
Read Here
 
Spain:

Reform of the Public Pension System
New legislation (Decree 2/2023) is intended to improve the Spanish social security system’s sustainability by way of introducing a reserve fund, a new social solidarity contribution, and steadily increasing the monthly earnings ceiling for calculating contributions and benefits at a rate greater than inflation. Read our summary of the latest reforms and the main implications for employers below.
Read Here
 
Stay up to date
The links below share access to our latest insights.
Global
International Wealth Solutions Website

UK
Retirement & Investment Website
Market Views & Analysis
Retirement and Investment Insights
Pension Clicks
Upcoming Events and Recent Webinar Recordings

Americas
North America Aon Retirement Insights
North America Aon Investment Insights
Canada Aon Retirement Insights
Canada Aon Investment Insights

APAC
APAC Retirement & Investment Insights
 
For additional information and other international retirement queries, please contact us