January 2020

15Jan

Managing UK pensions risk: new Pensions Regulator powers and criminal offences

Following the general election, the government has reintroduced the Pension Schemes Bill (the ‘Bill’) into Parliament. The Bill includes a number of provisions which will significantly impact corporate activity involving groups with a UK defined benefit pension scheme. Two new criminal offences of ‘risking accrued scheme benefits’ and ‘avoidance of employer debt’ are proposed, each carrying a maximum penalty of seven years in prison. The circumstances in which the Pensions Regulator (the 'Regulator') can make connected third parties (such...

January 15, 2020
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15Jan

Strike against pension reform not to have severe impact on French economy: minister

Rolling train and metro stoppages and nationwide street rallies would not pose serious challenge to France's economy which has preserved its attractiveness despite a social tense climate, French Economy and Finance Minister Bruno Le Maire said on Tuesday. Asked by CNews television whether growth of the eurozone's second key powerhouse would be affected by unions' industrial action to oppose a pension overhaul, Le Maire said: "I don't think the strike will cost France dear." "I don't think that it...

January 15, 2020
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14Jan

Greek Authorities to Raise Pensions after Years of Cutbacks

A new bill submitted to parliament in January envisages new increase in pensions for pensioners in Greece. Pension increases will range from 3% to 10% and affect pensioners who have more than 30 years of insurance coverage. The supplementary pensions for the freelancers and farmers will also increase by up to 48%. The new social security reform should increase all pensions, which have been reduced to 1300 euros. The average increase will be with about of 99.5 euros. Read...

January 14, 2020
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14Jan

Occupational pension system enforced in Romania as of February

The Law on Occupational Pensions will enter into force in Romania on February 7, Adevarul daily announced. The provisions of Law 1/2020 indicate how much money the employers and employees can contribute to such funds (Pillar IV) on a monthly basis, the daily commented. Specifically, Law 1/2020 stipulates that the employer decides whether or not to propose to the employee an occupational pension scheme. This has to be included in the employment contract. Then, the employer will sign a...

January 14, 2020
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14Jan

US. The Secure Act is exposing the ugly truth about people’s hatred of paying taxes

We want a society where we have safe roads, low crime, good public schools and, for times when people fall short financially, a safety net. Our taxes support Medicare, Medicaid and Social Security, which we know have kept millions of seniors out of poverty. Fifty-seven percent of retirees say Social Security is their major source of income, according to a 2019 Gallup poll. But the ugly truth about taxes is that many people hate giving up income to provide...

January 14, 2020
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14Jan

Canada. Fusion Pharmaceuticals Announces Investment from Canada Pension Plan Investment Board (CPPIB)

Fusion Pharmaceuticals Inc., a clinical-stage precision oncology company developing next-generation radiopharmaceuticals, today announced an investment commitment of up to US$20 million from Canada Pension Plan Investment Board (CPPIB). CPPIB joins Fusion’s existing group of top-tier investors adding to the US$105 million Series B announced in April 2019. The financing will primarily be used to expand the use of the Company’s Fast-Clear™ Linker Technology platform by investing in new partnerships and targeting molecules to create novel targeted alpha therapeutics, and...

January 14, 2020
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13Jan

Nigerian Governors should publish payment details of their pensions since 1999, SERAP ask court

Nigeria’s Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court, Abuja to order the 36 state governors in Nigeria to “publish details and breakdown of payment of pensions to each of the former governors and other ex-officials, and the names and number of ex-governors and other officials receiving pensions under their respective State pension laws between 1999 and 2019.” Read Also Nigeria’s pension industry squeezed as risk outlook for banks worsens In the suit filed...

January 13, 2020
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13Jan

UK. Thousands of savers failing to report pension tax breaches

Thousands of savers are failing to report annual allowance breaches on their tax returns which leaves them at risk of missing out on tax relief or facing high tax bills, according to Royal London. Last year HM Revenue & Customs said it was aware some people had not reported breaching the annual allowance, which is currently £40,000. It warned that people who have used scheme pays, whereby their pension scheme pays the tax charge from their pension, must still...

January 13, 2020
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13Jan

France. French transport strike drags on despite government compromise on pensions

A crippling French transport strike dragged into its 39th day on Sunday despite the government’s offer to withdraw the most contested measure of the pension reform plans that sparked the protest. Prime Minister Edouard Philippe said Saturday he would drop plans to increase the official retirement age to 64 from 62 in an effort to end a strike which has paralyzed Paris and its suburbs, with bus, train and metro services all badly disrupted. “I am willing to withdraw...

January 13, 2020
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13Jan

Macron Scraps Proposal to Raise Retirement Age in France

Faced with an unrelenting protest over proposed changes in France’s generous pension system, officials withdraw a move to raise the full-benefit retirement age to 64 from the present 62. Read Also France. French transport strike drags on despite government compromise on pensions With tens of thousands of anti-government demonstrators once again coursing through the streets of Paris and other cities and clouds of tear gas and smashed store windows punctuating the urban landscape, the French government made a major concession on...

January 13, 2020
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