June 2018

26Jun

Perú. Prima AFP avanza con ‘matching contribution’

Como ganadora de la última licitación de nuevos afiliados, Prima AFP viene llevando adelante el piloto de 'matching contributions’ para incentivar el ingreso de nuevos afiliados al sistema privado de pensiones (SPP), en especial el de los trabajadores independientes e informales que, como se sabe, alcanzan al 70% de la población económicamente activa (PEA) en nuestro país, es decir, unos 11,2 millones de personas. Este programa –desarrollado en alianza con la Universidad del Pacífico (UP) y el financiamiento de la...

June 26, 2018
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26Jun

Spanish regulators, financial institutions collaborate on blockchain project

Blockchain seems to be gaining ground in Spain. Earlier today, the Spanish National Securities Market Commission (CNMV), BME and a number of financial institutions including Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale, announce they have been working together over the past year on a project called Fast Track Listing (FTL), which is based on blockchain technology. The purpose of the joint endeavor is to simplify processes and cut the amount of time needed to register issuances. It...

June 26, 2018
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26Jun

African pension funds look to Dubai to invest capital

In Africa, there has been the emergence of an ecosystem around pension funds. A recent institutional investor study estimated that the 10 largest funds in Africa held a combined $310 billion in assets. This has transpired for a number of reasons, not the least of it being a shift in many of these countries switching from defined benefits to defined contribution schemes. In Botswana, for example, where the shift took place in 2001, there are more than 100 pension funds...

June 26, 2018
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26Jun

US. MetLife Faces Court Challenges for Pension Risk Transfer and Beneficiary Practices

A would-be class representative whose benefit liability was transferred to MetLife in a pension risk transfer (PRT) deal has filed an expansive lawsuit, challenging the company’s practices across its PRT and group annuity contract services business. Filed in the U.S. District Court for the Southern District of New York, the complaint names as defendants MetLife, Inc.; the Metropolitan Life Insurance Company; and Brighthouse Financial, Inc. Summarizing the complaint, the lead plaintiff says he is suing these companies “for conversion and...

June 26, 2018
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26Jun

UN. Time to retire unsustainable pensions

Pensions, by their very nature, have to be sustainable. After all, they’re supposed to provide a measure of long-term certainty in an uncertain world. Much of the world’s working population counts on this basic premise as they seek to build a nest egg for later life. Rather than stash their cash under the mattress, they put their faith in investment funds making what they hope are healthy bets. Naturally, the assumption would be that pension funds are investing in sustainable businesses,...

June 26, 2018
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25Jun

The Impact of Pensions and Insurance on Global Yield Curves

By Robin M. Greenwood (Harvard Business School) & Annette Vissing-Jorgensen (National Bureau of Economic Research) We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in funded and private pension and life insurance arrangements) to GDP, suggesting that preferred-habitat demand by the P&I sector for long-dated...

June 25, 2018
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25Jun

Armenia. El Parlamento aprobó la nueva ley de pensiones

La Asamblea Nacional de Armenia aprobó el proyecto enviado por el gobierno de Nigol Pashinian respecto a la resistida reforma del sistema de pensiones lanzada hace cuatro años. El nuevo sistema abarcará a unos 280.000 trabajadores armenios nacidos después de 1973 e impone a los mismos hacer sus aportes mensuales a uno de los dos fondos privados de pensiones que operan en el país. Ambas compañías son propiedad de empresas europeas. Al lanzar la reforma en enero de 2014 la...

June 25, 2018
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25Jun

India. AUT stages demonstration

Around 250 members of the Association of University Teachers (AUT), Tamil Nadu, held a demonstration on Saturday. Among the issues highlighted, the teachers said managements of institutions across the State had been indulging in violations with regard to the direct pay system implemented as a part of the Private College Regulation Act 1976. “Aided colleges, which need to be nurtured and promoted to provide quality and subsidised education, have several issues. A college in Chennai, which has had aided courses...

June 25, 2018
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25Jun

Armenia. Pension Reform Bill Approved by Parliament

The National Assembly approved on Wednesday the new Armenian government’s decision to complete an unpopular reform of the country’s pension system, which was launched four years ago. The new Western-backed system is to cover 280,000 or so Armenian workers born after 1973. It requires them to earn most of their future pensions with monthly financial contributions to one of two private pension funds operating in Armenia. Both funds are owned by European companies. The former government, which embarked on the pension...

June 25, 2018
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25Jun

Egypt raises military pensions amid austerity measures

Egypt's President Abdel-Fattah al-Sisi has raised pensions for military personnel and salaries for civil servants by 15% amid a wave of price hikes linked to austerity measures. The raises, published late on Saturday in the official gazette, will take effect on July 1. Sisi, a retired general, has raised military pensions several times in recent years. In recent days the government has raised the price of fuel, drinking water and electricity as part of a reform program tied to a three-year,...

June 25, 2018
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