October 2018

19Oct

Perú. Beneficiarios de afiliados a una AFP podrían retirar fondos para comprar una vivienda

De acuerdo a un dictamen aprobado por la Comisión de Economía del Congreso, los beneficiarios de pensionistas de una AFP que hayan fallecido podrían disponer del 25% del fondo acumulado Los beneficiarios de pensionistas de una AFP que hayan fallecido podrían disponer del 25% del fondo acumulado para comprar una vivienda, de acuerdo a un dictamen aprobado por la Comisión de Economía del Congreso. Con ello, se busca modificar la Ley del Sistema Privado de Pensiones (SPP) con la finalidad de...

October 19, 2018
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19Oct

US. California Public Employees Vote Against Pension-Fund Activism

The California Public Employees’ Retirement System this month said no thank you to pension-fund activism. Government workers unseated Priya Mathur, the sitting Calpers president. She was defeated by Jason Perez, a police-union official who criticized Ms. Mathur’s focus on environmental, social and governance investing, or ESG. Mr. Perez emphasizes the agency’s fiduciary duty to maximize investor returns. Calpers represents almost two million California public employees, retirees and families. Yet it mostly makes headlines for its activism, such as divestiture from...

October 19, 2018
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19Oct

Canada. ‘Some baloney’ in assertion Canada’s pension fund has highest ethical standards

OTTAWA -- "We expect the CPPIB, like other Crown corporations, to live up to the highest standards of ethics and behaviour and that is, in fact, exactly what it is doing." -- Finance Minister Bill Morneau during question period Monday in the House of Commons. The New Democrats challenged Morneau this week to weigh in on new ethical questions surrounding the investment portfolio of the arms-length Canada Pension Plan Investment Board -- which manages hundreds of billions of dollars worth...

October 19, 2018
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19Oct

South Africa. Pensions of more than 80‚000 security guards at risk

The Private Security Sector Provident Fund (PSSPF) is fighting 315 court battles against employers who are failing to comply with rules‚ putting the pensions of more than 80‚000 security guards at risk. The fund has more than 242‚600 registered members‚ of whom over 2‚500 are not complying with the rules. As a last resort‚ these companies are handed over to the fund’s attorneys who either resolve the matter by agreement or through litigation. The fund says non-compliance by employers is...

October 19, 2018
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19Oct

US. Loans could drain U.S. retirement plans by $2.5 trillion

CHICAGO (Reuters) - Americans could dig a $2.5 trillion hole in the country’s retirement system as they fail to pay back loans taken from workplace retirement plans over the next 10 years, according to a new study from Deloitte Consulting. The problem is called “leakage” - borrowing from a 401(k) plan without repaying the money or paying it back so slowly that it disrupts growth. About 40 percent of people borrow from workplace plans. Most repay their loans within five years...

October 19, 2018
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18Oct

Perú. AFP: Jubilación anticipada a los 50 años dejará sin protección a más de un millón de peruanos

Gremio de AFP sostiene que se desvirtúa el sistema de jubilación, porque permite la jubilación de las personas a los 50 años, tanto para hombres como para las mujeres que estén desempleados 12 meses en un lapso de cinco años. La Asociación de Administradoras de Fondos de Pensiones (AFP) advirtió del grave peligro que representa para los afiliados del sistema privado de pensiones la ampliación del Régimen de Jubilación Anticipada (REJA), tal como lo establece el proyecto de ley 142,...

October 18, 2018
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18Oct

South Africa’s Ramaphosa orders inquiry at $142 billion state pension fund

South Africa’s President Cyril Ramaphosa on Wednesday appointed a judicial inquiry into the 2 trillion rand ($142 billion) state pension fund, a government gazette said, following corruption allegations. The PIC is Africa’s biggest pension fund and the biggest investor in South Africa’s economy holding a large volume of bonds issued by government and state-owned firms. The gazette notice said it will investigate “persistent and continued negative reports about alleged improprieties regarding investments” by the Public Investment Corporation (PIC), which manages assets...

October 18, 2018
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18Oct

UK sitting on £20bn of unclaimed pension pots

Some 1.6 million lost pension pots worth nearly £20bn remain unclaimed, with people often losing track of their savings due to job changes or moving house, the Association of British Insurers (ABI) says, reffering to the figures as “jaw-dropping”. Research by the Pensions Policy Institute (PPI) on behalf of the ABI revealed 800,000 lost pensions worth an estimated £9.7bn. If scaled up to the whole market, it estimates there are collectively around 1.6 million pots worth £19.4bn unclaimed – the equivalent...

October 18, 2018
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18Oct

AmCham Romania warns new pension law poses risk for budgetary and macroeconomic imbalance

The American Chamber of Commerce in Romania (AmCham), which represents 430 companies, expressed concern in a statement today regarding the significant increase of the social security expenses that the pension law draft, recently approved by the Romanian Government, levies on the general consolidated budget. “We believe that is mandatory for the presentation and consultations around this draft legislation with a major budgetary impact, to include information about the financing sources of the related increases, in accordance with the provisions of...

October 18, 2018
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18Oct

República Dominicana. La ADAFP propone subir edad de retiro

Aumentar la edad de retiro, el aporte de ahorro del afiliado y la frecuencia son algunas de las propuestas presentadas por la presidenta ejecutiva de la Asociación Dominicana de Administradoras de Fondos de Pensiones (ADAFP), Kirsis Jáquez, para modificar la ley de Seguridad Social. La propuesta, depositada en el Senado, también incluye aumentar de 2.87 a 3.87 el ahorro en la cuenta de los afiliados, para que estos obtengan mayores beneficios al momento de su retiro. El proyecto de modificación a...

October 18, 2018
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