November 2019

08Nov

Estonia. Social affairs minister: Limit second pillar voluntary withdrawals

The Ministry of Social Affairs has proposed the Ministry of Finance amend its pension reform bill to limit the amount of money which can be withdrawn from the so-called second pillar fund. The draft bill was issued last Wednesday, with interested parties given a week to submit feedback, comments, suggestions etc. by midnight this Wednesday, Nov. 6. The social affairs ministry, a key player and part of the same coalition government, had not submitted its comments as of Wednesday...

November 8, 2019
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08Nov

Ghana. Health sector pensioners assured of lump sum payments come January 2020

The Board of Trustees (BoT) of the Health Sector Occupational Pension Scheme (HSOPS) has assured its contributors that they are reasonably ready to take over payments of lump sum come January 2020. Dr Derek Amoateng, the Chairman of the Board of Trustees of the Health Sector Occupational Pension Scheme, gave the assurance at the commissioning of the Scheme's temporary secretariat located on the premises of the Greater Accra Regional Office of the Ghana Registered Nurses and Midwives Association's (GRNMA)...

November 8, 2019
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08Nov

Philippines. Social pension and our senior citizens

A hallmark of Filipino culture is how we treat our elderly with respect and utmost care. Indeed, it is normal for a family to have at least one grandparent living with them—and if not living with them, then frequently visiting to make sure the children and grandchildren are doing well. With this in mind, the government recognizes that the welfare of senior citizens can be a challenge for many families. That is why there is a need for...

November 8, 2019
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07Nov

US. IRS Announces Higher 2020 Retirement Plan Contribution Limits For 401(k)s And More

How much can you save for retirement in 2020? The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2020: 401(k) contribution limits are up; traditional IRA contribution limits stay the same; almost all the other numbers are up. The amount you can contribute to your 401(k) or similar workplace retirement plan goes up from $19,000 in 2019 to $19,500 in 2020. The 401(k) catch-up contribution limit—if you’re 50 or older in 2020—will be $6,500 for workplace...

November 7, 2019
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07Nov

Estonia. Second pillar pension reform continues to divide politicians

Isamaa party leader Helir-Valdor Seeder says that getting rid of the second pillar of the Estonian pension system, what he called the "worst product in the world", would bring far more benefits than losses. Opposition Reform Party MP Andres Sutt said that it would change very little in a positive way, and affect the most vulnerable in society most. Read also Estonia. Social affairs minister: Limit second pillar voluntary withdrawals Appearing on political discussion show Esimene stuudio Tuesday evening, moderated...

November 7, 2019
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07Nov

Bulgaria and Azerbaijan Sign Pension Agreement

The Minister of Labor and Social Policy Bisser Petkov and his Azerbaijani counterpart Sahil Babayev signed a Pension Agreement between Bulgaria and Azerbaijan, the Social Ministry press center announced. The signing of the document took place today in the capital of Azerbaijan, Baku. Before the ceremony, Minister Petkov met with Prime Minister of Azerbaijan Ali Asadov. The pension agreement will regulate work insurance in both countries, as well as the procedure for granting and paying retirement and old-age pensions,...

November 7, 2019
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07Nov

Ireland. Quarter of people ‘can’t afford’ to save for retirement

Concern about cost is the main factor holding people back from starting a pension. Other factors include the expense of raising a family, with people also stating they feel they are too young to save for retirement, according to research commissioned by Bank of Ireland. It comes as the Government has firmed up some of the detail on a new auto-enrolment pension to be launched for around 600,000 workers from 2022. Some six out of 10 workers in the...

November 7, 2019
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07Nov

Income of 100 richest Norwegians almost double in last 10 years: report

While the income of 100 richest people in Norway almost doubled in last ten years, most other people have seen much smaller growth of their earnings, newspaper Aftenposten reported Wednesday. The tax and income list for 2018 published on Tuesday showed that more Norwegians have a taxable income of more than 1 million kroner (109,529 U.S. dollars) per year. These figures do not include deductions before tax. Last year, a total of 152,537 people earned over 1 million, 13,246...

November 7, 2019
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06Nov

Rising tensions pose Asia dilemma for US pensions

US state pension schemes certainly don’t lack for problems. Many have nowhere near enough funds to cover growing payout liabilities (see first box below). And they struggle to shift their members from defined benefit to defined contribution schemes which would sap their assets less quickly. Read also China Life Pension Assets Doubled One solution would be to improve investment performance. Unfortunately, asset returns have been falling and market volatility rising, in part because of the geopolitical uncertainty and US-China trade...

November 6, 2019
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06Nov

Green Coalition: Pension Plans Miss Billions by Not Divesting from Fossil Fuels

A new study shows that the two largest pension funds in the US—the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS)—as well as the Colorado Public Employees’ Retirement Association, combined missed out on $19 billion in investment returns over the last decade by investing in fossil fuel stocks. The study is the latest salvo by environmentalists in their battle to convince the large pension funds to divest their portfolios of the stocks of...

November 6, 2019
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