June 2017

02Jun

UK. Women born in the ‘abandoned decade’ feel ‘penalized’

Official parliamentary figures show that a total of 2.66 million women have lost out due to the changes introduced in the Pension Acts of 1995 and 2011, affecting women born between April 1953 and April 1960. Shocking statistics show some women in this age bracket have lost on average up to £12,000, according to House of Commons Library figures, due to having their retirement age pushed back. Under the 1995 Act, the government decided that the pension ages of both men...

June 2, 2017
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02Jun

Nigeria. Pension Authority to end Annuity Funds Controversy

The National Insurance Commission (NAICOM) and the National Pension Commission(PenCom) are making frantic moves to resolve the controversy surrounding the N167.8 billion Annuity Funds Arrangement, LEADERSHIP Friday can exclusively reveal. It was gathered that the two regulators met recently to deliberate on grey areas, a parley which would lead to the release of a framework that will regulate the administration of Annuity Business in the country. The framework known as Joint Service Agreement, according to findings, will explain in details how...

June 2, 2017
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02Jun

Japan’s GPIF Pension Fund Sues Toshiba Auditor Over Investment Losses

Japan's giant Government Investment Pension Fund (GPIF) has sued the local affiliate of global accounting firm Ernst & Young, claiming $31 million for losses on investments in Toshiba Corp stemming from the conglomerate's accounting scandal in 2015. Toshiba has been on the Tokyo Stock Exchange's supervision list since mid-March as it has failed to clear up concerns about its internal controls after the $1.3 billion accounting scandal. That scandal preceded the crisis now engulfing Toshiba over billions of dollars in...

June 2, 2017
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01Jun

Chile. Precandidato a la presidencia propone eliminar AFP y el actual Sistema de Pensiones

Disminuir la brecha salarial que hay en las empresas, la eliminación del sistema de pensiones actual y entregar mayor protagonismo al Estado son algunas de las medidas en materia económica que el precandidato presidencial Alberto Mayol propone de cara a las primarias del Frente Amplio del 2 de julio, donde se medirá con Beatriz Sánchez. En la Universidad de los Andes, el abanderado entregó un marco general de lo que será su programa presidencial en materia económica, luego de que...

June 1, 2017
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01Jun

Perú. Nuevos afiliados ingresarán automáticamente a Prima AFP desde hoy

Desde hoy los nuevos afiliados del Sistema Privado de Pensiones (SPP) ingresarán automáticamente a Prima AFP, luego de que esta administradora previsional (de capitales peruanos) ganó la licitación realizada en diciembre del 2016. Según el boletín quincenal de la Superintendencia de Banca, Seguros y AFP (SBS), la AFP ganadora recibirá a todos los nuevos afiliados al SPP que ingresen a partir del 1 de junio del 2017, quienes pagarán la comisión mixta más baja del mercado. Prima AFP ganó tercera subasta...

June 1, 2017
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01Jun

México. Afore XXI Banorte admite culpa en práctica monopólica

La Administradora de Fondos para el Retiro (Afore) XXI Banorte admitió que cometió una práctica monopólica, por la cual recibió una multa de más de 300 millones de pesos. No obstante, la institución buscará que se le disminuya la sanción impuesta por la Comisión Federal de Competencia Económica (Cofece), organismo que detectó un acuerdo entre 4 afores para limitar el número de cambios de afore solicitados por usuarios. El director general de la Afore, Juan Manuel Valle Pereña, indicó que la...

June 1, 2017
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01Jun

Pension crisis as Irish Life scraps gold-plated fund

The largest pension provider in the State is closing its staff pension scheme, prompting fears that traditional defined benefit plans are now set to disappear from the private sector. Unions at Irish Life want the law altered urgently in a bid to stop the company closing its defined benefit pension for staff. Some 1,200 staff members will be hit by the move. It comes despite the Irish Life scheme having a €150m surplus. It is unusual for a private sector defined benefit scheme...

June 1, 2017
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01Jun

Pour money into pensions or risk a poor old age, IMF tells millennials

Traditional state pensions are unlikely to exist in their current form in the decades ahead, so young workers need to seize the initiative now and start saving for their old age, the International Monetary Fund has warned. Aging populations mean government resources - the taxes paid by workers - cannot stretch indefinitely to pay for substantial incomes for retirees into old age. As a result individuals will have to take more responsibility for their own income into old age, IMF economist...

June 1, 2017
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01Jun

Puerto Rico governor protects pensions, promises tax breaks

Puerto Rico's governor unveiled a budget Wednesday that prioritizes pension payments for tens of thousands of retired government workers who depend on a public pension system that is crumbling amid a deep economic crisis. The proposed $9.56 billion budget is more than a half million dollars larger than last year's, and Gov. Ricardo Rossello said that for the first time in recent history the budget would be truly balanced. "In the past, money was taken from areas, increasing budgeted spending and...

June 1, 2017
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May 2017

31May

Perú. SBS busca evitar conflictos de intereses en inversiones de los fondos de pensiones de las AFP

Los representantes de los fondos de pensiones de las AFP no deberán tener reciente vinculación con las empresas donde realizan sus inversiones, dispone una próxima regulación que será implementada por la SBS. La Superintendencia de Banca, Seguros y AFP (SBS) emitió un proyecto de resolución que reglamenta la participación de los representantes designados por las AFP en sociedades cuyas acciones son adquiridas con recursos de los fondos de pensiones. Entre las medidas que dispone, se busca evitar posibles casos de conflictos...

May 31, 2017
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