July 2019

09Jul

Africa. Need for pension harmonization

In a press release dated July 5, 2019, the government of Sierra Leone through the Financial Secretary announced that out of a total sum of approximately 67 Billion Leones (SLL 66,830,114,540.00) owed as pensions to 371 former political government employees - including the former president, vice-presidents, former ministers and deputies, ambassadors and deputies, information and cultural Attachés, heads of agencies and departments - a fifty percent payment had been effected to the above erstwhile officials as pensions and gratuities,...

July 9, 2019
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09Jul

EIOPA establishes Expert Practitioner Panel on the Pan-European Personal Pension Product (PEPP)

The European Insurance and Occupational Pensions Authority (EIOPA) kicks-off its policy work on Level 2 measures for the PEPP Regulation Challenging and diverse scope of deliverables - and tight timeframes - call for innovative and efficient solutions Today, the European Insurance and Occupational Pensions Authority (EIOPA) established its Expert Practitioner Panel on the Pan-European Personal Pension Product (PEPP). To deliver on the forthcoming PEPP Regulation's policy perspective to design a PEPP that exhibits high quality product features around information...

July 9, 2019
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09Jul

UK. The changing role of DB pensions

Defined benefit pensions, once so dominant in the UK occupational pensions landscape, are slowly disappearing from the private sector. This long-term trend now feels unstoppable. There are only about 1.2m active members still accruing benefits in private sector DB schemes today, and 40 per cent of private DB schemes are now closed to future accrual – almost double the proportion that were closed to accrual a decade ago, according to The Pensions Regulator. TPR reports only 14 per cent...

July 9, 2019
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09Jul

Threats Remain to Brazil’s Pension Bill Despite Investor Cheer

While investors cheered the progress of Brazil’s key pension reform bill last week, there’s no certainty that its passage through the rest of the legislative process will prove smooth. A day after the lower house special committee approved the text, President Jair Bolsonaro said there are some errors in the bill that need correcting. Members of his party, the PSL, are grumbling about the lack of special treatment for police. Meanwhile time is fast running out for a vote...

July 9, 2019
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09Jul

Pese al optimismo, persisten las amenazas a la reforma del sistema de pensiones en Brasil

Mientras los inversionistas aplaudieron el avance del proyecto de reforma a las pensiones en Brasil la semana pasada, no hay certeza de que el resto del proceso legislativo se desarrolle sin problemas. Un día después de que una comisión especial de la Cámara de Diputados aprobara el texto, el presidente Jair Bolsonaro informó que hay algunos errores en la propuesta que deben corregirse. Miembros de su grupo político, el Partido Social Liberal, se quejan de la falta de trato...

July 9, 2019
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09Jul

México. Ahorro para el retiro se beneficia de altas tasas de interés, señala Consar

Las plusvalías que acumuló el Sistema de Ahorro para el Retiro (SAR) en los últimos siete meses se debe al nivel de las tasas de interés de los valores gubernamentales, que son más atractivos respecto a otros, señaló el presidente de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar), Abraham Vela Dib. Sin embargo, se prevé que para la segunda mitad de 2019 o el próximo año las tasas de interés comiencen una tendencia a la...

July 9, 2019
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09Jul

Ghana. IFS National Pension Dialogue

In 2006, Ghana began a review of its pension system to identify ways of ensuring better income security for Ghanaian pensioners. The review culminated in the enactment of a new National Pension Act (Act 766) in 2008. The law establishes a new contributory three-tier pension scheme and a regulatory oversight body, the National Pension Regulatory Authority (NPRA), to oversee administration of the composite pension scheme. Under the law, which remains in force today, 13.5% of an employee’s basic salary...

July 9, 2019
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08Jul

European elections 2019: will the UK’s new MEPs get pensions even if they only work a few months until Brexit?

MEPs get their pension from the age of 63 The European Parliament is known to have a fairly attractive pension scheme for candidates who win election. But Brexit has raised questions about what will happen to MEPs’ pensions after Britain leaves the EU and whether any candidates from the May elections will benefit. Will new UK MEPs get a pension? The UK MEPs who are elected for the first time this year are unlikely to be entitled to a pension from the European...

July 8, 2019
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08Jul

México. Doble comisión asustará a los trabajadores: afores

La comisión con base en rendimiento que se propone en la Ley del Sistema de Ahorro para el Retiro —que está parada en el Senado de la República— confundiría más a los trabajadores sobre cómo cobran las afores y la ganancia real que percibirían, coincidieron directores de las afores Citibanamex, Azteca y Coppel. Entrevistados por El Economista, comentaron que para sus clientes será complicado entender que una comisión se cobra por administrarles su ahorro —que es la que actualmente...

July 8, 2019
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08Jul

1 in 4 Americans don’t plan to retire despite realities of aging

Nearly one-quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce. Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they’d like. According to the poll from The Associated Press-NORC Center for Public Affairs Research, 23 percent of workers, including nearly 2 in 10 of those over 50, don’t expect to stop working....

July 8, 2019
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