August 2018

28Aug

UK. Councillor slams ‘inappropriate’ investment in tobacco industry to fund local authority pension schemes

This is despite the efforts of council chiefs all over the region to cut the number of smokers - and their cost to health services and local authorities. The pension fund covers retirement schemes for employees of Sunderland City Council, South Tyneside Council, Gateshead Council, Newcastle City Council and North Tyneside Council, as well as other organisations, and - as of March 31 - was worth £8.24billion. The choice of investments was originally revealed by a series of freedom of information...

August 28, 2018
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28Aug

The UN Pension Board Rejects an Audit of Its Work

The United Nations Pension Board’s recent meeting in Rome ended with a record number of disagreements and much acrimony. The chief cause of distress was the results of the internal governance audit requested last December by the General Assembly. At the meeting, held July 29 to Aug. 3, board members directed much of their angst against recommendations to adjust the makeup of the board of the $65 billion fund to comply with General Assembly resolutions. The resolutions called for fairer...

August 28, 2018
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28Aug

Germany: Merkel’s government argues about future pensions

German Chancellor Angela Merkel’s government is arguing about pensions, with Merkel’s center-left coalition partners pressing for a guarantee that they will remain stable until 2040. The coalition of Merkel’s conservative Union bloc and the center-left Social Democrats agreed when it took office earlier this year to ensure pensions remain at the current level of 48 percent of average wages through 2025. The Social Democrats are struggling in polls and looking to woo left-leaning voters. Finance Minister Olaf Scholz, a Social Democrat,...

August 28, 2018
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27Aug

Australia’s Victoria state in $2 bln land title register deal with pension fund

Australia’s Victoria state has agreed to sell a four-decade concession to run its land and property registries to pension fund First State Super for A$2.86 billion ($2.09 billion), the government said in a statement on Monday. The deal allows First State Super to levy fees for property ownership registrations in Australia’s fastest growing state for 40 years, while the government plans to spend the proceeds on schools, hospitals and transport projects, the statement said. This will give “a major boost to...

August 27, 2018
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27Aug

UK. Crackdown to safeguard pensions when firms go bust

Directors who have dissolved companies to avoid paying workers or pensions could be disqualified or fined by authorities for the first time. The move is part of a government initiative to safeguard workers, pensions and small suppliers when a company goes bust. The Observer reported in January that the government was preparing to crack down on irresponsible company bosses in the wake of the collapse of Carillion. The construction and outsourcing giant went into liquidation with a deficit in its...

August 27, 2018
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24Aug

3 Unusual Retirement Risks You Can’t Ignore

The stock market and personal health are two common things people tend to worry about during their retirement years. Visions of being forced to move in with their children, a lack of savings and real estate prices can also cause anxiety. While those may be top of mind for some, they may not really be the largest threats to financial freedom. 3 unusual retirement risks that you should not ignore Risk of Living too Long This probably seems like a good thing...

August 24, 2018
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24Aug

UK. Britons living in EU could lose access to UK bank services in no-deal Brexit

In a document detailing contingency planning if Britain leaves the EU in March with no transition deal, the government said unilateral action on several fronts could only minimise disruption up to a point. While Britons will still be able to use their bank cards to withdraw money in EU countries, over a million UK citizens living abroad may not be able to use their British accounts for borrowing and deposit services, or insurance contracts such as annuities that pay pensions,...

August 24, 2018
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24Aug

France. Macron government to tackle poverty, pensions, health

The last parliamentary session ended on a sour note for President Emmanuel Macron and his government, with the uproar over presidential bodyguard Alexandre Benalla, who was caught on camera assaulting student protesters while wearing a police crash helmet. The Macron camp is clearly hoping the dust has settled on that question, although the opposition is extremely unlikely to miss any chance to remind the public of such a major embarrassment. But there will be no change in strategy, the president told...

August 24, 2018
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23Aug

India. Explained: National Pension System recent changes make NPS more subscriber-friendly; 10 points

National Pension System (NPS): Over the years, the Pension Fund Regulatory and Development Authority (PFRDA) has undertaken several measures to make the NPS  more beneficial for the subscribers. The recent notification, which was issued in July, makes the NPS (also popularly referred to as National Payment System) more subscriber friendly. Until last month, there were 11,758469 NPS subscribers in the country with assets under management of Rs 2,50,758 crore! Most of the subscribers are government employees, the number of subscribers...

August 23, 2018
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23Aug

Ireland. Gov launchs consultation process for mandatory pensions

The Government is launching a consultation process for the first step towards mandatory pensions this afternoon. Minister Regina Doherty is announcing the process for an 'Auto Enrollment Retirement Savings System.' It could see almost all workers enrolled from 2022 to ensure people working in the private are saving enough for their future. Donal Keating is a Tax Director with Price Waterhouse Coopers. He said today's announcement is of most benefit to under 35s: "If you're sitting listening and you're 58 saying I have...

August 23, 2018
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