November 2017

16Nov

UK. FCA targets pension scammers in Welsh steelworks

Britain’s markets watchdog is sending supervisors to Wales to make sure that 15 billion pounds in steelworker pensions does not become a “honey pot” for crooks. The move -- made public at a parliamentary committee meeting on Wednesday -- is part of a broader crackdown by the Financial Conduct Authority to avert pension scams across Britain following changes in the law. Since 2015, Britain has made it possible for people to cash in their pension pots rather than waiting until...

November 16, 2017
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16Nov

Romania should stay the course – funded private pensions the key to sustainable future, PensionsEurope warns

After the Romanian government has decided to cut the contributions to pillar II to 3.75% (instead of raising to 6% from the actual 5.1% as mentioned in the initial draft bill), people in Romania are now facing a significant risk of suffering a decrease in their future retirement income, PensionsEurope warns. "Funded pension are vital for future pensions as public pension come increasingly under pressure. Romania has been able to build excellent private pensions and should not start to dismantle...

November 16, 2017
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16Nov

There’s A Big Shake Up Coming to Turkey’s Pension Industry

A looming shake up of Turkey’s pension savings industry that the government says is aimed at increasing competition and improving returns has some money managers fretting the steps will backfire as reduced fees erode service levels. Starting Jan. 1, Turkey’s 50 asset managers, which are permitted to oversee 100 percent of any pension fund company’s portfolio, will see that proportion slashed to 40 percent. Allianz AG and Aviva Plc are among 18 private pension companies who as of Nov. 3...

November 16, 2017
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16Nov

One unexpected problem with retirement savings: knowing how to spend it

Not only do Americans need to save more for their retirement but they need to learn how to spend that money wisely when they get there. Spending down retirement assets is one of the many challenges Americans face when it comes to retirement planning, according to the Government Accountability Office’s recent report on the state of American’s retirement savings — along with actively putting away money, which influences how much they can put towards other financial goals and lifestyle choices,...

November 16, 2017
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15Nov

Malaysia’s $30bln pension fund to allocate more money

Malaysia´s Retirement Fund Inc aims to lift the overseas portion of its investment portfolio to as much as 15 percent from 12, as the $30 billion pension fund looks to boost performance while domestic returns slow, its chief executive told Reuters. Kumpulan Wang Persaraan (KWAP) - the fund´s local name - will review its asset allocation strategy in the new year, Wan Kamaruzaman Wan Ahmad said at Reuters Global Investment 2018 Outlook Summit. Its current international investments include U.S. ride-hailing firm...

November 15, 2017
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15Nov

Kenya. CMA plans study on Fintech platforms for adoption in sector

The Capital Markets Authority (CMA) is planning a study on financial technology (Fintech) innovations to help open up the sector for tech intermediaries. The proposed regulatory sandbox will allow Fintech start-ups to test and experiment innovations before they are approved as platforms of trade in the market. This is part of the CMA’s 10-year master plan seeking to promote innovations as a way of growing participants and volumes of trade in the capital markets. The baseline diagnostic survey, set for first...

November 15, 2017
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15Nov

South Africa. Government pension fund says it is ‘over-exposed’ to country’s economy

The Government Employees Pension Fund (GEPF) is “over-exposed” to the South African economy and this needs to be addressed, says Abel Sithole, the fund’s principal executive officer. The GEPF has had an exposure of close to R500bn in local bonds issued by government and state-owned entities (SOEs), as at the end of March 2017, Parliament heard on Tuesday. According to a written reply to questions posed by members of the standing committee on finance, the GEPF said as at the end...

November 15, 2017
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15Nov

Largest U.S. pension fund may slash exposure to stocks

The California Public Employees' Retirement System, the largest U.S. pension fund, is considering more than doubling its bond allocation to reduce risk and volatility as the stock bull market approaches nine years. Calpers is looking at a menu of options for its fixed-income target ranging from the current 19 percent to as much as 44 percent, according to a presentation for a board workshop in Sacramento coming up Monday. Equities could be cut to as little as 34 percent from...

November 15, 2017
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14Nov

UK. Pensions regulator seeks first criminal charges for dodging auto-enrolment

The Pensions Regulator has for the first time charged an employer for deliberately failing to provide a workplace pension to its staff. Bus company Stotts Tours and its managing director Alan Stott pleaded guilty to 16 offences of failing to comply with the law on workplace pensions, TPR says. The regulator found 36 staff were not provided with a workplace pension and didn’t get paid contributions from June 2015 onwards. TPR director of automatic enrolment Darren Ryder says: “Dozens of staff...

November 14, 2017
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14Nov

Puerto Rico Governor Signs Executive Order Authorizing Rules for Retirement Plan and IRA Distributions in the Wake of Recent Natural Disasters

On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 (“EO 2017-067”) authorizing the Secretary of the Department of the Treasury (the “PR Treasury”) to establish tax rules for distributions from qualified retirement plans and individual retirement accounts following Hurricane María and other natural disasters. Under EO 2017-067, the PR Treasury must create: Tax rules applicable to distributions from qualified retirement plans and individual retirement accounts (“IRAs”) that are disbursed following Hurricane María or any...

November 14, 2017
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