March 2018

05Mar

Hong Kong gives fintech measures the thumbs up

Hong Kong’s budget proposals for the city’s compulsory pension system, including HK$15 billion (US$1.92 billion) for its so-called offsetting mechanism and potential tax breaks for voluntary contributions, have been welcomed by pension experts. Market players are also giving the thumbs up to measures to boost financial technology (fintech) and green financing, as the city aims to launch its first green bonds by next year. Hong Kong Financial Secretary Paul Chain unveiled the 2018 budget proposals on February 28. Read More: Asia Asset

March 5, 2018
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02Mar

UK. Carillion directors dismissed plan to secure £218m for pension scheme

The board of Carillion dismissed a proposal that could have poured £218m into the government contractor’s ailing pension scheme, believing a month before the company’s collapse that they could still revive its fortunes. Details of a plan drawn up by accountancy firm EY, but rejected by directors, emerged as MPs conducting an inquiry into Carillion’s failure released evidence they said proved “pervasive institutional failings” at the company. They published extracts from a presentation made by EY to the board in August...

March 2, 2018
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02Mar

HK’s care system struggling to cope with aging population

As the number of elderly people rises, demand for places in public nursing facilities is soaring. When Peter Lam arrived home one morning in October after a brief breakfast outing, he realized something was wrong. He knocked on the door of his mother's room, but there was no response. He knocked again, but she still didn't answer. The 40-something graphic designer pushed the door open, only to discover that what he had dreaded was true; his 80-year-old mother had had a...

March 2, 2018
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02Mar

Nigeria. 35 Out Of 36 States Owe Workers’ Salaries, Pension – TUC

The Trade Union Congress (TUC) has raised the alarm that number of states owing workers has grown to 35 as the 2019 general election closes up. Speaking after its National Executive Council (NEC) meeting in Lagos, TUC said only Lagos State was up to date with salary payment and other benefits, warning state government against diverting money meant for payment of workers salaries and other benefits into electioneering processes. President of TUC, Bobboi Kaigama‎ said with the exception of...

March 2, 2018
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01Mar

US. Senate Republicans say pension reform bill will be changed. Crowd says ‘we’ll be back’

Senate Republicans told a vocal crowd Wednesday they will introduce a substitute for the pension reform bill that makes key changes, including curbing a proposed reduction in retired teachers' cost-of-living adjustments. Sen. Joe Bowen, R-Owensboro, said the substitute for Senate Bill 1 will preserve many provisions from the measure he filed last week, but not all. Instead of slashing retired teachers' annual cost-of-living adjustments in half for 12 years, the substitute would reduce that figure from 1.5 percent to 1 percent...

March 1, 2018
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01Mar

No Pension? You Can ‘Pensionize’ Your Savings

After years of working, many people face the challenge of converting their savings into a sustainable flow of income in retirement. Some researchers think they have a practical solution: Workers should take steps to “pensionize” their nest eggs. The transition from saving to spending was once relatively simple, at least for retirees with traditional pensions offering predictable payments. But such plans are dwindling — in 2017, only 16 percent of Fortune 500 companies offered a defined benefit plan (traditional or...

March 1, 2018
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01Mar

Nigeria. Ex-Governors’ pensions: Saraki challenges State Assemblies to emulate Kwara

President of the Senate, Dr. Abubakar Bukola Saraki, on Wednesday, called on other State House of Assemblies to take a cue from Kwara state and pass their own versions of the Bill to suspend the payment of pensions to former governors and deputy governors who have held public office in the state. Saraki, in posts on his official social media pages, commended Kwara state Speaker, Rt. Hon. Ali Ahmad and the State House of Assembly for passing the bill, following...

March 1, 2018
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01Mar

UK. Pensions – auto-enrolment contributions edge upwards

We are now seven weeks from the first hike in the “minimum” requirements for auto-enrolment compliance (6 April 2018). In practical terms, for employers currently applying those statutory minimums this means that your employees will see an increase in their pension contributions from one per cent of their annual earnings between £6,032 and £46,350 (based on the 2018 figures) to three per cent. This could come as something of a shock for employees who didn’t read the fine print on...

March 1, 2018
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February 2018

28Feb

How fintech could future-proof pension funds

Workplace pensions have been slow to join the financial technology revolution, lagging banking and insurance in areas such as data and analytics, according to research. The 2017/18 Rewards and Employee Benefits Association (REBA) Technology Survey says that pension schemes have focused on adopting cloud-based platforms in the run-up to auto-enrolment. But schemes say they want to start adopting more advanced technology now, including their top priority personalisation, integration with other rewards platforms and advanced analytics. Three quarters of employers now use...

February 28, 2018
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