October 2017

26Oct

Bosnian pensioners stage street protests for pension rise

Thousands of pensioners from across Bosnia’s Bosniak-Croat Federation, most of whom live on the edge of poverty, took to the streets in Sarajevo on Wednesday to protest for a rise in pensions and better social and health care. Out of about 410,000 pensioners living in the Bosnian region, nearly two-thirds live on minimum payments of 326 Bosnian marka ($196) a month, while the average pension amounts to 370 marka compared to an average wage of 870 marka. With five pensioners to...

October 26, 2017
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26Oct

UK. Fewer pensioners ‘splurging irresponsibly’

Critics said the new pension freedom rules, which have seen £14bn ($18.4bn, €15.7bn) withdrawn from pensions, were irresponsible and would encourage profligacy. Instead, money was mostly put in banks and average withdrawal per person hit a new low (£8,030) in 3Q17. Online investment platform AJ Bell suggests the FCA data shows “people aren’t on the whole splurging irresponsibly”, even if 40,000 more people chose to access their retirement pot flexibly in 3Q17 versus the same period in 2016. Engagement gap Tom Selby,...

October 26, 2017
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26Oct

US. GOP shouldn’t raid 401(k) plans to pay for tax cuts

Republicans in Congress are planning to include a proposal in their tax reform bill that would push millions of Americans to save less for retirement. Despite President Trump tweeting his strong and unambiguous opposition to the plan on Monday, House Ways & Means Committee Chairman Kevin Brady made clear on Wednesday that the proposal that makes changes to 401(k) retirement savings plans is still likely to be included in the House Republicans' tax legislation scheduled for committee consideration next...

October 26, 2017
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25Oct

US. Nearly 1 in 5 Pension Plans Are Overfunded

Nineteen percent of defined benefit plan sponsors in a survey released Tuesday by investment consulting firm NEPC reported funded status of more than 101%, up from 9% a year ago. NEPC noted that this was the highest funded status since it inaugurated the survey in 2011. Of the overfunded plans, 65% invest in alternatives, and 55% use liability-driven investment strategies, with a majority of users executing with derivatives. The rising of variable rate premiums, implemented by the Pension Benefit Guaranty Corp.,...

October 25, 2017
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25Oct

UK. Peers demand ban on pensions cold-calling after inflicting embarrassing defeat on the Government

Peers last night demanded a ban on pensioner cold-calling as the House of Lords inflicted an embarrassing defeat on the Government in the Lords. The House of Lords backed a cross-party amendment calling for unsolicited calls to be outlawed by 253 votes to 205. The Government originally pledged to ban pensioner cold calling in September last year but has since ruled out any legislation until 2020. However, a group of cross-party peers warned that the delay would see millions more people...

October 25, 2017
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25Oct

Morneau Shepell releases the results of its Performance Universe of Pension Managers’ Pooled Funds

Pension funds post positive returns in the third quarter of 2017. Morneau Shepell (MSI) has released the results of its Performance Universe of Pension Managers' Pooled Funds for the third quarter of 2017. According to the report, in the third quarter of 2017, diversified pooled fund managers posted a median return of 0.9 per cent before management fees. "In the third quarter, the Canadian and global stock markets posted positive returns. The recovery of the energy sector had a positive impact...

October 25, 2017
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24Oct

About 100,000 Greeks Receive their Pensions from the German State

100,000 Greek citizens are receiving their pensions from the German state, wrote German newspaper Rheinische Post. Rentenversicherung data shows that the number of Greek pensioners eligible for a German pension has more than doubled since 1990, the year of German reunification, to 1.76 million people, from 780,000. That amounts to 7% of all pensions in Germany. Almost one million pensions are being payed by the German Pensions Desk to pensioners from countries such as Italy (373,000); Spain (226,000); Greece (100,000); France (87,000), and Turkey...

October 24, 2017
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24Oct

After election win, Abe prioritizes aging Japan

Fresh off a decisive election victory, Japan’s leader pledged Monday to tackle what he called Japan’s two national crises: the military threat from North Korea and an aging and shrinking population. Prime Minister Shinzo Abe said at a news conference that he is committed to protect the Japanese people’s prosperity and peace from any contingency. He also referred to Japanese people who were abducted years ago and are believed to still be held by North Korea. “I will pursue decisive and...

October 24, 2017
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24Oct

Pension Systems At Risk Of Creating Inter-Generational Equity Issues

Unsustainable pension systems in some countries need to learn from leading countries or risk creating intergenerational equity issues and disappointed retirees. Now measuring 30 countries and covering 60% of the world’s population, this year’s ninth edition of the Melbourne Mercer Global Pension Index urges countries with unsustainable pension systems to take action now, rather than risk the need to take even more drastic action in the future. Jacques Goulet, President of Health and Wealth at Mercer, stresses the need for countries...

October 24, 2017
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24Oct

China. Nation to reduce disparity in pensions, expand jobs

China will continue its policies to boost employment and make further efforts to coordinate pensions across provincial regions to help cover more people, a top human resources regulator said on Sunday. "We will continue the strategy to prioritize employment, especially to integrate with macroeconomic, industrial and financial policies, to create more jobs," Yin Weimin, minister of human resources and social security, said at a news conference hosted by the press center of the 19th National Congress of the Communist Party...

October 24, 2017
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