December 2017

12Dec

UK. FCA cracks down on steelworker pensions advisers

Three financial advice firms have stopped giving advice to steelworkers on transferring pension savings from a 15 billion pounds pot into other schemes, the Financial Conduct Authority said on Monday. The financial services industry watchdog has visited seven financial advisers and asked four more for information. “As a result of this work three firms have stopped advising consumers on pension transfers,” the FCA said in a statement. “The FCA plans to visit a further six firms this week.” Read more @Reuters

December 12, 2017
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12Dec

South Africa. Government pensions survive Steinhoff fraud

The Government Employee Pension Fund (GEPF) yesterday assured its more than 300 000 beneficiaries their money was safe and would still keep flowing following the fraud being investigated at Steinhoff Investment Holdings and the subsequent collapse of its share price. Trading in Steinhoff opened at about R6 yesterday morning from about R55 on December 1 when the scandal broke, and closed at R8.60. “As at March 31, 2017 the GEPF through PIC owned about R28 billion in Steinhoff International Holdings which...

December 12, 2017
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12Dec

Don’t Penalize Workers for Retiring Later

The last decade has seen most countries in the rich world raise the retirement age in order to improve the sustainability of their pension systems at a time when people are living longer, healthier lives. The policy is moving in the right direction, but it has one key flaw -- current policies are too rigid. Retirement should not be a one-size-fits-all system where those who work longer or retire earlier are penalized. Provided they get it right, governments and citizens...

December 12, 2017
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11Dec

China’s pension funds struggling to cope with ageing population-state media

Thirteen pension funds in regions and administrative units around China only have enough money to pay less than one year’s worth of pensions, media reported on Monday, as the country struggles with an ageing population and shortfalls in the nation’s pension schemes. Guangxi, Jiangxi, Hainan, Inner Mongolia, Hubei, Shaanxi, Tianjin, Hebei, Liaoning, Jilin, Qinghai, Heilongjiang and the Xinjiang Production and Construction Corps can all pay less than one year’s worth of pensions to workers covered under the respective funds, the...

December 11, 2017
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11Dec

UK. Government urged to fasttrack ban on pensions cold calling

Pensions cold calling must be banned next year to prevent people being “avoidably conned out of their life savings”, an influential committee of MPs has said. The Work and Pensions Select Committee has warned the Government that the scale of the scamming is likely to be grossly underestimated by official reports. It has urged the Government to fasttrack an existing plan to ban the practice and also to do more to ensure that people are given guidance before they decide to...

December 11, 2017
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08Dec

Temer, congressional leaders delay Brazil pension vote

Brazil's President Michel Temer has agreed with congressional leaders to delay a key vote on pension legislation in the lower house until the week of Dec. 18, the speaker of the body, Rodrigo Maia, said on Thursday. The pension overhaul, a cornerstone of Temer's efforts to reduce Brazil's budget deficit, is seen by investors as crucial to boosting the nation's fiscal health. Brazil's currency and benchmark Bovespa stock index slipped on Thursday amid concerns that Temer lacked support to put the...

December 8, 2017
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08Dec

Why Russia does not need working pensioners

Raising the retirement age in Russia could be a source of resources for higher pensions, better healthcare, especially for older people and better financing of the sphere of social service, said in an interview “Газете.Ru” the Minister of economic development (med) Maxim Oreshkin. However,”to raise the retirement age makes no sense for a number of reasons, according to the rector of Academy of labor and social relations Alexander Safonov. First, the prospects of the labor market are such that – the...

December 8, 2017
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08Dec

Namibia. Nuyoma re-appointment as pension fund boss

Chief Executive Officer (CEO) and Principal Officer David Nuyoma of the Government Institutions Pension Fund (GIPF) was re-appointment for another five years effective from 1 January 2018 until 2022. At a signing ceremony held at the Fund’s head office this week, the Chairman of the GIPF Board of Trustees Goms Menette signed and confirmed the re-appointment of Nuyoma which was witnessed by members of the Board of GIPF, Management and trade union representatives. Nuyoma who joined GIPF on the 1 January...

December 8, 2017
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07Dec

Brazil. Government Increases Pressure to Get Pension Reform Bill Approved

President Michel Temer has increased pressure on his governing coalition in the lower house of congress by stating that the political environment has changed and is now favorable for the approval of the pension reform bill. However, allies are still holding out on putting the bill - a constitutional amendment proposal (PEC) - to a vote this year. The administration believes that the fate of the bill will be decided on Thursday (the 5th). President Temer will assemble party leaders in...

December 7, 2017
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07Dec

EU. EIOPA speaks on insurance and pensions

The Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, delivered a speech at EIOPA’s 7th annual conference on Insurance and Pensions Reloaded: A Game Changer. The speech covered the following four themes that cross over EIOPA’s main strategic priorities: Maintaining sound regulation in an evolving landscape – this included a discussion on the development of the proposed regulation on the Pan-European Personal Pension Product. Supervisory convergence and the building up of a common European – Mr Bernardino referred to the publication of...

December 7, 2017
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