September 2018

11Sep

US. Another Hit to Retirement Plan Investors: Financial Transaction Tax

An analysis shows a new bill introduced in the Senate would result in a significant financial hit to retirement plan investors. Modern Markets Initiative is pushing back on a tax provision in the bill. The Inclusive Prosperity Act of 2017 has been introduced in the Senate and includes a financial transaction tax (FTT). According to Modern Markets Initiative (MMI), the FTT would be applied to every stock traded, including a 0.5% rate on equity, a 0.1% rate on debt and a...

September 11, 2018
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11Sep

Worlds largest public pensions in breach on climate change

A handful of public pension funds, mostly based in Europe, are showing true leadership on climate change, demonstrating robust approaches to aligning their investments with the low-carbon transition. However, over 60 per cent of pension funds have little or no strategy on climate change, according to a new global assessment of the sector ‘Pensions in a changing climate’ is the first in a series of four reports on the pensions sector produced by the Asset Owners Disclosure Project (AODP), which...

September 11, 2018
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10Sep

150 held over pension protests in Russia

Thousands of supporters of jailed opposition leader Alexei Navalny have protested across Russia against planned increases to the pension age, with a rights group saying at least 153 of them had been detained by the police. The protests were a challenge to the authorities who were hoping for a high turnout at regional elections, also being held on Sunday, despite widespread anger over the pension move. "The authorities are not listening to people and that means it's time to take to...

September 10, 2018
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10Sep

Welfare boost for 4.8 million Australians

Single pensioners will soon receive an extra $8.70 a fortnight and couples will pocket an additional $13.20 following a twice-yearly change to indexation rates. Unemployed Australians will take home about $2 more each week, while parenting payments will also rise by about $3 per week. Rent assistance rates will also increase from September 20, as will a range of income and asset test limits for various payments including the age pension. Welfare rates are raised every six months to help people handle...

September 10, 2018
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10Sep

Zimbabwe mulls pension reforms

Zimbabwe is proposing pension reforms as it seeks to come up with an efficient pension system, according to a draft document compiled by the Insurance and Pension Commission. This comes amid challenges besetting the industry, including low confidence levels, poor viability of pension funds, low coverage and poor corporate governance. “In view of the above challenges, the Insurance and Pensions Commission has taken an initiative to propose holistic reforms for the country’s pension sector in order to come up with an...

September 10, 2018
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10Sep

Ireland. Report warns of explosion in public debt caused by ageing population

Longer working lives, minimising increases in public spending and reforms to boost productivity will be necessary over the coming years if an explosion in public debt, caused by an ageing population, is to be avoided, a new report from the Department of Finance has found. The report, released by the department on Sunday, projects huge increases in age-related costs unless significant policy changes are made by future governments. Rising life expectancy, greater numbers of older people and a consequent fall in...

September 10, 2018
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07Sep

These countries top the US when it comes to retirement

If you're looking for a country that offers a quality retirement, you may want to look outside the U.S. Natixis Investment Managers has released its annual ranking of countries with the best retirement based on finances, material well-being, health and quality of life. This year, the U.S. managed to nudge up one spot to number 16 out of 43 countries. The move was just a modest improvement compared with Ireland, which moved up seven spots to debut in the Top 10 for...

September 7, 2018
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07Sep

UK. Pension savers heading for retirement shock as average contributions fall – experts warn

Total membership of occupational pension schemes in the UK was an estimated 41.1 million in 2017, the highest level recorded by the Office for National Statistics (ONS) survey. But looking at defined contribution (DC) pension schemes in the private sector, the average contribution rate being paid into savings pots by employees and their employers was 3.4 percent in 2017, falling from 4.2 percent in 2016. The launch of automatic enrolment into workplace pensions, which started in 2012, has boosted the number...

September 7, 2018
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07Sep

India. RINL unions flay move to cut contribution to pension fund

Various staff unions of the Rashtriya Ispat Nigam Limited (RINL) on Wednesday criticised the management’s move to contribute just two percent towards the pension fund for the non-executive employees. ‘Agreement violated’ In a memorandum to RINL Chairman-cum-Managing Director P. Raychaudhury on Wednesday, the unions including the recognised ones said the move was in contrary with the terms of the National Joint Committee on Steel Agreement reached in July 2014 wherein it was decided to contribute six percent of salary by the...

September 7, 2018
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06Sep

UK. Industry comment on Pensions Dashboard announcement

Steve Webb, Director of Policy at Royal London said: “This announcement is a huge breakthrough after a period of uncertainty. There is much that the industry can do to deliver a dashboard, but only the government can supply vitally important state pension data and only the government can legislate to make sure that the dashboard’s coverage is comprehensive. Backed by this renewed commitment by the government, the whole pension industry now needs to work together to drive forward this...

September 6, 2018
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