June 2018

08Jun

Shanghai issues first tax-deferred pension policy

A Chinese insurance company on Thursday issued the country's first tax-deferred pension insurance policy in Shanghai, marking the beginning of the long-awaited tax-deferred pension plan. China Pacific Life Insurance Co., Ltd. issued the insurance policy to Cai Jun, captain of the maiden flight for C919, China's first home-made large passenger plane. In May, a pilot tax-deferred pension insurance project has been launched in Shanghai, Fujian Province and Suzhou Industrial Park in Jiangsu Province, respectively. Read More: XinhuaNet

June 8, 2018
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07Jun

South Africa. Report: Glencore, PIC to make joint bid for Chevron’s South Africa assets

Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and South Africa's Public Investment Corporation reportedly could emerge as 50-50 partners in a potential $1B deal to buy Chevron’s (NYSE:CVX) southern African assets. The CVX assets to be acquired include a 100K bbl/day refinery in Cape Town and more than 800 gas stations in South Africa and neighboring Botswana. PIC handles South African state worker pensions and is the continent’s largest money manager. Read More: Seeking Alpha

June 7, 2018
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07Jun

US. Planning For The High Cost Of Healthcare In Retirement

Planning for retirement can at times be like chasing a moving target; major life events, stock market movements and changes in legislation all have the potential to derail even the most detailed plan. Adding to these uncertainties, rising healthcare costs are an ever-growing source of concern for many current and future retirees. According to the 2017 Retirement Health Care Costs Data Report released by HealthView Services, retiree healthcare expenses are expected to rise at an average annual rate of...

June 7, 2018
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07Jun

Retirement no longer compulsory for Emiratis after 25 years of service

Abu Dhabi’s Retirement Pensions and Benefits Fund has announced that retirement is no longer compulsory for citizens in the government, semi-government and private sectors who have completed 25 years of work. The announcement comes following the unveiling of a major stimulus package by the emirate’s crown prince on Tuesday, including Dhs50bn ($13.61bn) worth of measures to spur growth in the emirate and make it easier to do business, create jobs and boost tourism. The fund said Emiratis can continue to work...

June 7, 2018
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07Jun

Ireland. Unions and a rising retirement age

Sir, – Cantillon calls on unions, through the Irish Congress of Trade Unions, “to look constructively” at what working beyond traditional retirement age might look like (Business, June 5th). Congress actively contributed to the Workplace Relations Commission’s code of practice on longer working and welcomed the Irish Human Rights and Equality Commission’s retirement and fixed-term contract guidelines, seeing both as positive developments for those workers willing and able to work into their late 60s. However, Congress has strong concerns for workers...

June 7, 2018
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07Jun

Pension funds join Ottawa in bid to further G7’s diversity, climate risk efforts

Some of Canada’s largest pension funds have joined forces with the federal government and other investors in a bid to advance the G7’s objectives of developing global infrastructure expertise, promoting women in finance in emerging economies, and increasing the disclosure of climate risks by corporations. “As long-term investors, we know that our returns are affected by the health and strength of countries where we invest,” said Michael Sabia, chief executive of the Caisse de dépôt et placement du Quebec, one...

June 7, 2018
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06Jun

US. Dream Retirement Differs For Gays And Lesbians

When you hear retirement plan you might think that everyone has the same vision of lazy days, with not a care in the world and sipping cocktails on the beach. But it shouldn’t come as a surprise that many in the LGBT community have different goals when it comes to their dream retirement. These goals may only differ slightly but they differ all the same. How the LGBT community prepares for retirement also differs, according to a new report....

June 6, 2018
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06Jun

Australia. How to manage the challenges of an ageing workforce

The effects of Australia's ageing workforce are expected to be so pronounced that the government has budgeted for retraining, but what can human resources do? Between the tax cuts and promises to return to surplus, one of the centrepieces of the 2018 Budget was increased funding to assist Australia's so-called 'greying' population. The measures include budgeting: A$17.4 million over four years to establish the Skills Checkpoint for Older Workers Programme; and A$189.7 million over five years to support mature-age workers adapting...

June 6, 2018
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06Jun

New Zealand. KiwiSavers miss out on $270 million – employers may be to blame

More than half a million KiwiSaver members left $270 million of government contributions unclaimed last year, and employers may be partly to blame. David Boyle, Education Manager at the Commission for Financial Capability, says some employers may not be fulfilling their legal obligation to pay the required 3% employer contribution to KiwiSaver on top of their employees’ wages. A CFFC survey in May of 500 companies showed only 55% of employers paid the 3% on top of wages, 10% paid it...

June 6, 2018
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06Jun

US. Why We Need To Keep Politics Out Of Public Pensions

Public pensions are a vital part of American workers’ long-term financial health. Whether they are police officers, firefighters, teachers, or the public servants of our states, counties, and cities, they depend on the 6,276 public pensions across the U.S. to safeguard their hard-earned money. Together, these funds are tasked with managing trillions of public workers’ retirement savings. Public pension funds are incredibly underfunded. Today, less than one third of public pensions are adequately funded using optimistic actuarial assumptions; no state...

June 6, 2018
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