January 2020

06Jan

UK. More than 10,000 retirees set to lose £3,500 a year in state pension

That's because the government is cutting the extra payments for "adult dependents", worth up to £70 a week. In total, 11,000 retirees are expected to lose a collective £33million, according to a Freedom of Information request by Steve Webb, policy director of insurer Royal London. The so-called "adult dependency increase" (ADI) is typically paid for a partner who is below state pension age but who is financially dependent on someone receiving the basic state pension. These extra payments closed...

January 6, 2020
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03Jan

Ghana. SSNIT To Pay ¢243m Pension In 2020

The Social Security and National Insurance Trust (SSNIT) has announced it will pay pensions in excess of GH¢ 243 million this yearp. The amount represents an indexation rate of 11℅ for the year under review. Chief Actuary of SSNIT, Stephen Yeboah, made this known at a press conference on Thursday, January 2, 2020, in Accra. Read also Africa’s Biggest Fund Manager Needs CEO for $150 Billion Assets According to him, the 2020 indexation rate was determined using the percentage change...

January 3, 2020
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03Jan

On Day 29, French rail strike makes history

A labour walkout that has frustrated Paris commuters and marooned thousands of holiday travellers in France dragged into its 29th day on Thursday, becoming the country's longest continuous railway strike with no end in sight. The standoff over the government's plan to merge 42 pension schemes into a single, points-based system has seen workers at the state-owned SNCF railway company and Paris' RATP public transport operator down tools since December 5. Hundreds of thousands of strikers and their supporters...

January 3, 2020
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02Jan

Mongolia to write off loans of all pensioners

The National Security Council of Mongolia led by the country's president has decided to write off the loans of all pensioners in the country. President Khaltmaa Battulga announced the decision on Tuesday night while extending New Year greetings to his people via media. "I am happy to announce that the National Security Council of Mongolia has decided to pay off the loans of all pensioners ... with the aim to help them get out of debt," he said. It...

January 2, 2020
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02Jan

Japan’s GPIF is right — short selling is downright irresponsible

When the Japanese Government Pension Investment Fund (GPIF) announced it was going to stop stock lending, the decision was met with a mixed response from commentators. Among them was a damning conclusion from the Financial Times’ Lex column, which suggested this was another example of Japan Inc “scoring an own goal”. I could not disagree more. The GPIF is one of very few major financial institutions not only to have thought through its own broader responsibilities but also to have put...

January 2, 2020
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02Jan

US. Estate Planning: What Does the SECURE Act Mean for You and Your Retirement?

The SECURE Act signed into law in December is the most important retirement legislation in over a decade. The overall goal of the SECURE Act was to make saving for retirement easier and more affordable. Read also Japan’s GPIF is right — short selling is downright irresponsible What’s New? One major change is that the age that individuals must start taking their minimum distributions from retirement accounts has been raised from 70 ½ to 72. This is important because it...

January 2, 2020
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December 2019

31Dec

The Collapse of the Models. Re-shaping Social Protection in Europe and Latin America

The 2010-decade was a challenging period for the world. Latin America’s economy was doing relatively well at the beginning of the decade. However, the region’s economy is stagnated. Read also Colombia’s Pension Reform Hampered By Political Tension The European Union has been struggling too. Besides economic stagnation, right-wing populist candidates have been on the rise. The populists’ slogans on preserving national identity and tackling uncontrolled immigration have gained traction. Read also Greek government planning pension rises for 450,000 recipients Further, the...

December 31, 2019
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31Dec

UK. Bank of England Governor warns of climate change threat to pension funds

Bank of England governor Mark Carney has warned pension schemes are at risk due to climate change unless they cut their investments in fossil fuels. The outgoing BoE chief made the comments in a pre-recorded BBC Radio 4 interview broadcast today (30 December). Read also UK. 20 key changes to tax, pensions, benefits, rail fares and more coming in 2020 He warned unless firms woke up to the 'climate crisis' certain assets would become worthless. Mr Carney said:...

December 31, 2019
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30Dec

France. Macron forced to step in to defuse crisis over pension changes

Emmanuel Macron will be forced to speak out on France’s ongoing pensions strike in his televised new year address on Tuesday as transport stoppages look likely to continue into a fifth week, causing major disruption over the holiday period and into January. Read also On Day 29, French rail strike makes history The centrist French president, who made overhauling the country’s pensions system a key election pledge, has until now refrained from intervening personally, leaving his prime minister, Edouard Philippe,...

December 30, 2019
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30Dec

UK. 20 key changes to tax, pensions, benefits, rail fares and more coming in 2020

A huge number of changes are planned for 2020 that will affect many aspects of your life - including changes to benefits, pensions and transport fares. Some of the moves will be good news for your finances - others will hit you in the pocket. Benefits are rising, while tax breaks are taken from landlords - and while the state pension is up, free TV licences are being taken away. There are also new rights coming affecting bank accounts...

December 30, 2019
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