June 2017

28Jun

UK. Co-operative Bank agrees £700m rescue package

Investors have agreed to swap their debt for a stake in the bank. The bank also said it would to separate its pension fund from the Co-operative Group's scheme, which has £8bn of liabilities. The Bank of England's Prudential Regulation Authority said it had accepted the plan to return the bank to a firm footing. "Supervisors will remain closely engaged with the bank while the actions announced today are taken forward. Implementation is subject to certain regulatory approvals," said the PRA, which...

June 28, 2017
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28Jun

Nigeria. IEI-Anchor Pension Managers wins PFA of the year award

IEI-Anchor Pension Managers Limited has won the Businesstoday Pension Fund Administrator (PFA) of the year award 2016. Buisnesstoday is a publishing group with online an magazine presence with capability in Pension and insurance matters. Commenting on the award, Mr. Glory O. Etaduovie, the Mnaging Director/CEO, IEI-Anchor Pension Managers Limited said “this award might have come as a surprise to many considering our size. However, it signifies the recognition of our activities in the last two years as a PFA especially taking...

June 28, 2017
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28Jun

Chile. Rechazan recurso de AFP Cuprum y ordenan a Superintendencia de Pensiones dar información

El 19 de junio pasado, y tras dos años de tramitación, la Corte Suprema respaldó una decisión del Consejo para la Transparencia (CPLT) y le ordenó a la Superintendencia de Pensiones hacer entrega de la información solicitada por un ciudadano en el año 2015. Se trata de Claudio Reyes Rojas, que en junio de ese año exigió conocer “el Plan de Negocios presentado por la AFP Argentum a la Superintendencia de Pensiones, el cual fue remitido entre septiembre y diciembre...

June 28, 2017
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28Jun

US. UPS to Freeze Pensions for 70,000 Workers to Reduce Costs

United Parcel Service will freeze a pension plan for about 70,000 nonunion U.S. employees because of escalating costs and volatility in determining future payments, replacing it with a different retirement benefit. UPS joins companies including DuPont Co. and Lockheed Martin in freezing pensions, which means that some or all participants may stop accumulating benefits. UPS’s retirement obligations are on top of a $1 billion jump in capital spending being planned for this year to handle a surge in e-commerce shipments. “It’s...

June 28, 2017
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28Jun

México. Comisiones pueden mermar hasta 20% de la Cuenta Afore: OCDE

El próximo 1 de julio se cumplirán 20 años del inicio de operaciones de las administradoras de fondos para el retiro (afores), compañías que han cobrado a los trabajadores formales del país un total de 430 mil 880 millones de pesos por la gestión de sus ahorros. De acuerdo con cifras de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar), esto representa el 34% de los rendimientos que las afores han otorgado a sus clientes y el...

June 28, 2017
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27Jun

Uber debe fomentar ahorro para el retiro de sus empleados, plantea BID

Empresas como Uber deben fomentar el ahorro para el retiro de sus empleados, consideró el Banco Interamericano de Desarrollo (BID). En un análisis titulado Ahorrar en tiempos de Uber, la coordinadora de mercados laborales y de seguridad social, María Teresa Silva-Porto, puso de relieve que al desaparecer la figura tradicional de empresa-patrón, queda ahora en el aire quien se responsabiliza de contribuir para la pensión de estos trabajadores. Una de las posibles soluciones que propone es que las mismas empresas dieran...

June 27, 2017
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27Jun

Taiwan. Reviews of pension reform bill drag on

As pension reform proposals are in the final stage of legislative review, draft provisions of the eligibility for death benefits and survivor benefits of civil servants received their second reading yesterday at a review marked by lengthy speeches by Chinese Nationalist Party (KMT) lawmakers. A plenary legislative session reviewed dozens of clauses — 36 as of yesterday, with a total of 79 clauses to be reviewed — of a draft act on civil servant pensions, despite the KMT caucus continuing...

June 27, 2017
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27Jun

U.S. states’ pension plans’ funding ratio down in 2016: report

The funding ratio for state retirement systems fell 4 percentage points to 69 percent in fiscal 2016 due to weak stock price performance and a strengthening U.S. dollar, according to a report issued on Monday by advisory firm Wilshire Consulting. It is the second consecutive year the funded ratio dropped by 4 percentage points, and the first year since 2010 that the aggregate funded ratio is below 70 percent, according to the report. The report studied the funding ratio, or ratio...

June 27, 2017
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27Jun

Japan. One Pension Fund Manager Is Going Against the Grain

In the $870 billion world of Japan Inc. employee pension funds, he’s known as the unusual idealist who’s long danced to his own tune. Hiroichi Yagi filled the Secom Corporate Pension Fund with stocks when his peers hid in bonds, considering it his duty to support Japanese equities. He embraced environmental, social and governance investing as a way to reduce volatility. And he signed Japan’s stewardship code for institutional investors right at the start, making Secom the only corporate pension...

June 27, 2017
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27Jun

95% of European pension funds ignore climate change impact: Mercer

According to the European Asset Allocation Report, published by fund administration and research experts Mercer, despite a slight improvement since 2016, the vast majority of responding funds are “still not active” on climate issues. With NASA stating that April 2017 was the second hottest since records began in 1880 (with 2016 the hottest), Mercer’s recent report has found that only 5% of 1,241 European pensions schemes have considered the investment risk posed by climate change. As a result the consultancy has...

June 27, 2017
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