July 2019

11Jul

EIOPA issues opinions on governance and risk management of pension funds

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published four Opinions to assist National Competent Authorities (NCAs) in the implementation of the Institutions for Occupational Retirement Provisions - the IORP II Directive: The Opinion on the use of governance and risk assessment documents in the supervision of Institutions for Occupational Retirement Provisions (IORPs) The Opinion on the practical implementation of the common framework for risk assessment and transparency for Institutions for Occupational Retirement Provisions (IORPs) The Opinion on...

July 11, 2019
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10Jul

Ireland. Does Gweedore deserve a higher state pension than Glenageary?

If there’s one certainty you can expect to hear when you visit your local friendly pension adviser, it’s not to depend on the State pension and to provide for your retirement yourself. Now Regina Doherty, Minister for Employment Affairs and Social Protection, has upped the ante on the viability issue by declaring last week that it isn’t “fair” that some people are getting full State pensions which they may not need, while others on the same amount live in...

July 10, 2019
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10Jul

India. State to develop social protection delivery platform

To make delivery of G2C services (government to citizen) more accurate and quicker, the state government has initiated the development of Social Registry and Integrated Social Protection Delivery Platform (SPDP). A national level workshop to this effect was held here Tuesday wherein experts from World Bank, Central government and various states shared their expertise and best practices in the field. Inaugurating the workshop, Chief Secretary Aditya Prasad Padhi said, “SPDP is based on 5Ts (Teamwork, Technology, Transparency, Transformation and...

July 10, 2019
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10Jul

UK. Thousands of pensioners to benefit from PIP assessment overhaul

Work and Pensions Secretary Amber Rudd first announced in March that people receiving PIP who have reached State Pension age will no longer have their awards regularly reviewed, instead moving to a light touch review at 10 years. Work and Pensions Secretary Amber Rudd said: "I want the benefit system to be a source of support for disabled people, not a source of worry. That’s why we’re scrapping needless PIP reassessments for pensioners whose situation is unlikely to...

July 10, 2019
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10Jul

China. Ministry refutes misleading report, guarantees future pensions payouts ‘in full’

China will fully guarantee timely payments of future pensions and sustainable healthy operation of the pension system, a government official said Tuesday, correcting a misleading report on Monday which said that China's pension pot will run dry in 2035, citing research from April. The report has misinterpreted the situation of China's pension institutions, said an official from the Ministry of Human Resources and Social Security (MOHRSS), according to domestic news website bjnews.com. The comment came after Beijing-based news outlet...

July 10, 2019
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09Jul

Africa. Need for pension harmonization

In a press release dated July 5, 2019, the government of Sierra Leone through the Financial Secretary announced that out of a total sum of approximately 67 Billion Leones (SLL 66,830,114,540.00) owed as pensions to 371 former political government employees - including the former president, vice-presidents, former ministers and deputies, ambassadors and deputies, information and cultural Attachés, heads of agencies and departments - a fifty percent payment had been effected to the above erstwhile officials as pensions and gratuities,...

July 9, 2019
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09Jul

EIOPA establishes Expert Practitioner Panel on the Pan-European Personal Pension Product (PEPP)

The European Insurance and Occupational Pensions Authority (EIOPA) kicks-off its policy work on Level 2 measures for the PEPP Regulation Challenging and diverse scope of deliverables - and tight timeframes - call for innovative and efficient solutions Today, the European Insurance and Occupational Pensions Authority (EIOPA) established its Expert Practitioner Panel on the Pan-European Personal Pension Product (PEPP). To deliver on the forthcoming PEPP Regulation's policy perspective to design a PEPP that exhibits high quality product features around information...

July 9, 2019
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09Jul

UK. The changing role of DB pensions

Defined benefit pensions, once so dominant in the UK occupational pensions landscape, are slowly disappearing from the private sector. This long-term trend now feels unstoppable. There are only about 1.2m active members still accruing benefits in private sector DB schemes today, and 40 per cent of private DB schemes are now closed to future accrual – almost double the proportion that were closed to accrual a decade ago, according to The Pensions Regulator. TPR reports only 14 per cent...

July 9, 2019
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09Jul

Threats Remain to Brazil’s Pension Bill Despite Investor Cheer

While investors cheered the progress of Brazil’s key pension reform bill last week, there’s no certainty that its passage through the rest of the legislative process will prove smooth. A day after the lower house special committee approved the text, President Jair Bolsonaro said there are some errors in the bill that need correcting. Members of his party, the PSL, are grumbling about the lack of special treatment for police. Meanwhile time is fast running out for a vote...

July 9, 2019
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09Jul

Ghana. IFS National Pension Dialogue

In 2006, Ghana began a review of its pension system to identify ways of ensuring better income security for Ghanaian pensioners. The review culminated in the enactment of a new National Pension Act (Act 766) in 2008. The law establishes a new contributory three-tier pension scheme and a regulatory oversight body, the National Pension Regulatory Authority (NPRA), to oversee administration of the composite pension scheme. Under the law, which remains in force today, 13.5% of an employee’s basic salary...

July 9, 2019
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