February 2019

01Feb

Ireland. Deficits in traditional company pension plans rise to €1.6bn

DEFICITS in traditional company pension plans of quoted companies rose last year, in a move that could put pressure on the schemes. The black holes in the defined benefit pension schemes of Irish listed companies rose by 20pc last year, according to data compiled by Mercer. The projected deficit rose from €1.3bn in 2017 to €1.6bn at the end of 2018, largely due to poor equity market performance at the end of last year. With many of Ireland’s largest...

February 1, 2019
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01Feb

US. New York Imposes $19.75 Million in Fines in Pension Risk Transfer Case

The New York State Department of Financial Services is imposing $19.75 million in fines on Metropolitan Life Insurance Company, a unit of MetLife Inc., in connection with allegations of pension plan administration problems. MetLife agreed to pay the fines, pay $189 million in restitution to affected pension plan participants in New York state and elsewhere, and develop proposals for ways it could do better in the future in a consent order. Michel Khalaf, the president of MetLife’s U.S. business,...

February 1, 2019
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January 2019

31Jan

México. Más de 19 millones de trabajadores no saben que tienen una afore

Al cierre del 2018, se registraron 19 millones 398,420 cuentas de trabajadores que no saben que tienen una administradora de fondos para el retiro (afore), lo que implicó un crecimiento de 168,376 cuentas, respecto del 2017. Este número representa 30.8% de las cuentas totales que administran las afores que suman 62.8 millones de cuentas, de acuerdo con información de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar). Dichas cuentas se denominan como "asignadas", pues son de...

January 31, 2019
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31Jan

Perú. Fondos del 95% de afiliados a las AFP registraron pérdidas en el 2018

Solo el fondo cero y fondo 1 registraron ganancias. No obstante, la Asociación de AFP asegura que ahorros previsionales continúan generando rentabilidad en los últimos años Debido a la volatilidad de los mercados financieros globales, los fondos de pensiones del sistema privado obtuvieron diferentes resultados en el 2018, señaló la Asociación de AFP (AAFP). Es así que solo los fondos 0 y 1 lograron generar rentabilidades. El fondo cero o fondo de protección de capital, tuvo una rentabilidad nominal...

January 31, 2019
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31Jan

Colombia. Ni el Colpensiones actual ni los fondos privados de pensiones

Ya que la política es dinámica, no se sabe si la reforma pensional será este año o el próximo. Pero va a llegar y, si el debate continúa como va, será entre un sistema público que ofrece excelentes beneficios y un sistema de fondos privados de pensiones cuyos beneficios no se le comparan. Visto así, sería natural pensar que lo ideal es un regreso masivo al sistema público. Pero, como es claro para quienes han analizado el sistema, el...

January 31, 2019
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31Jan

UN pension’s journey in sustainability

The Office of Investment Management (OIM) at the United Nations Joint Staff Pension Fund believes portfolios that integrate material ESG metrics into their investment decision-making process, supported by active engagement, have the potential to provide returns that are superior to those of conventional portfolios while exhibiting lower risk over the long term. This view is supported by several published academic studies and our own research. Journey on the path of sustainable investing The United Nations Joint Staff Pension Fund...

January 31, 2019
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31Jan

Brexit Preparedness: European Commission adopts final set of “no-deal” contingency measures for social security coordination rules

Given the increasing risk that the United Kingdom may leave the EU on 30 March this year without a deal (a “no-deal” scenario), the European Commission has today adopted a final set of contingency proposals in the area of the Erasmus+ programme, social security coordination and the EU budget. This follows the calls by the European Council (Article 50) in November and December 2018 to intensify preparedness work at all levels, and the adoption on 19 December 2018 of...

January 31, 2019
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31Jan

Pension Milestones: China, Hong Kong, Taiwan and Macau take key steps in 2018

Pension experts from China, Hong Kong, Taiwan and Macau exchanged views and shared best practices on pensions and retirement savings issues across the region at the 10th Annual Cross Strait Pension Forum hosted by Hong Kong Retirement Schemes Association (HKRSA). The implementation of a Central Provident Fund (CPF) in Macau and the introduction of a tax deferral scheme for private pensions in China were among key milestones in 2018 for the pension sector, according to HKRSA Chairman Janet Li....

January 31, 2019
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31Jan

US. Lockheed to offload $1.8 billion in pension risks to Prudential

Lockheed Martin Corp, the Pentagon’s top weapons supplier, said on Tuesday it would transfer $1.8 billion in pension obligations to U.S. life insurer Prudential Financial Inc to reduce the risk and costs of pensions. Prudential will assume responsibility for pension benefits of around 32,000 former Lockheed employees as part of the agreement. U.S. companies such as Accenture, General Motors, Verizon and Kimberly-Clark have been offloading their pension obligations to insurance companies to cut down on costs and reduce the...

January 31, 2019
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31Jan

UK. PensionBee chooses Onfido to deliver frictionless KYC compliance

Leading identity verification provider Onfido today announces that it has partnered with PensionBee. Onfido’s machine learning-based identity verification technology allows PensionBee to streamline KYC processes, reducing manual overheads and bringing new users onboard. PensionBee helps users take control of their finances by consolidating all their old pension pots into one PensionBee plan. Government estimates place the value of unconsolidated pensions at £750bn in the next 3 years as pension-holders disengage with overly complex plans and processes. PensionBee aims to...

January 31, 2019
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