December 2019

The conflict of interest around pension transfers

By James Jones-Tinsley Things have certainly changed. Access to defined benefit schemes has dropped significantly, while the proliferation and membership of defined contribution schemes has soared. In April 2015, the pension freedoms liberated funds by offering individuals easier access to their savings from age 55 onwards. Rather than having to purchase an annuity, an individual could simply withdraw their entire pension fund in one go. But given that the pension freedoms only applied to define contribution schemes, this unfettered access...

US. Connecticut to stop investing pension money in gun manufacturers

Connecticut's treasurer, who oversees $37 billion in public pension funds, announced plans Tuesday to divest $30 million worth of shares in civilian firearm manufacturers while banning similar future investments and creating incentives for banks and financial institutions to enact gun-related policies when lending to companies. If approved by an advisory board, it will mark the first time Connecticut has taken the step of divesting shares in firearm-related companies since the 2012 Sandy Hook Elementary School shooting in Newtown that...

Chile inyectará USD 5.500 millones a su economía tras el estallido social

Chile anunció este lunes un plan de reactivación por 5.500 millones de dólares para apuntalar a su economía que en octubre se contrajo 3,4% tras un estallido social que lleva 46 días. El programa contempla un mayor gasto público en 2020 por 3.025 millones de dólares, medidas de apoyo a las micro, pequeñas y medianas empresas por 1.950 millones de dólares y otras iniciativas por 525 millones, que en conjunto deberían generar 100.000 nuevos empleos, detalló el ministro de...

Cientos colman las calles en Colombia en undécimo día de protestas contra el gobierno

Colombianos de todas las clases protestaron este domingo en diferentes ciudades para exigirle un cambio de rumbo al gobierno conservador de Iván Duque, que enfrenta desde hace once días inusuales manifestaciones. Aunque con menos concurrencia que las protestas iniciales del 21 de noviembre, multitudes se reunieron al ritmo de cacerolas en ciudades como Bogotá, Medellín (noroeste), Cali (suroeste), Bucaramanga (noreste) y Popayán (suroeste). En la capital del país, decenas de indígenas se sumaron a la concentración en un parque...

México. Está cerca crisis de Afores…y nadie hace nada

Está cerca crisis de Afores...y nadie hace nada. La crisis de pensiones del sistema de Afores está cerca y ningún Gobierno ha implementado una reforma de fondo para detenerla. El 2021 será el año en que se pensionará la primera generación de trabajadores con Afore, la cual se conforma por quienes sin importar su edad, comenzaron a cotizar a la seguridad social a partir del 1 de julio de 1997, cuando se creó el sistema de cuentas individuales de...

España. Los bancos abren la guerra por los planes de pensiones

La aportación a un plan de pensiones es un año más la decisión que más puede contribuir a rebajar la factura a pagar a Hacienda: entre 190 y 450 euros por cada 1.000 euros depositados. Aun así, el producto en términos globales apenas crece e incluso algunos años va hacia atrás. El año pasado el volumen de aportaciones a planes de pensiones individuales se redujo en un 3,6% mientras que en los nueve primeros meses del año ha crecido...

Ghana. SSNIT commits to scheme’s sustainability

Management of the Social Security and National Insurance Trust (SSNIT) has indicated its intention to continue engaging the National Pensions Regulatory Authority (NPRA) and other key stakeholders concerning recent agitations on the computation of past credit of contributors who are due for retirement effective January 1, 2020. Read also Nigeria: Court Orders Govt to Recover Pensions Paid to Ex-Governors Who Serve As Ministers, Senators Already, the NPRA has mandated the Trust to further compile a report on computation of past...

Canadian Pensions Acquire Stake in Mexican Construction Firm

The Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan have agreed to acquire stakes in Mexican construction engineering company Impulsora del Desarrollo y el Empleo en América Latina (IDEAL). Under the terms of the deal, CPPIB and Ontario Teachers’ will launch a tender offer on the Mexican stock exchange for shares in IDEAL at 43.96 pesos ($2.25) per share. CPPIB will come away with a 23.7% stake in IDEAL, while Ontario Teachers will own 16.3% of...

EIOPA publicly consults on its approaches for regulating key aspects of the Pan-European Personal Pension Product (PEPP)

Today, the European Insurance and Occupational Pensions Authority (EIOPA) launched the public consultation of its approach to the regulatory and implementing standards, and technical advice to the European Commission on delegated acts, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation. The Consultation Paper sets out EIOPA's current stances to approach the regulation of key aspects of the PEPP, underpinning the idea of establishing a simple, safe and cost-efficient savings product. In developing its proposals, EIOPA sought input...

Major pension plans join investor group pumping $229M into fintech fund

The Caisse de dépôt et placement du Québec and the Public Sector Pension Investment Board (PSP) are among a group of at least 14 investors pumping $229 million into an international fintech fund run by Portag3 Ventures, an early-stage investor established by companies under the umbrella of the Desmarais family’s Power Corp. The disclosed institutional and strategic investors committing the new funds also include insurance companies and financial institutions from Canada, France, Israel and the United States. Among them...