July 2019

31Jul

Chile. Multifondos de AFP rentan hasta el doble que el Fondo de Reserva de Pensiones que licita el Estado

Polémica ha generado la propuesta planteada en la reforma previsional respecto de la creación de un ente público que gestione la cotización adicional del 4%, el cual se denominará Consejo de Administrador de los Seguros Sociales (Cass) y licitará la administración de los fondos. “Se ha avanzado harto en la administración del 4%, es un tema muy político que uno puede darle vueltas técnicas, pero al final la política domina mucho esa parte”, dijo esta semana el exministro de...

July 31, 2019
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31Jul

México. PensionISSSTE recompensa ahorro voluntario con hasta 350,000 pesos

La Afore PensionISSSTE llevó a cabo un sorteo, de forma pública y transparente, para premiar el ahorro voluntario para el retiro de sus derechohabientes, quienes podían ganar desde 175,000 hasta 350,000 pesos en sus cuentas individuales. Es la segunda ocasión en la que la Administradora de Fondos para el Retiro (Afore) lleva a cabo el Sorteo “Ahorra y gana con PensionISSSTE ¿Y si hoy fuera tu día de suerte?”, en el que repartió entre sus cuentahabientes un total de...

July 31, 2019
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31Jul

China to further raise pension benefits for retired soldiers

China will further increase pension and living subsidies for disabled veterans, Red Army veterans and families of martyrs starting Aug. 1, China's Army Day. Pension allowances for disabled soldiers, police officers and militia members, as well as families of martyrs and deceased soldiers, will be increased by 10 percent from last year, according to a statement jointly issued by the Ministry of Veterans Affairs and the Ministry of Finance. After the adjustment, yearly pension allowances for veterans disabled in...

July 31, 2019
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31Jul

US. Maybe Insurers Could Start Multiple-Employer Retirement Plans: DOL

The Employee Benefits Security Administration (EBSA) has given life insurers, and other financial services companies, an early Christmas present: an expression of interest in the idea of letting financial institutions start multiple-employer retirement plans. EBSA has just helped its parent, the U.S. Department of Labor (DOL), complete work on a set of final regulations that encourage small employers to offer association retirement plans — by treating small employers that join a multiple-employer plan (MEP) as one big employer, for...

July 31, 2019
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31Jul

The Crisis at South Africa’s $150 Billion State-Owned Fund Manager

Africa’s largest fund manager used to be a success story. Owned by the South African state, the Public Investment Corp. runs money for public institutions including the government-worker pension fund covering more than 1 million people. It increased its assets under management sixfold in 15 years, to about $150 billion. It's a major player in the Johannesburg stock market, and has wielded its power to curb executive pay at companies, make or break takeovers, and drive the government agenda...

July 31, 2019
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31Jul

UK. Contingent charging ban could cost advisers £445m

The financial regulator estimates the advice market will see its revenue drop by as much as £445m a year as a result of the ban on contingent charging. According to the regulator's own calculations, the ban will cost advisers between £360m – £445m a year in lost revenue as a result of a drop in demand for and a lower cost of pension transfer advice. This is alongside an estimated cost of between £399m - £598m in...

July 31, 2019
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30Jul

The world’s largest pension may be hedging euro and USD risk

Japan's $1.5 trillion public pension fund has begun to put on hedges to protect against USD and EUR declines, according to a Nikkei report published yesterday.The GPIF "has begun a transaction to avoid (hedge) losses associated with fluctuations in foreign exchange rates through fund management with foreign bonds. The target is US dollar and euro denominated bonds, and the balance at the end of March is approximately 1,300 billion yen," the report says. A hedge of that size will be swallowed...

July 30, 2019
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30Jul

US. DOL Releases Final Rule on ‘Association Retirement Plans’

The Department of Labor (DOL) has issued a final rule to help more employers offer retirement savings benefits through association retirement plans (ARPs). The rule, which will go into effect on September 30, will permit employers to connect with associations of employers in a city, county, state, or a multi-state metropolitan area, or in a particular industry nationwide to provide retirement plans for their employees. The DOL says the rule will allow small and midsized plan sponsors to offer competitive...

July 30, 2019
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30Jul

¿Qué podría aprender México del sistema de ahorro voluntario de pensiones de India?

En 1997 México introdujo su nuevo sistema de contribución definida de cuentas individuales orientado a trabajadores del sector privado y una década más tarde entró en vigor el correspondiente a trabajadores del sector público. La Organización para la Cooperación y el Desarrollo Económicos (OCDE) destaca el éxito de la iniciativa al aumentar la capacidad de la economía mexicana en cuanto a financiamiento de pensiones. Sin embargo, señala este organismo internacional, se requieren significativas mejoras. ¿Qué podría aprender México de...

July 30, 2019
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30Jul

UK. FCA bans contingent charging in new pension advice rules

The FCA has outlined a ban on contingent charging for pension transfer advice as part of a new package of proposals. The regulator says the ban will help to "protect customers from the conflicts of interest which arise where a financial adviser only gets paid if a transfer goes In a statement, the FCA said: "We have carefully considered the available evidence on the impact of banning contingent charging, including how we can maintain access to advice for those groups of consumers...

July 30, 2019
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