January 2019

09Jan

UK. Pension cold-calling ban takes effect

A ban on nuisance calls about pensions has now come into force but people are still being urged to be on their guard. Cold-calling has been used by fraudsters trying to steal life savings or persuade people to invest in high-risk schemes. Some 10.9 million unsolicited pension calls and messages are made a year, according to Citizens Advice. Any firm found flouting the rules faces a fine of up to £500,000, but experts suggest fraudsters may ignore the ban....

January 9, 2019
News, Slider,
Read more...
09Jan

Romania’s Government creates legal framework for occupational pensions

Romania’s Labour Ministry drafted a law that allows employers to set up occupational pensions for their employees, newly-appointed labour minister Marius Budai announced. The occupational pensions are designed as supplementary pensions, a benefit that employers can offer, he explained, according to local Agerpres. The law is aimed at implementing the EU Directive 2016/2341 of the European Parliament endorsed by the European Council on December 14, 2016 for the supervision of the specialised occupational pension funds managers. One or more employers can set...

January 9, 2019
News, Slider,
Read more...
09Jan

Brazil’s real leads Latam FX gains on pension reform hopes

Brazil's real firmed against the dollar on Tuesday, with investors anticipating tougher government proposals on pension reform, while the losses among some Latin American currencies reversed after comments by U.S. President Donald Trump on trade. Financial markets are hoping that new Brazilian President Jair Bolsonaro's government will take steps to make deeper cuts to the country's fiscal deficit than envisaged under the previous government. Bolsonaro, who was elected in October and has been an outspoken proponent of shrinking the deficit, is...

January 9, 2019
News, Slider,
Read more...
09Jan

Australia. Industry super to dominate at $1 trillion by 2024

Industry superannuation funds are on track to overtake self-managed super funds to become the dominant players in the $2.7 trillion retirement savings system within the next two years. The remarkable shift is being driven by a combination of factors, including industry funds' superior investment returns and members switching from retail super funds in the wake of damning hearings at the banking royal commission. Read more @AFR

January 9, 2019
News, Slider,
Read more...
09Jan

Nigeria. FG Reaches Agreement With ASUU Over Industrial Action, Pension

The federal government, has reached an agreement with the Academic Staff Union of Universities, ASUU, at the end of a meeting with union leaders in Abuja. Minister of Labour and Employment, Chris Ngige, who presided over the meeting, said the government has met most of the union’s demands, including the release of fifteen and a half billion naira for payment of salary shortfalls. The minister also said ASUU has fulfilled all righteousness on the issue of pensions.  He said all...

January 9, 2019
News, Slider,
Read more...
08Jan

Jim Yong Kim steps down as President of World Bank

World Bank President, Jim Yong Kim has made the surprise announcement that he is stepping down after six years in the post. His resignation will take effect from 1 February. Mr Kim, 59, was not due to leave until 2022, after he was re-elected for a second five-year term in 2017. He will "join a firm and focus on increasing infrastructure investments in developing countries", the World Bank said. In a statement, Mr Kim said: "It has been a...

January 8, 2019
News, Slider
Read more...
08Jan

Pensions in Critical Status Fewest in Decade

The number of multiemployer pensions in critical status has fallen for the sixth straight year. The number of US multiemployer pension plans in critical status has declined for the sixth straight year, and has fallen to its lowest level since 2008, according to data from the US Department of Labor. Under federal pension law, if a multiemployer pension plan is determined to be in critical status or endangered status, the plan must provide notice to participants, beneficiaries, the bargaining parties, the...

January 8, 2019
News, Slider,
Read more...
08Jan

Australia. Investors blindsided by tax from super withdrawals

Australians running their own superannuation funds are being hit with surprise taxes due to a lack of understanding regarding what meeting a full condition of release means, a technical expert has warned. SuperConcepts non-executive director Stuart Forsyth explained that he is coming across a number of SMSF trustees who have decided to pull money out of their super fund and pay it back without realising that the commissioner might consider that to be assessable income. What often happens in these situations, he...

January 8, 2019
News, Slider,
Read more...
07Jan

Volatile Wall Street sparks concern over public pensions, taxes

Some fear that unless the market settles, local governments and schools could face increases in employer contributions to offset pension losses, which could increase pressure to raise taxes. The last time the stock market was roiled by the volatility that it has been experiencing recently was the beginning of the 2008 recession, which left the massive state pension system bruised and turning to local property taxes to make up for losses. Some experts fear that unless the current stock...

January 7, 2019
News, Slider,
Read more...
07Jan

China approves 14 new pension target funds

China has approved the country's third group of pension target funds, allowing 14 more such funds to play a bigger role in meeting the retirement planning needs of an aging population. E-Fund Management, an asset management company based in Guangzhou, obtained approvals for issuing two more such funds while 13 other fund management firms including China Southern Asset Management and China Asset Management were authorized to issue one more each, according to the China Securities Regulatory Commission. The new...

January 7, 2019
News, Slider,
Read more...