August 2020

04Aug

US. Beleaguered Public Pension Funds Make Record Gains in Second Quarter

Public pension funds set a 22-year performance record in the second quarter, recovering some but not all of their losses from the first quarter. Double-digit stock gains pushed pension returns to a median 11.1% for the second quarter, according to Wilshire Trust Universe Comparison Service. Even with the rebound, median annual returns for the public pensions whose fiscal years ended June 30 were 3.2%, far short of the funds’ long-term investment-return target of around 7%. “That’s the funny thing...

August 4, 2020
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04Aug

Women Are Leading Latin America’s Fintech Revolution

Finance services is an industry that has been particularly male-dominated, with women holding less than 10 percent of senior positions. Despite predictions that the fintech industry could disrupt the gender balance in the traditional finance sector, female leadership in fintech remains low in most of the world. Read also How to Improve Women’s Retirement Savings: Brookings In Latin America, however, women are stepping up as fintech leaders, with five times as many female-founded fintechs as the global average. The Latin...

August 4, 2020
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03Aug

Nearly 1 in 5 Americans Is Delaying Retirement Due to COVID-19.

The COVID-19 pandemic has had a huge financial impact since cases first started multiplying rapidly back in March. Now, almost five months later, unemployment is still rampant and the economy is stuck deep in recession territory. Read aslo US. Beleaguered Public Pension Funds Make Record Gains in Second Quarter All of this is causing Americans to rethink their near-term and long-term financial plans, so it's not surprising to learn that 19% of U.S. adults now intend to push back their...

August 3, 2020
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03Aug

Young Australians are raiding their super. What does this mean for their future?

Australians are dipping into their super funds like Winnie the Pooh sticks his paw in a jar of honey. The Australian government decided to let us take out up to $20,000 in two bites. Millions of people didn’t need to be asked twice. The official estimate for the amount removed from Australia’s retirement savings system is now a whopping $42 billion. According to ME Bank — a bank owned by super funds — the group most likely to raid...

August 3, 2020
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03Aug

India. Panel on labour suggests social protection for informal workers

The panel called for a framework of a model composite scheme to bring greater uniformity among states The committee sought the creation of a social security fund for unorganized sector workers The parliamentary panel on labour has batted for universal social protection for unorganized sector workers and has proposed a blueprint for the Centre to include gig-economy workers, while acknowledging rapid changes in the labour market. The parliamentary panel, which submitted its report to Lok Sabha speaker Om Birla...

August 3, 2020
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03Aug

Canadian pension fund pursues global growth

Caisse de depot et placement du Quebec (CDPQ) is shifting to an integrated structure for international activities in order to have a global view when managing its presence in different regions. "After building multidisciplinary teams in Asia, Latin America, the United States and Europe, and increasing our international exposure by over $140 billion (AUD$146.4 billion) in five years, moving toward a more integrated structure is the natural next step in our evolution," the fund said. To drive the strategy,...

August 3, 2020
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July 2020

31Jul

More than 3 million Chileans seek to withdraw pensions amid pandemic

Updates with new totals from Chile´s Superintendent of Pensions More than 3 million Chileans on Thursday asked to withdraw a portion of their pension funds as a controversial law took effect allowing citizens to tap into retirement savings to buffer the economic impacts of the coronavirus. Read also ‘We’re Going for More’ Say Chileans After Pensions Reform Crosses Free Market Rubicon Long lines formed in Santiago outside the offices of Pension Fund Administrators (AFP) as Chileans sought to take...

July 31, 2020
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31Jul

COVID-19 Pandemic to Intensify Risks for Insurers: EU Regulator

Insurers in the European Union are confronted with risks on several fronts that are intensified by the COVID-19 pandemic, and could face lengthy legal battles from claims relating to lockdowns, the bloc’s insurance watchdog said on Thursday. Read also Jamaica. COVID Economic Task Force Favours Lifting Pension Investment Limits Insurers and reinsurers had a “solid and comfortable” capital buffer going into the crisis, the European Insurance and Occupational Pensions Authority (EIOPA) said in a Financial Stability Report. However, a high...

July 31, 2020
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30Jul

Latin America Eyes Pension Billions as Welfare Alternative

Colombia is the latest Latin American country considering a plan to let workers to tap private pension savings, a move intended to soften the slump in consumer spending but which risks worsening some of the world’s deepest stock market slumps. A bill sent to congress this week would allow some Colombians to tap as much as 10% of their retirement savings. Read also Australians likely to withdraw $30 billion from pensions to weather coronavirus Chile passed a similar measure this...

July 30, 2020
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30Jul

Greece to return 1.4 bln euros to pensioners hit during debt crisis

Greece will this year return 1.4 billion euros to pensioners whose income was slashed during the financial crisis of the past decade, the country's prime minister said on Wednesday. Prime Minister Kyriakos Mitsotakis' conservative government made the decision following a top court ruling which said that some pension cuts imposed in 2015-2016 were illegal. Mitsotakis said the one-off payment applies only to main pensions - not supplementary pensions or benefits. The money will be distributed to about 2 million...

July 30, 2020
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