June 2018

05Jun

India. Delhi bankers to be trained to resolve pension issues

Addressing the 91st State Level Bankers Committee meeting of Delhi here on Monday, Gautam also raised other issues including the hurdles cropping up on account of Aadhar linking and seeding. "This is a very peculiar yet profound problem which is affecting senior citizens and disabled persons badly because of techinicalities of Aadhar seeding on NPCI portal. "Pension beneficiaries are forced to visit either banks or social welfare offices just to claim their increased amount of pensions, leading them to blame the...

June 5, 2018
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05Jun

A Template for Fixing America’s Public Pensions

Kentucky, home to arguably the most famous annual horse race on the planet, has produced a lot of remarkable turnaround stories over the years. In May 2009, when the world was mired in a recession, a little-known contender called Mine That Bird had 50-1 odds to win the Kentucky Derby. In a competition that’s earned its reputation as “the greatest two minutes in sports,” the horse weaved past 18 other thoroughbreds to cross the finish line first. A lesser-known dark-horse...

June 5, 2018
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05Jun

US. The federal government should fix the pension coverage gap

The coverage gap is the most serious problem in the private sector retirement system. At any moment in time, less than half of private sector workers are offered any type of retirement plan by their employer. Since people rarely save outside of organized savings mechanisms, those without coverage do not accumulate retirement assets. Right now, I am worried about Massachusetts. Like the rest of the nation, about half of the state’s private sector workers have no plan. The state’s response to...

June 5, 2018
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04Jun

US. Pension funds lead charge to expose Wall St sexual offences

Wall Street has so far been relatively unscathed by the #MeToo movement — but that could soon change as several large investors take a hard line on sexual misconduct and put asset managers under a microscope. Instead of waiting for harassment cases to surface on their own, two public pensions in California are taking matters into their own hands and urging asset managers to disclose their history of harassment cases and settlements. Calpers, the largest US public pension fund with $355bn...

June 4, 2018
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04Jun

UK. MPs call for UK companies to disclose climate risks

The UK government should bring in rules within the next four years that require pension funds and UK-listed companies including banks to disclose climate-related risks, a committee of MPs has said. The Environmental Audit Committee also said the government should immediately clarify existing rules around corporate risk disclosure to include material climate risks. “We want to see mandatory climate risk reporting and a clarification in law that pension trustees have a duty to consider long-term sustainability, not just short-term returns,” said...

June 4, 2018
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04Jun

Australia. Do public servants receive too much superannuation?

Hopefully, the Prime Minister's review of the Australian Public Service will address much more than its terms of reference's emphasis on technology and "innovation". One important issue is the way remuneration is set so the APS can attract and retain the skills it needs. I also hope the review is not too influenced by private sector experience but draws carefully on public sector experience, particularly where the public sector has a superior record (for example, in its ethical culture). I have...

June 4, 2018
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04Jun

The Spanish Pension System And Its Problems

The Spanish pension system is one more which exists in the OECD and, probably, not one of the worst. Neither are its problems very original. Just like in other countries in the club, the financial hardships which were the result of the Big Recession led to cuts. These were implemented in 2011 by the PSOE, with the PP causing a big scandal, then in 2013 by the PP, with the roles reversed. The commitment to not politicising this issue (the...

June 4, 2018
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01Jun

US. Gig Workers’ Retirement Prospects Look Dim

What will retirement look like for gig workers? It isn’t a pretty picture, according to preliminary research presented by Jack VanDerhei, research director of the Employee Benefit Research Institute, at a policy forum earlier this month. In the worst-case scenario, the potential impact on national retirement income adequacy is staggering: The nation’s overall net retirement savings surplus at retirement age would decrease by $2.2 trillion (in 2018 dollars). And the retirement savings shortfall for those who run out of...

June 1, 2018
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01Jun

Jamaican Minister In Favor of Private Pensions Industry

The Minister without Portfolio in Finance and Public Services in Jamaica, Fayval Williams, expressed herself in favor of an alleged potential for the private pensions industry. In her opinion, this variant could stimulate sustainable economic growth; however, in several countries such as Colombia, Spain or South Africa has generated scandals, because non-state funds have gone bankrupt and taxpayers lost all their savings. According to the official, pensions represent an asset of approximately 521 billion dollars (until December 2017), which is equivalent...

June 1, 2018
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01Jun

Retirement Interventions

The third anniversary of pension freedoms has triggered a number of reports and suggestions on how well it is working and what more needs to be done. The latest from the ABI concludes that while consumers are on the whole making reasonable decisions there are warning signs which should not be ignored. As a result it proposes 5 “interventions” which are targeted at changing consumer behaviour and which it believes will improve consumer outcomes. Read More: Actuarial Post

June 1, 2018
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