October 2017

31Oct

Now or never for Brazil’s pension reform

After two years of economic recession, the Brazilian economy is finally showing signs of recovery amidst a continuous political crisis. Since officially taking office in August 2016, President Michel Temer has prioritized the implementation of a broad austerity package to include spending cuts and a series of reforms meant to stabilize Brazil’s fiscal position and promote greater economic growth. As of October 2017, Brazil’s inflation rate is at a low 2.54% and is expected to close 2017 at 3.06%, while...

October 31, 2017
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31Oct

Argentina’s Macri vows to pursue tax, labor, pension reforms

Argentina's President Mauricio Macri vowed to press ahead with reforms to the country's tax, labor and retirement systems in a speech on Monday, a week after his "Let's Change" coalition swept to victory at the polls in midterm elections. The government will present a tax reform proposal this Tuesday or Wednesday, and an amnesty plan for companies that hired workers informally in the coming days, Macri said. He added that the government would convene a commission to propose changes to...

October 31, 2017
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31Oct

US. Congressional Scrooges want to cut 401(k) contribution limit

The holiday season is fast approaching. It is a time most people feel more generous to loved ones or to the less fortunate. Not so when it comes to Congress. If lawmakers have their way, taxpayers may have to work longer in their lives, work more hours or have to take more risk in the investment markets to live the retirement they envision now. This is what reducing the 401(k) plan contribution limit could mean. This is what Congress is calling...

October 31, 2017
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30Oct

Nobel laureates discuss ageing in Seoul

Around 30 world-leading scientists, thinkers and opinion leaders, including five Nobel laureates, gathered in Seoul for an international forum on aging. Under the theme of “The Age to Come,” the Nobel Prize Dialogue kicked off its three-day run at Seoul’s Coex on Monday. Packed with lectures and panel discussions on issues surrounding aging, the event is part of the annual Nobel Week Dialogue organized by Nobel Media and the Nobel Center Foundation. The main one-day program is slated for Dec. 9...

October 30, 2017
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30Oct

Singles, couples need different retirement planning

While the same principles apply in planning for retirement for singles or for couples, the way plans are implemented is different. So says a report on Marketwatch, which points out that singles will “likely” have a shorter retirement and that there are fewer specific stages of retirement to plan for. The common factors to planning for couples and singles include the need to balance spending on one’s standard of living with making sure the money doesn’t run out prematurely. In addition, the...

October 30, 2017
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27Oct

Serbia’s pensioners rally against government austerity measures

Hundreds of Serbian pensioners rallied in Belgrade on Thursday to protest austerity measures introduced as part of a 1.2 billion euro ($1.41 billion) loan deal with the International Monetary Fund. Chanting “thieves” and carrying banners reading “we are hungry”, the pensioners demanded that the government and Serbia’s constitutional court annul austerity cuts imposed in 2014 and refund lost pension payouts. The government of then Prime Minister Aleksandar Vucic signed a three-year loan deal with the IMF in February 2015 after Belgrade...

October 27, 2017
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27Oct

Principal to Acquire MetLife Afore in Mexico

Today, Principal Financial Group® announced it has signed an agreement to acquire full ownership of MetLife Afore, S.A. de C.V. (“MetLife Afore”), MetLife, Inc.’s pension fund management business in Mexico, subject to regulatory approval. With nearly 25 years in Mexico, Principal is committed to growing across its mandatory pension, voluntary long-term savings, and mutual funds businesses. “As the middle class in emerging markets continues to grow, there is increasing demand for long-term retirement and investing products that enable individuals to...

October 27, 2017
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27Oct

UK pension schemes told to give more detail on investments, costs

UK pension schemes should give more information to members about their investments and how much asset managers are charging them to run members’ money, the government said on Thursday. The move is the latest attempt by the authorities to increase transparency in the market for pensions and investments. The Department of Work and Pensions (DWP) said a failure to provide the information could see occupational workplace pension scheme trustees fined up to 50,000 pounds from April, 2018, under the proposed...

October 27, 2017
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27Oct

Kenya. Concern over county governments failure to remit employee pension

County governments have not remitted Sh30 billion to employees' pension and provident funds. According to CPF Financial Services Group, the administrators of both schemes, counties had not remitted Sh12 billion to the Local Authorities Provident Fund (LapFund) as at September 30 2017. The devolved units had also not remitted Sh18 billion to the Local Authorities Pensions Trust (Laptrust), according to an earlier report by CPF Group. “We had earlier revealed that county governments have not remitted Sh18 billion to Laptrust....

October 27, 2017
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26Oct

UK. Mediator picked to resolve Royal Mail pensions row with union

Royal Mail and the Communications Workers Union have appointed Lynette Harris of Britain’s Central Arbitration Committee to mediate in a row over plans to replace the company’s defined benefit pension scheme. The talks, which will cover pay, pensions and other issues, will run for seven weeks and could be extended in order to reach a deal, Royal Mail said in a statement on Wednesday.  The CWU has been at odds with Royal Mail since April over its plans to save billions...

October 26, 2017
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