September 2018

12Sep

European Court: UK Pension Lifeboat Should Lift Compensation Cap

Last Thursday, the Court of Justice of the European Union ruled that pensioners should receive a minimum of 50 percent of the value of their pension in the event that their employer eventually goes bust. The Pension Protection Fund (PPF), the pensions lifeboat of the United Kingdom, had imposed a cap for the compensation of employees who had lost their pensions when their employers went under at £35,000. The CJEU reviewed the case of Grenville Hampshire who lost approximately 67 percent...

September 12, 2018
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12Sep

Switzerland. Supplementary benefits – what are they and who receives them?

Reducing financial support for the country’s poorest citizens is triggering heated debates in parliament, with no final decision expected this session. State expenditure has more than doubled since 2000 on so-called supplementary benefits for people who can’t get by on their pension alone. What’s at stake? The almost CHF5 billion ($5.1 billion) in supplementary benefitsexternal link that the state pays to more than 320,000 pensioners a year. What’s the purpose of supplementary benefits? According to the federal constitution, the old-age and disability pension...

September 12, 2018
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12Sep

Sukuk – a new avenue for funding African infrastructure

African governments need to embrace private sector infrastructure investment to alleviate the burden on the public purse. Fully convertible exchange rates and allowance for capital to easily move in and out of African countries should be deemed precedent conditions. Sukuk – the Islamic equivalent of bonds – give investors a share of an asset together with the attendant cash flows and risk. It can only be extended to productive activities, trade, and real assets. Globally Sukuk issuance in 2017 increased by 45.3%,...

September 12, 2018
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12Sep

US. Trump takes a first step to boost retirement security

President Donald Trump recently issued an executive order aimed at strengthening retirement security in America. It's a step in the right direction, but tackling two additional issues would truly address the pressing needs of working Americans who want to save for retirement. Mr. Trump's Aug. 31 order directs the Department of Labor and the Department of Treasury to encourage the adoption of multiple employer plans (MEPs), which allow small employers to pool resources and costs to offer retirement plans to...

September 12, 2018
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12Sep

UK. Millions risk a ‘minimum wage’ old age

Millions of workers are facing a “minimum wage pension” as automatic enrolment contributions are too low, experts warned yesterday. The amount put into employees’ “defined contribution” pots has fallen dramatically in six years. The average amount saved into pensions by employees and their employers was 3.4 per cent of salary in 2017, falling from 4.2 per cent in 2016 and from a 9.7 per cent high in 2012. This is despite the number of people saving for their old age reaching...

September 12, 2018
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12Sep

China. Asset management firms see potential in pension funds

One month after the central regulator gave the green light to pension target securities investment funds, asset management companies have sped up their growth in the market. Two pension target securities investment fund products from Shanghai-based Zhong Ou Asset Management and Beijing-based Manulife Teda Fund Management started to be sold to the public on Monday. Both products will adopt the fund of funds strategy, with a portfolio that consists of multiple underlying mutual funds and each of those underlying funds...

September 12, 2018
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11Sep

Argentina. En un año los jubilados perdieron el 10% de su poder adquisitivo

Sucede por la reforma que recortó los aumentos de haberes y porque la inflación creció en los últimos meses. En una jubilación mínima, son casi mil pesos. Tras el último aumento y tomando en cuenta la inflación oficial reportada por el Indec, las jubilaciones y pensiones ya perdieron un 9,7% de su valor respecto de lo que representaban hace un año. Según un informe publicado por el periodista Ismael Bermúdez del diario Clarín, ese porcentaje implica aproximadamente $ 1400 menos para...

September 11, 2018
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11Sep

México. Viven de programas sociales 50% de los adultos mayores

México enfrenta el reto de satisfacer las necesidades de la población de la tercera edad; las acciones no representan una solución estructural al reto de lograr una adecuada combinación de cobertura, suficiencia y sostenibilidad. De los 9.6 millones de adultos mayores que hay en el país, 49% recibe una pensión no contributiva, es decir, de programas sociales como 65 y más u otros programas asistenciales a nivel federal o estatal, indica la Comisión Nacional del Sistema de Ahorro para el...

September 11, 2018
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11Sep

Will an ageing workforce prove beneficial or detrimental to your business?

Figures released by the Office for National Statistics (ONS) revealed that the UK’s population reached its largest ever tally at 65.6 million during 2016. The nation’s population isn’t only getting bigger mind, as it’s also getting older as well. The ONS underlined this point, by recording that 18 per cent of citizens in the UK were 65+ in 2016 and that 2.4 per cent were 85+. With our population getting older, it stands to reason that businesses throughout the UK...

September 11, 2018
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11Sep

Russia. Putin Allies Suffer Election Setbacks Amid Pensions Protests

Russian President Vladimir Putin got a taste of public anger at his plans to increase the pension age as voters turned on the ruling party in regional elections and hundreds were arrested at protests against the reform. United Russia’s candidates for governor in four regions, mostly in the country’s east, were forced into runoffs after failing to win majorities in elections Sunday. They trailed Communist and nationalist opponents in two of the races, gaining as little as 32 percent support...

September 11, 2018
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