March 2018

20Mar

UK. Stronger powers announced for TPR

The Pensions Regulator (TPR) will be given the power to issue punitive fines to companies that deliberately put defined benefit (DB) pension schemes at risk, the government confirmed today. Its white paper also outlines how legislation will be introduced to ensure company directors that have “committed wilful or grossly reckless behaviour” in relation to a pension scheme are criminally prosecuted. Funding standards will be enforced through a revised code, focused on prudence when assessing liabilities, appropriate factors for recovery plans, and...

March 20, 2018
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19Mar

Malta. Pensions boomerang hits MPs

The ill-conceived plan to enact legislation giving members of Parliament more privileges backfired. It also severely hit the reputation of parliamentarians to get their priorities right when discussing their own remuneration packages. In a nutshell, the primary provision of the proposed legislation was to give the opportunity for MPs who served in Parliament for one term to qualify for a full MP pension. So far, an MP has to serve two five-year terms to be eligible for a pension. In a...

March 19, 2018
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19Mar

UK. Jail threat for rogue bosses who risk workers´ pensions

Rogue bosses who risk workers’ pensions face being jailed for up to two years under plans to criminalise unscrupulous business activities. Theresa May said a new package of measures would help protect staff by cracking down on the “irresponsible few” at the top of companies. It comes after the collapse of BHS in 2016 with a £571 million deficit in its pot for 19,000 pension holders. Read More: Daily Mail

March 19, 2018
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19Mar

Kenya. Nairobi Pensioners risk not getting pay-outs owing to a Sh13billion City Hall debt to Laptrust

Retired City Hall employees risk losing their pension dues amounting to Sh13 billion. This follows failure by the Nairobi county government to remit contributions to the fund manager. Local Authorities Pensions Trust (Laptrust) retirement scheme, which manages City Hall’s pensions scheme, says the county has not remitted pension deductions since 2013. It estimates the debt to be about Sh13 billion. Laptrust, which also manages pension schemes for workers of other county governments in the country, has threatened to take over prime...

March 19, 2018
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16Mar

Canada. Group annuities grow steadily and may hit $5 billion in 2018

The group annuity business — which allows corporations to reduce the risks associated with managing their pension funds – continues to thrive, even if, in the grand scheme of things, it is still relatively small. In 2017, according to a recent annual review from Willis Towers Watson, a pension fund-consulting firm, the volume of business undertaken by more than 100 pension funds rose to $3.7 billion, about $1 billion more than in 2016. “High activity levels were observed throughout the year,...

March 16, 2018
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16Mar

Better pensions proposed for top overseas talent in China

A proposal to improve the pension system for top overseas talent in China could enhance China's competitiveness in keeping them long term, Chinese observers said. [Special coverage] Dou Xiankang, president of Wuhan University and also a deputy of the 13th National People's Congress (NPC), submitted a motion to the first session of the 13th NPC as China's universities and research institutes have been attracting a great deal of high level talent through the country's programs such as the "The Recruitment...

March 16, 2018
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16Mar

US. Can AI relieve cost pressures on retirement plans?

The 401(k) plan market is undergoing a technology makeover, as fintechs offer providers new tools to lower the cost of the plans and boost profits. With the fiduciary rule adding additional scrutiny to employer plans, traditional providers are under increased pressure to find the best and cheapest vehicles for clients. Startups like Newark, New Jersey-based Dream Forward claim their advisor tech will help lower administration costs and keep retirement plans profitable. “Fees are going to come down overtime,” says Dream Forward...

March 16, 2018
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16Mar

Croatia. Retirement age to be increased to 67 years?

The Croatian Government will launch a comprehensive pension reform in the second quarter of this year as part of which it will upgrade all three pension insurance pillars in cooperation with the social partners, academic community and interested public, the state secretary at the Ministry of Labour and Pension System Majda Buríc said in Parliament on Wednesday. Read More: Total Croatia News

March 16, 2018
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16Mar

France. ‘You’re bleeding us dry’: Why France’s pensioners are furious with Macron

France's elderly population will march through the streets in towns and cities across the country on Thursday in anger at a move by the government they claim is hitting them hard in the pocket. Pensioners were the main losers of President Emmanuel Macron's first budget mainly due to the 1.7 percentage point hike in the CSG social charge - a levy deducted from salaries and pensions that goes towards paying for France's social security system. Only those with an income of...

March 16, 2018
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15Mar

Estonian government approves 7.6 percent pension increase

The new value of the pension index, according to the regulation, is 1.076. This means an increase of 7.6 percent on average in pensions and the daily rate of the work ability allowance. The annual reindexation of penions is to cost the government approximately €97.6 million this year. Following the increase, the old-age pension of an individual with 44 years of pensionable service will increase from €415.6 to €446.50, spokespeople for the government said. Read More: ERR

March 15, 2018
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