August 2020

26Aug

UK pensioners lose £30m to scammers

Pension savers claim over £30m ($39.4m) has been lost to scams over the past three years, according to the Financial Conduct Authority (FCA) and The Pensions Regulator. Pension pots of all sizes have been victims of scams, with reported losses ranging from under £1,000 to as much as £500,000. A total of £30,857,329 has been reportedly lost to pension scammers since 2017, according to complaints filed with Action Fraud. However, the true number of scams is likely to be...

August 26, 2020
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26Aug

Zamara to manage Malawi public service pension fund

Pension fund administrator Zamara Group has inked a deal to manage the Malawi public service pension fund. Zamara Group, which manages Sh300 billion pension funds for 170,000 Kenyans and operates in six other African countries said it would replicate its Kenyan model in Malawi. Zamara acquired a majority stake in a pension fund administration business in Malawi last year called Axis Pensions, a business which had been in operations for more than eight years. “We see great scope in...

August 26, 2020
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25Aug

What The Pandemic Has Revealed About Retirement Plans

This year has been a real eye-opener for many pre-retirees and retirees. Over the years, most people heard warnings and advice from retirement advisors about various aspects of their plans. The warnings were based on a combination of data and anecdotes and often didn’t hit home or inspire urgency. But the Covid-19 pandemic compressed many events into a short period and affected the entire country. Suddenly, the concerns weren’t theoretical or something to worry about years from now. A...

August 25, 2020
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25Aug

Nigeria’s Federal Government Releases N14.92bn for Payment of Pension to Retirees

The federal government has released the sum of N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme(CPS). Read also Nigeria. Axa close to selling off pension fund arm According to a statement issued yesterday by the National Pensions Commission (PenCom), the disbursement will offset four months’ arrears. Read also Pakistan. The politics of pension reform The accrued pension rights represent an employee’s benefits for the past years of service up to June 2004, when the...

August 25, 2020
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25Aug

Greece. Wave of Pension Applications Swamp Overwhelmed Greek System

Greece's New Democracy government, which said retroactive pension payments ordered by the country's highest administrative court would begin in September, is also being hit with a deluge of applications for new pensions. The backlog could hit more than 300,000, said Kathimerini, and return the country to when beneficiaries had to wait two years or longer for their first check and were barred under law from working during that time. There was a big jump in people filing in January...

August 25, 2020
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25Aug

Pakistan. The politics of pension reform

Last week, Prime Minister Imran Khan expressed his resolve to address the pension issue. It is the first time the issue of pension has found a space on the national policy radar and caught the sitting PM’s attention. To address the pension problem, the PM must sort out its economics, politics and process. I have written extensively on the economics and process, but not as much on politics. Nonetheless, politics remains the thorniest part. Considering that any reform could...

August 25, 2020
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24Aug

Philippines. Dominguez pushes for reforms in corporate pension system

The Capital Market Development Council chaired by Finance Secretary Carlos Dominguez III is considering reforms in the corporate pension system, including the recommendation by the Fund Managers Association of the Philippines to require the partial or full funding requirement of retirement plans for private sector workers. Dominguez said over the weekend the council consulted the Department of Labor and Employment on FMAP’s recommendation. He said the recommendation would help provide sufficient funds for the pension or retirement plans...

August 24, 2020
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24Aug

UK. Why we’re largely a nation of ‘no clues’ on pensions

Alarm bells are ringing again after further dark news about pension saving in the UK. A lack of planning, a lack of knowledge, and just not getting around to thinking about pensions means that even those who are saving into a workplace or personal pension are still doing so passively. We save according to the legal minimums required, rather than asking ourselves the crucial question: how much will I need, and how much must I save right now,...

August 24, 2020
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24Aug

Australia. Challenger launches floating rate annuity

Challenger is launching a guaranteed floating rate lifetime annuity, with payments linked to the Reserve Bank of Australia (RBA) cash rate. The new annuity would provide investors with guaranteed payments that moved with the RBA cash rate, allowing them to not miss out when the rate rises again. Angela Murphy, chief executive of distribution, product and marketing at Challenger, said the option maintained substantial estate and withdrawal benefits, and could improve Age Pension eligibility and outcomes. “This is a...

August 24, 2020
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21Aug

US. Sustainability Matters: Overwhelming Opposition to Proposed Regulation Limiting the Use of ESG in Retirement Plans

The U.S. Department of Labor has proposed a rule that would limit the use of investments that consider environmental, social, and corporate governance factors in worker retirement plans subject to ERISA, including 401(k) plans. Read also US. DOL Issues New Rules On Retirement Plan Income Disclosures The proposed rule questions the financial materiality of ESG issues and assumes that ESG-focused investment strategies and funds are primarily focused on providing “nonpecuniary” benefits, often at the expense of “pecuniary” benefits, otherwise known...

August 21, 2020
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