July 2018

12Jul

US. Millennials Benefiting from Retirement Plan Modernization

Millennials are the first generation to fully benefit from improvements made to retirement plans over the last decade, according to a survey from the Empower Institute. They are on track to replace 75% of their income in retirement, compared to 64% for Americans overall, 61% for Gen Xers and 58% for Baby Boomers. The Pension Protection Act of 2006 was enacted when Millennials began entering the workforce, and it paved the way for automatic enrollment and escalation, all the while...

July 12, 2018
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12Jul

Kenyan Pensions Managers Plan Fund for Infrastructure Projects

Kenyan pensions managers are working on a plan to pool resources and jointly invest in capital-intensive infrastructure projects, the nation’s biggest retirement-benefits administrator said. “We’re working together to come into a consortium to create a pool where we can jointly evaluate and jointly invest on bigger, bolder and better projects,” said Sandeep Raichura, the chief executive officer at Zamara, formerly known as Alexander Forbes East Africa Ltd. “We need to diversify onto the alternative asset space.” Read More: Bloomberg

July 12, 2018
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11Jul

Australia. A deal where the government pays Perth pensioners to travel

A TRAVEL deal for Perth pensioners where the government pays you to go on a holiday sounds too good to be true. But finance experts say you better believe it, encouraging seniors to get out and enjoy the world while reaping the benefits. Traveller Chris Herrman has taken advantage of the offer. Read More: PerthNow

July 11, 2018
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11Jul

Foreign Adviser for Thailand’s $54 Billion Pension Fund

Thailand’s biggest money manager is looking for guidance from international advisers to help boost returns after its assets under management surged almost two-thirds in five years. The Social Security Office, which manages social-security funds for 14 million Thais, is seeking to draw new investment guidelines and will invite foreign companies to compete for advisory services, said Jeerisuda Iamsakul, the state agency’s head of investment strategy and research department. With the recent equity plunge affecting about 14 percent of the total...

July 11, 2018
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11Jul

How FinTech Initiatives Are Driving Financial Services Innovation

It was on this date, July 11, in the year 1804 in Weehawken, New Jersey, that Alexander Hamilton, architect of the American financial system, met his fate at the hands of Aaron Burr.   Some would argue that the financial services industry has changed very little since then. Change has some slowly to financial services, and innovation has proceeded at an evolutionary, some would say glacial, pace. That may be changing however. Recent decades have born witness to the introduction...

July 11, 2018
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11Jul

France. Macron promises spending cuts, pension and dole reform in address to parliament

Macron is only the third French president to address the Congress, as the event is called, meeting with great pomp and circumstance at the former royal palace in Versailles. He follows Nicolas Sarkozy, who called the first one during the world financial crisis in 2009, and François Hollande, who summoned the Congress after the 13 November 2015 Paris attacks. The president repeated his intention to make the meeting, which cost some 290,000 euros this year, an annual event, much to the...

July 11, 2018
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11Jul

US. Can we reinvent pensions with blockchain?

For many of us, retirement can seem like a far-off thing, a bridge to cross when we come to it. Everyday worries about bills, rent, and debts dominate our financial thoughts, and there just isn’t much space left to think about pensions. But pensions are important. Populations are getting older, and most of us can now hope to live many more years after we retire. We want enough money to enjoy our final couple of decades in relative prosperity, and...

July 11, 2018
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11Jul

Switzerland. Work pension challenge targets age-related unfair dismissals

The Workfair 50+external link group announced on Tuesday its intention of forcing a nationwide vote on the issue. It wants pension laws to be changed to make workplace pension fund contributions the same for everyone regardless of age. At present, both workers and employers pay increasing amounts as employees move into older age brackets. Workfair 50+ said it had conducted a survey that found 1,200 people who felt that age discrimination had led to their dismissal. Read More: Swiss Info

July 11, 2018
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11Jul

Fast-ageing Hong Kong district Kwai Tsing to test drive subsidised health care plan

Patients seeking out medical care at a new community health care hub in a Hong Kong district with one of the city’s fastest-ageing populations will get a government subsidy and fee caps on services. Details of the plan were revealed in a government paper on Tuesday, which set out proposals for a district health centre in Kwai Tsing, which is expected to open in the third quarter of 2019. First announced in Chief Executive Carrie Lam Cheng Yuet-ngor’s policy address in...

July 11, 2018
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11Jul

Pension directors banned from running companies for 21 years

Gleeson Bessent Trustee Services (GBTS) and Gleeson Bessent Trustees (GBT), based in Preston, were wound up in the public interest by the courts in March 2017. Investigations by the Insolvency Service into the conduct of the directors has led to the four directors giving disqualification undertakings totaling 21 years , which means they cannot run a company directly or on behalf of someone else. Roger Bessent, of Lytham St Annes, and Tracy Park, of Freckleton, were directors of GTBS, while Roger...

July 11, 2018
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