December 2017

26Dec

Brazil’s Temer urges pension reform in Christmas message

Brazilian President Michel Temer took advantage of his Christmas message broadcast Sunday night to once again urge congress to approve his controversial pension reform plan. Referencing the recent approval of pension reform in neighboring Argentina, he insisted the issue is not “ideological or partisan” — but rather a “question of the future of the country” to “guarantee pensioners of today and tomorrow their pensions.” The centerpiece policy of scaling back pensions has been met with dismay by most Brazilians —...

December 26, 2017
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26Dec

El Salvador. Militares retirados temen por su pensión en 2018

La incertidumbre por el pago de pensiones vuelve a acechar a los más de 23 mil pensionados del Instituto de Previsión Social de la Fuerza Armada (IPSFA). Según el proyecto de presupuesto para 2018, el Ministerio de Hacienda solo ha incluido $46.8 millones, cuando el total de gastos anuales por pago de pensiones asciende a $60.4 millones. El vicepresidente del movimiento de militares retirados Causa Justa, Jaime García, señaló que si el Gobierno no incluye los $13 millones faltantes en el...

December 26, 2017
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26Dec

Kazakhstan may merge oil, pension funds: president

Kazakhstan may merge its $23 billion state pension fund with the $57 billion oil fund in order to streamline their management, President Nursultan Nazarbayev said on Monday. The oil-rich Central Asian nation hires foreigners to manage most of its oil fund assets and the addition of the pension fund could create more opportunities to expand. “Norway has good experience, they have merged their pension fund with their national (oil) fund, similar to the one we have,” Nazarbayev said on state television. Read...

December 26, 2017
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23Dec

The Modern Tontine: An Innovative Instrument for Longevity Risk Management in an Aging Society

By Jan-Hendrik Weinert (Goethe University Frankfurt - Faculty of Economics and Business Administration) & Helmut Gründl (Goethe University Frankfurt - Department of Finance; International Center for Insurance Regulation) The changing social, financial and regulatory frameworks, such as an increasingly aging society, the current low interest rate environment, as well as the implementation of Solvency II, lead to the search for new product forms for private pension provision. In order to address the various issues, these new product forms should reduce...

December 23, 2017
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23Dec

Investigating the Level of Financial Literacy of University Students

By Israel J. dos S. Felipe Sr. (Universidade Federal de Ouro Preto (UFOP)), Harrison Bachion Ceribeli Sr.( Universidade Federal de Ouro Preto (UFOP)) & Lana, T. Q. (Energisa) Considering that the quality of financial decisions taken by individuals depends on their financial knowledge, abilities and attitudes, it is possible to state that the well-being of a population depends on how financially literate it is. In this context, the aim of this study was to measure the financial literacy level of...

December 23, 2017
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22Dec

México. TLCAN y comicios preocupan más a afores que reforma fiscal en EU

Las administradoras de fondos para el retiro (afores) están más al pendiente de la volatilidad que se pueda generar con la renegociación del Tratado Libre de Comercio de América del Norte (TLCAN) y las elecciones presidenciales del próximo año que con la reforma fiscal de Estados Unidos, expuso Carlos Ramírez, presidente de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar). “Si se aprueba la iniciativa de reforma fiscal, para efecto de las afores puedo decir que están...

December 22, 2017
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22Dec

Chile. Asociación de AFP: Fue un error no haber impulsado antes una reforma previsional

El presidente de la Asociación de AFP, Andrés Santa Cruz, reconoció que debieron hace mucho tiempo abrirse a una reforma previsional ya que "las pensiones no responden a las expectativas de la gente". "Aquí hay que apurar el tema. Necesitamos una reforma previsional en el año 2018 sí o sí. Nosotros no vamos a volver a cometer el error institucional de no clamar por avanzar en una reforma previsional. Fue un error que cometimos antes, de no haber impulsado una serie de cambios que hoy todos concordamos", comentó...

December 22, 2017
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22Dec

New laws proposed by UK government on bulk transfers of pension rights

The Department for Work and Pensions (DWP) opened a consultation on the proposed new Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2018 (16-page / 263KB PDF) on Thursday. It is the DWP's intention that the new rules would take effect from 6 April 2018. "These amendments will enable any salary-related occupational pensions right (active, deferred and pensioner) to be transferred to newly established schemes (that have never been contracted out) without member consent under specified conditions," the DWP said. "These conditions will be that...

December 22, 2017
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22Dec

Spain. CaixaBank Buys Banco BPI’s Card Business

Portugal's Banco BPI S/A (BPI.LB) will sell its card and point-of-sale activities to entities associated with CaixaBank SA (CABK.MC) for a total of 113 million euros ($134.1 million), the two banks said Thursday. CaixaBank SA (CABK.MC) holds a controlling stake in Banco BPI. CaixaBank Payments E.P., a wholly-owned subsidiary of CaixaBank, will acquire Banco BPI's credit and debit card-emitting activities for EUR53 million. At the same time, Comercia Global Payments E.P., a joint venture between CaixaBank and Global Payments Inc., will acquire...

December 22, 2017
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