March 2020
18Mar

UK. History repeats itself with pension reforms

By John Roberts Most aspects of our daily lives are affected by the whims and ambitions of politicians. This has been the case for pension provision right back to the early 20th century and beyond. For the financial services industry and the population as a whole, the effects of political decisions are coming home to roost for the second time in a generation. As part of the self-reliance philosophy – distaste for state provision and the population’s reliance on...

March 18, 2020
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18Mar

Antigua and Barbuda . COVID-19 puts thousands of pensioners at risk

A turn for the worse in the spread of the novel coronavirus (COVID-19) could be disastrous for thousands of pensioners who depend on the state to survive. “That timeliness of the benefit payment is what will determine the quality of life for an elderly person that is perhaps afflicted by a COVID-19 infection,” said the Executive Director of the Antigua & Barbuda Social Security Board (ABSSB), David Matthias. According to Matthias, 11,288 people over the age of 60 are...

March 18, 2020
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17Mar

France. Macron Suspended Pension Reform and Delayed Second Round of Elections

France will be quarantined by noon on Tuesday, French President Emmanuel Macron said in a statement to the nation broadcast by the Elysee Palace. All residents are ordered to stay home and will only be able to leave their homes for substantial reasons. People's movement will be very restricted, Macron said. "We are at war," the French president repeatedly said. Macron announced a number of measures that put France in a martial law to combat the virus. Here are...

March 17, 2020
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17Mar

COVID19 checklist for pension schemes

As governments and central banks across the world introduce extraordinary measures to limit the damage of this pandemic to both health and the global economy, The Pensions Regulator has urged trustees to have appropriate contingency plans in place to mitigate risks that could have significant consequences for their schemes and members. As such, Buck has launched a checklist aiming to help trustees and employers understand these risks, including actions that can be taken to mitigate them. The checklist...

March 17, 2020
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17Mar

In Nagoya, scramble for hospital beds shows coronavirus challenge for aging Japan

Hospitals in Nagoya city in Japan's industrial heartland have more coronavirus patients than they can treat, forcing transfers to nearby areas and offering a glimpse of the challenges the outbreak poses for a country with a huge elderly population. Japan has closed schools and canceled public events, which experts say has helped prevent an explosive spread of the virus. But because testing hasn't been widespread, some medical experts say the extent of infection is understated, and a surge could...

March 17, 2020
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16Mar

Coronavirus: Stocks plunge despite global central bank action

Global stock markets have sunk despite central banks around the world announcing a co-ordinated effort to ease the effects of the coronavirus. London's FTSE 100 index has fallen more than 6%, and other major European markets have seen similar falls. Read also Coronavirus: FTSE 100, Dow, S&P 500 in worst day since 1987 On Sunday, the US Federal Reserve cut interest rates to almost zero and launched a $700bn stimulus programme. Read also COVID19 checklist for pension schemes It was part of co-ordinated action announced alongside...

March 16, 2020
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16Mar

LGIM to launch its first fossil fuel-free pension fund after pressure

The UK’s biggest fund manager has bowed to client pressure and agreed to launch its first fossil fuel-free ethical pension fund later this year. Legal & General Investment Management (LGIM), which has been one of the most outspoken fund managers over the climate crisis, made the decision after a number of clients raised concerns that stocks such as Shell were still being included in its range of ethical funds. Those clients include PensionBee – an online pension provider that handles £750m-worth...

March 16, 2020
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16Mar

Coronavirus pushes big Dutch funds back toward pension cuts

The fall in interest rates caused by the global coronavirus outbreak has pushed the Dutch pension fund system back into crisis, with the largest fund, ABP, warning on Monday it would have to cut pensions in 2021 at current solvency levels. ABP, which holds 459 billion euros ($513 billion) in assets for civil servants, said its coverage ratio of assets to liabilities slid to 88.7% in February from 94.1% in January. Read also Dutch pension funds receive billions as additional collateral Lower...

March 16, 2020
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13Mar

Inquiry Alleges ‘Substantial Impropriety’ at South Africa’s Public Investment Corp.

A judicial inquiry in South Africa recommended sweeping changes to laws governing Africa’s biggest fund manager after it found senior management, including former Chief Executive Officer Dan Matjila, flouted internal procedures. The investigation, led by retired Judge Lex Mpati, concluded there had been “substantial impropriety” at the state-owned Public Investment Corp., which manages 2.13 trilllion rand ($130 billion) of state-employee pension funds. It found that the board had acted as a “rubber stamp” for Matjila, who failed to disclose...

March 13, 2020
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13Mar

Coronavirus: FTSE 100, Dow, S&P 500 in worst day since 1987

The main UK index dropped more than 10% in its worst day since 1987. In the US, the Dow and S&P 500 were also hit by their steepest daily falls since 1987. The declines came despite actions by the Federal Reserve and European Central Bank to ease financial strains. At the start of US trading, plummeting shares triggered an unusual automatic suspension in trading for the second time this week. When trade resumed 15 minutes later, shares continued to...

March 13, 2020
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