July 2019

26Jul

World Bank boosts support for Uzbekistan

The World Bank is scaling up its support for Uzbekistan and has praised reforms aimed at fostering a market economy. The bank has announced loan and grant agreements totalling $656m for projects in the country, which is now among its largest recipients in the Europe and Central Asia region. The Washington-based organisation has said the energy sector is key to growth but suffers weak financial and operational performance, infrastructure bottlenecks, and an incomplete policy and regulatory framework. “The government and the people of Uzbekistan...

July 26, 2019
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26Jul

Former banker appointed head of South Africa’s scandal-hit state pension fund

Former Nedbank chairman Reuel Khoza has been appointed to head South Africa’s 2 trillion rand ($141 billion) Public Investment Corporation (PIC) in an effort to restore the scandal-plagued pension fund’s reputation. Khoza replaces South Africa’s former Deputy Finance Minister Mondli Gungubele as chairman of the PIC board, marking the first time the head of the fund responsible for billions of rand in government employee pensions has been chosen from outside the ranks of the ruling African National Congress (ANC). The role...

July 26, 2019
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26Jul

The Rehabilitation for Multiemployer Pensions Act of 2019: No Solution to America’s Pension Crisis

The House of Representatives just passed a bill that would bail out private union pension plans by giving them taxpayer dollars to invest in the stock market, as well as loans to cover their broken pension promises, which amount to $638 billion and counting. The bailout-without-reform plan would do nothing to fix the underlying problems and would instead incentivize union pension plans to become more underfunded so they could receive taxpayer funds. Risking taxpayer money in the stock market...

July 26, 2019
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26Jul

México. Caen rendimientos de ahorradores más jóvenes en afores

Durante el primer semestre del año, los rendimientos que dieron las administradoras de fondos para el retiro (afore) al ahorro de los trabajadores más jóvenes (menores de 36 años) tuvo una reducción de más de 1 punto porcentual, de acuerdo con información del Indicador de Rendimiento Neto. Es decir, los 23.9 millones de trabajadores que están dentro de la Siefore Básica 4 tuvieron un rendimiento promedio de 5.79%, lo que significó una reducción de 1.16 puntos porcentuales, respecto al...

July 26, 2019
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26Jul

Canada. Positive returns for pension funds in second quarter of 2019

Morneau Shepell (MSI.TO) has released the results of its Performance Universe of Pension Managers' Pooled Funds for the second quarter of 2019. According to the report, in the second quarter of 2019, diversified pooled fund managers posted a median return of 2.2 per cent before management fees. Since the beginning of the year, the return has been 11.1 per cent. "In general, markets posted positive returns in the second quarter, continuing the rebound started early in the year. The FTSE Canada...

July 26, 2019
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26Jul

Industry sets out demands for newly appointed UK chancellor

Boris Johnson started his first day as UK prime minister by sacking 11 members of his predecessor Theresa May’s cabinet in a mass Brexiteer reshuffle. After being elected leader of the Conservative party on Tuesday, Johnson has placed his faith into former home secretary Sajid Javid to become the chancellor of the exchequer. Javid is reportedly set to make drastic changes to prepare for a potential no-deal Brexit, something Johnson is adamant he will carry out if the withdrawal agreement with the...

July 26, 2019
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26Jul

Zimbabwe. Zimdollar return hits pensions

Zimbabwe Association of Pension Funds (ZAPF) is saying the introduction of Statutory Instrument (SI) 142 has reduced confidence in policyholders and shareholders in the pensions industry that has been on recovery path during the multi-currency regime. The multi-currency regime was introduced in 2009 after a decade-long hyperinflation which eroded prescribed assets and cash at banks for pension fund members. However, it was scrapped last month by authorities. In an e-mailed response by ZAPF director-general Sandra Musevenzo, policyholders and shareholders were starting to...

July 26, 2019
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26Jul

Chile. Superintendente de Pensiones: Ganancias extraordinarias de las AFP son parte del pasado

El superintendente de Pensiones, Osvaldo Macías, afirmó que las ganancias de las AFP que suelen ser catalogadas como "sobrenormales" son parte del pasado. La autoridad reconoció que la rentabilidad sobre patrimonio (ROE) de las administradoras de pensiones ha sido generalmente alta -entre un 20 y un 25 por ciento anual-, pero que se ha visto un decrecimiento en los últimos años. "Los ROE del año pasado y antepasado han bajado mucho; los de 2018 ya son de UF+10...

July 26, 2019
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26Jul

España. El estado inyecta 55.000 millones para pagar pensiones

Desde que la Seguridad Social comenzase a sufrir los primeros desequilibrios financieros de cierta importancia en la década de los años 90, el Estado se ha dispuesto como una suerte de red de salvación para sostener al organismo encargado de pagar las pensiones en nuestro país. Lo ha hecho mediante inyecciones de capital para sufragar los picos de gasto que afronta la Seguridad Social, sobre todo a la hora de abonar la paga extra de las pensiones en los...

July 26, 2019
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26Jul

México. Qué ocurre con tu cuenta si no elegiste una Afore

Elegir en cuál Afore quieres depositar tu confianza y tu dinero para tener un retiro digno no es una decisión que se tome a la ligera. Debes informarte detalladamente de las comisiones que cada institución te cobra por manejar tu cuenta y por supuesto cuál es el rendimiento que te ofrece. Sin ambargo, hay trabajadores que no hacen el trámite para estar con una u otra Afore. Los motivos pueden ser desde el desconocimiento de los pasos a seguir...

July 26, 2019
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