November 2017

09Nov

Prudential, PIC Reach $1.2 Billion Longevity Reinsurance Agreement

Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE:PRU), and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction since 2015. In the agreement, The Prudential Insurance Company of America assumes the longevity risk for $1.2 billion (about £900 million) in pension liabilities, covering approximately 4,000 pensioners across four pension schemes. The transaction highlights the rebounding demand for pension de-risking solutions in the U.K., and the desire of many U.K. pension insurers to manage their risks and...

November 9, 2017
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08Nov

Brazil central banker urges pension overhaul to avoid market turmoil

Brazil's congress needs to reform the country's pension system while global markets are favorable or risks facing more volatility, central bank chief Ilan Goldfajn said on Tuesday during an event in Uruguay. "We don't have until the end of times to do what must be done," Goldfajn said during a panel with fellow central bank presidents from Latin America. Talks resumed last month after the lower house voted to reject a criminal charge against President Michel Temer. But pessimism over...

November 8, 2017
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08Nov

US. Educators present ‘Shared Responsibility’ pension plan in Frankfort

Barren County Schools Superintendent Bo Matthews traveled to Frankfort on Monday with other educational leaders for a joint press conference at Woodford County High School to present an alternative pension plan – called the Shared Responsibility Plan – to the one presented by the office of Gov. Matt Bevin, according to an email from Matthews to media outlets. According to a press release from the Kentucky Association of School Superintendents (KASS), the Shared Responsibility Plan is “designed to address challenges...

November 8, 2017
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07Nov

US. How Tax Bill Affects Retirement Plans

The House tax bill doesn’t slash 401(k) pre-tax contributions, but that doesn’t mean it doesn’t affect retirement savings, writes InvestmentNews. Example: under the House bill, employees would have more time to repay 401(k) loans if they leave the company or the plan is ended. The current window is 60 days; after that, the loan becomes a taxable distribution as well as a potential early-withdrawal penalty. The bill gives participants up to their tax-return due date to replace the borrowed amount. Hardship...

November 7, 2017
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07Nov

Canada. NDP MP proposes changes to insolvency laws to improve pension protections

An Ontario backbench member of Parliament tabled a bill Monday to amend Canada's insolvency laws so they offer more protections to pension plans, post-retirement benefits and severance when a company is in deep financial trouble. The treatment of pensions during court-supervised restructurings has been a long-simmering issue but has attracted new attention since Sears Canada sought protection under the Companies Creditors Arrangement Act in July. In addition to ending post-retirement health benefits and severance payments immediately, Sears Canada's collapse meant future...

November 7, 2017
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06Nov

China’s pensioners to get customised mutual-fund products for stock investment

China’s pensioners will have a new channel to invest in the nation’s US$7.7 trillion stock market, as the securities regulator outlines requirements for asset allocations and holding periods for a new type of mutual fund serving retirees. Such funds should adopt a strategy of “stable asset allocations” and pursue a “long-term increase in asset values”, the China Securities Regulatory Commission (CSRC) said in a guideline published on its website, inviting public feedback. The new, customised funds can invest in fund-of-funds...

November 6, 2017
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06Nov

Namibia. Pension funds trustees challenged to enhance skills

Finance minister Calle Schlettwein on Friday said he understands that the skills and knowledge levels of trustees of retirement funds are inadequate. He said this in a statement read on his behalf by his executive assistant, Esau Mbako, at the launch of a book titled: “The manual on Namibian retirement funds and social security” by Manfred Zamuee. Schlettwein said the shortage of skills and knowledge of trustees of retirement funds needs intervention to empower them to understand their duties and...

November 6, 2017
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06Nov

IoM pension firm launches cryptocurrency services

Isle of Man-based corporate and pension service provider Optimus is to offer crypto-currency, block chain and Initial Coin Offering (ICO) services. Kerry Jones, senior manager responsible for leading Optimus’ fintech operations said the move was “not a wholesale change of direction but a logical extension of what we’ve been doing for years”. Optimus, which also has offices in Malta, said the IoM was the “fintech centre of choice” for digital currencies, ICOs and development of blockchain applications. Read more @International Adviser

November 6, 2017
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03Nov

Yield-Starved U.K. Pension Funds Jump on Private Debt Bandwagon

A newly created credit fund carved out jointly by two U.K. local government pension authorities plans to earmark almost half of its assets for investments in direct lending. The Local Pensions Partnership, formed by pooling the funds of local government retirement funds in London and Lancashire County, will plow approximately 45 percent of its 1.3 billion pound ($1.7 billion) capital into direct lending, according to a person familiar with the matter, who is not authorized to speak publicly and asked...

November 3, 2017
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03Nov

British Insurer Legal & General to Launch Japan Operation-CEO

British’s third-largest insurer, Legal & General (LGEN.L), is launching an operation in Japan to offer company pension scheme insurance and investment management, Chief Executive Nigel Wilson said on Thursday. The move by L&G comes as European peers such as Allianz (ALVG.DE) and Aviva (AV.L) have scaled back from other Asian markets such as Taiwan. The $21 billion (16.09 billion pounds) company, which manages 1 trillion pounds in assets in its fund arm, has sold a number of its European businesses in...

November 3, 2017
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