December 2019

10Dec

With France in Uproar Over Pensions, Macron May Need One Early

By Adam Nossiter With his country in turmoil, more chaos looming and no resolution in sight, President Emmanuel Macron of France tried changing the subject. Last Thursday, nearly a million people had taken to the streets to protest his plan to remake France’s uniquely generous pension system. But a day later, Mr. Macron, instead of addressing what was on everyone’s minds — how to get out of the standoff, which has stranded thousands of commuters — delivered a lyrical tribute far...

December 10, 2019
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10Dec

UK. What does 2020 hold for pensions?

By Andrew Tully Many changes will be taking place in the world of pensions as we move towards the end of 2019 and into 2020. Ongoing regulatory developments seem inevitable, but nonetheless it is important for firms to be aware of what changes are due and what they will mean to clients. Wake-up packs New requirements to provide wake-up packs to clients were introduced on 1 November. Traditionally, these packs were issued between four and six months before the selected...

December 10, 2019
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09Dec

Chile. Presidente del senado propone el fin de las AFP y cambiar el sistema tributario

“Chile no necesita una retroexcavadora, al menos necesita tres: una para cambiar la Constitución; una para un nuevo sistema tributario y otra para terminar con las AFP”. Con esas palabras el presidente del Senado, Jaime Quintana (PPD), recordaba la semana pasada la expresión que acuñó durante el segundo gobierno de Michelle Bachelet y, que a su juicio, hoy cobra aún más sentido. “Pese a todas las críticas que recibí, creo que hace cinco años me quedé corto con una...

December 9, 2019
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09Dec

Perú. Sistema de pensiones: Consejo evaluador dará a conocer sus recomendaciones este mes

En mayo último se oficializó de forma permanente el Régimen Especial de Jubilación Anticipada (REJA) y con él se ordenó la creación de un consejo que evalúe la situación actual de los sistemas de pensiones público y privado en el país. Semanas después, en junio, el Ministerio de Economía y Finanzas (MEF) instaló un Consejo de evaluación de los sistemas de pensiones público y privado, al cual se le otorgó un plazo de 180 días para emitir una serie...

December 9, 2019
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09Dec

Seis claves sobre la reforma de las pensiones de Macron

La reforma de las pensiones es una promesa electoral, una pieza clave del programa reformista con el que Emmanuel Macron fue elegido presidente en 2017. Estas son algunas claves del plan. ¿Por qué Emmanuel Macron quiere reformar el sistema de pensiones francés? La idea es establecer un “sistema universal con reglas comunes en el cálculo de las pensiones”. Se trataba de garantizar “el derecho de igualdad”, cuestionado por la existencia de hasta 42 sistemas distintos, que incluyen los llamados...

December 9, 2019
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09Dec

France pensions overhaul to go ahead despite huge protests

The French government has vowed to press ahead with its overhaul of the pensions system despite a hardening nationwide strike that will keep transport at a standstill next week amid another round of planned massive street protests. Four days after at least 800,000 people took part in one of the biggest demonstrations of trade union strength in a decade on Thursday, transport remained virtually at a halt over the weekend as the president, Emmanuel Macron, held talks with ministers...

December 9, 2019
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09Dec

Greece. Mechanism for retirees with low pensions

The government is planning to abolish the so-called 13th pension, i.e. the handout to pensioners the SYRIZA administration distributed before the elections this year, though the 971 million euros handed out to 2.5 million retirees will stay in their pockets. The Labor Ministry is already working on the creation of a permanent mechanism for the support of recipients of low pensions, within the social security system. The amount of the support and the width of the pensioner catchment will...

December 9, 2019
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09Dec

KPMG agrees to management buy-out of UK pensions division

KPMG has agreed a deal for the buy-out of its UK pensions division, which will continue to serve clients under the ownership of its current management team. The management buy-out is understood to have been backed by Exponent Private Equity, the private equity firm which entered into exclusive talks with KPMG for the purchase in October. In recent months, KPMG has been conducting a continuous restructuring of its UK operations. The Big Four firm sunk a £45 million investment...

December 9, 2019
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09Dec

Pakistan. PMYAP ‘Social Protection’ programme to provide social security, legal aid to youth

Prime Minister Youth Affairs Programme (PMYAP)has worked out its first comprehensive “Social Protection” programme aimed to provide social security and legal aid to the youth facing community issues and conflicts. A PMYAP official told APP, the programme would provide protection and security to the youth who were indulged in drug addiction and other wrong practices leaving their household in pathetic condition adding,“It would create awareness among the youngsters to prevent from social evils and wrong practices and would also...

December 9, 2019
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09Dec

US. Workers Across All Income Levels Are Making This Major Retirement Plan Mistake

By Maurie Backman Without independent savings, retirees risk struggling financially during their golden years. That's why workers are advised to sock away funds in an IRA or 401(k) -- to ensure that they have enough money to cover their living expenses when they're older. But data from J.P. Morgan Asset Management reveals that workers across all income levels are borrowing money from their retirement plans. And that's a troubling trend. The problem with borrowing from your retirement plan Though middle-income...

December 9, 2019
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