August 2020

26Aug

Zamara to manage Malawi public service pension fund

Pension fund administrator Zamara Group has inked a deal to manage the Malawi public service pension fund. Zamara Group, which manages Sh300 billion pension funds for 170,000 Kenyans and operates in six other African countries said it would replicate its Kenyan model in Malawi. Zamara acquired a majority stake in a pension fund administration business in Malawi last year called Axis Pensions, a business which had been in operations for more than eight years. “We see great scope in...

August 26, 2020
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25Aug

What The Pandemic Has Revealed About Retirement Plans

This year has been a real eye-opener for many pre-retirees and retirees. Over the years, most people heard warnings and advice from retirement advisors about various aspects of their plans. The warnings were based on a combination of data and anecdotes and often didn’t hit home or inspire urgency. But the Covid-19 pandemic compressed many events into a short period and affected the entire country. Suddenly, the concerns weren’t theoretical or something to worry about years from now. A...

August 25, 2020
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25Aug

Nigeria’s Federal Government Releases N14.92bn for Payment of Pension to Retirees

The federal government has released the sum of N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme(CPS). Read also Nigeria. Axa close to selling off pension fund arm According to a statement issued yesterday by the National Pensions Commission (PenCom), the disbursement will offset four months’ arrears. Read also Pakistan. The politics of pension reform The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the...

August 25, 2020
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25Aug

Greece. Wave of Pension Applications Swamp Overwhelmed Greek System

Greece's New Democracy government, which said retroactive pension payments ordered by the country's highest administrative court would begin in September, is also being hit with a deluge of applications for new pensions. The backlog could hit more than 300,000, said Kathimerini, and return the country to when beneficiaries had to wait two years or longer for their first check and were barred under law from working during that time. There was a big jump in people filing in January...

August 25, 2020
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25Aug

Pakistan. The politics of pension reform

Last week, Prime Minister Imran Khan expressed his resolve to address the pension issue. It is the first time the issue of pension has found a space on the national policy radar and caught the sitting PM’s attention. To address the pension problem, the PM must sort out its economics, politics and process. I have written extensively on the economics and process, but not as much on politics. Nonetheless, politics remains the thorniest part. Considering that any reform could...

August 25, 2020
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24Aug

Philippines. Dominguez pushes for reforms in corporate pension system

The Capital Market Development Council chaired by Finance Secretary Carlos Dominguez III is considering reforms in the corporate pension system, including the recommendation by the Fund Managers Association of the Philippines to require the partial or full funding requirement of retirement plans for private sector workers. Dominguez said over the weekend the council consulted the Department of Labor and Employment on FMAP’s recommendation. He said the recommendation would help provide sufficient funds for the pension or retirement plans...

August 24, 2020
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24Aug

UK. Why we’re largely a nation of ‘no clues’ on pensions

Alarm bells are ringing again after further dark news about pension saving in the UK. A lack of planning, a lack of knowledge, and just not getting around to thinking about pensions means that even those who are saving into a workplace or personal pension are still doing so passively. We save according to the legal minimums required, rather than asking ourselves the crucial question: how much will I need, and how much must I save right now,...

August 24, 2020
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24Aug

Australia. Challenger launches floating rate annuity

Challenger is launching a guaranteed floating rate lifetime annuity, with payments linked to the Reserve Bank of Australia (RBA) cash rate. The new annuity would provide investors with guaranteed payments that moved with the RBA cash rate, allowing them to not miss out when the rate rises again. Angela Murphy, chief executive of distribution, product and marketing at Challenger, said the option maintained substantial estate and withdrawal benefits, and could improve Age Pension eligibility and outcomes. “This is a...

August 24, 2020
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21Aug

Digital Finance New Times, New Challenges, New Opportunities

By Juan Antonio Ketterer Since the end of the great crisis of 2007 – 10 , the financial services industry began a process of accelerating change. New business models based on convergent technological developments are challenging the status quo of a long - established a nd traditional industry. The purpose of this document is to consider the...

August 21, 2020
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21Aug

Trading for Development in the Age of Global Value Chains

By World Bank Global value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries. Since the 2008 global financial crisis, however, the growth of trade has been sluggish and the expansion of GVCs has stalled. Meanwhile, serious threats have emerged to the model of trade-led growth. New technologies could draw production...

August 21, 2020
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