June 2019

11Jun

Japan. Release of data needed for debate on effectiveness of pension system

Prime Minister Shinzo Abe and all his ministers attended a June 10 session of the Upper House Audit Committee. As the ruling coalition has refused to convene a Budget Committee meeting in either house, it marked the first time in two months that Abe responded to questions concerning national policy issues at the Diet. Opposition questions focused on a recently published controversial Financial Services Agency report that says a typical elderly Japanese couple needs an additional 20 million yen ($184,175) to...

June 11, 2019
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11Jun

UK. CMA produces new requirements on investment consultants and pension trustees

The UK’s Competition and Markets Authority (CMA) has completed its changes to the investment consultancy and fiduciary management sectors with new rules covering the appointment of service providers by pension scheme trustees, and information provided to them. The CMA order (24 page / 230KB PDF) is the conclusion of an investigation into the supply and acquisition of investment consultancy services and fiduciary management services to and by institutional investors and employers in the UK. The investigation began in 2017 and...

June 11, 2019
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11Jun

Bank fraud in San Miguel de Allende: expats fight to regain US $40 million stolen through Ponzi scheme

In San Miguel de Allende, it is said foreigners live here either because they want to be forgotten, or because there’s no one left to remember them. This small-town alchemy of anonymity and forgettability laid the groundwork for an alleged decade-long Ponzi scheme estimated to have stolen US $40 million from more than 150 Banco Monex accounts belonging to United States, Canadian, British, European and Australian expatriates. While several local Mexicans were also embroiled in the bank fraud, the vast majority...

June 11, 2019
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10Jun

Perú. Abuso que afecta a miles de afiliados a AFP

Cuando en 1992 se decidió ampliar la cobertura de pensiones en el Perú, se buscó garantizar un futuro decoroso para los trabajadores cuando se jubilen, y por eso hace 27 años entró en vigencia en el sistema la participación de las Administradoras de Fondos de Pensiones (AFP), instituciones que manejan los recursos de los aportantes bajo la modalidad de cuentas personales. Este fondo individual, que se acumula mes a mes, es parte del descuento que hacen las empresas a...

June 10, 2019
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10Jun

Japan. In historic first, G20 weighs aging as global risk

Ballooning healthcare costs, labor shortages and financial services for the elderly: for the first time Sunday, the world's top policymakers are tackling economic issues relating to aging and shrinking birthrates. G20 finance ministers and central bank chiefs meeting in Japan -- where a rapidly aging population is a major domestic problem -- have been warned to address the issue before it is too late. "What we are saying is, 'If the issue of aging starts to show its impact...

June 10, 2019
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10Jun

UK. Doctors will leave NHS unless they see pension reforms, union warns

The Conservative Government must reform NHS pension taxation or risk an exodus of doctors and a major workforce crisis, the British Medical Association (BMA) has warned. The doctors’ union has requested an urgent meeting with Health Secretary Matt Hancock to see what can be done to stop experienced doctors leaving. Concerns about high-earning doctors’ pensions were raised in 2016 after the introduction of the “tapered annual allowance”. Under the scheme, for every £2 of income above £150,000 per year,...

June 10, 2019
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10Jun

Netherlands. What does the new pension agreement really mean?

Agreement on reforming the Dutch pension system has been 10 years in the making, and still needs fleshing out in detail – a process which is likely to take several more years at least. Social affairs minister Wouter Koolmees has said the plan for the transition to a new pensions system should be completed by the end of 2020 and that the cabinet aims to complete the legal framework for system reform by the start of 2022. However, there...

June 10, 2019
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07Jun

U.S. Public Pension Handbook: A Comprehensive Guide for Trustees and Investment Staff

By Von M Hughes In an ever-changing financial and political landscape, your job as a public pension fiduciary continues to get more difficult. Now, you have the help you need. U.S. Public Pension Handbook is the only one-stop resource that covers the various areas of public pension policy design, governance, investment management, infrastructure, accounting, and law. This comprehensive guide presents critical data, information, and insights in topic-specific, easy-to-understand ways--providing the knowledge you need to elevate...

June 7, 2019
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07Jun

Financial Literacy and Financial Education: Theory and Survey

By Beata Swiecka, Aleksandra Grzesiuk, Dieter Korczak It is a well-known saying that money does not buy happiness. But it certainly helps in life. It is important to have enough of it to satisfy our needs and to secure ourselves from emergency situations. That's what adults think. And what about the youth? What is their approach to money, what do they know about finances and how are their skills in everyday financial management coming along? What kind of...

June 7, 2019
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07Jun

Retire In-Home: A New Way to Use a Home to Guarantee Retirement Income

By Arun Muralidhar There is a growing retirement crisis and most of the focus has been on the fact that individuals are not saving enough for retirement, may not have access to pension schemes, and find it difficult to choose from a wide range of retirement products. One solution that has been considered is to improve access to Reverse Mortgages (RMs) so that individuals can convert their (possibly) single largest asset into a through-death income stream. However, current RMs are...

June 7, 2019
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