January 2018

12Jan

Dutch ABP pension fund to pull investments in tobacco, nuclear arms makers

ABP, the largest Dutch pension fund, plans to sell its remaining holdings in tobacco companies and nuclear arms manufacturers, worth roughly 3.3 billion euros ($4 billion), it said on Thursday. ABP said in a statement it aimed to divest the holdings, which were not named, within a year. "ABP is taking the next step in its sustainable and responsible investment policy," it said. "Participants, employers and other stakeholders have growing concerns about investments in tobacco and nuclear arms." Read more HERE: Nasdaq

January 12, 2018
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11Jan

New York sues fossil fuel majors, plans divestment from pension funds

New York City announced on Wednesday that it filed a multibillion dollar lawsuit against five top oil companies, citing their “contributions to global warming,” as it said it would divest fossil fuel investments from its $189 billion public pension funds over the next five years. The lawsuit, against BP Plc, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell Plc, follows similar lawsuits filed last year by San Francisco and other California cities seeking billions of dollars in damages...

January 11, 2018
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11Jan

The Pensions That Ate Latin America

Long hailed for its youth and vigor, Latin America is graying fast, raising the specter of fiscal crisis as retirees outnumber the able-bodied workers required to support them. Yet even as a new generation of national leaders seeks to shore up a shaky pillar of the social contract, a rebellion against pension reform is in full cry. Chileans poured into the streets ahead of this year’s election to roll back free-market-inspired reforms conceived under former dictator Augusto Pinochet. Thousands of...

January 11, 2018
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11Jan

Britain’s $2.9 Trillion Pension Industry Yanks Money From Equities

If the basic tenet of investing is knowing when to buy and sell, the stock market boom has taken that decision out of the hands of some money managers. The $2.9 trillion British pension fund industry is yanking money at an accelerated pace as company valuations forge new records globally. The reason is that the gains are triggering sell orders to quickly lock in investment returns, a safety mechanism introduced after the financial crisis to reduce exposure to potential market...

January 11, 2018
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11Jan

Temer Offers US$ 3 Billion in Construction Projects in Exchange for Approval of Pension Reform

Brazilian president, Michel Temer (MDB), will provide his minister in charge of relations with Congress, Carlos Marun (Secretary of Government) with R$ 10 billion (US$ 3 billion) in "ammunition" to gain the votes of lawmakers for the Pension reform. The amount will be allocated to complete construction projects in the electoral districts of those who vote in favor of the government's bill. The money would come from savings achieved this year due to the approval of new pension rules. Government estimates that...

January 11, 2018
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10Jan

Australia: Asset test rules hurting retirement savings: SMSFA

SMSF Association chief executive John Maroney said changes to the means test taper rate and thresholds, which came into effect on 1 January 2017, reduce the entitlement to the Age Pension as a person or couple's assets increase, leading to "significantly adverse and presumably unintended consequences." The changes have a significant impact on middle-income earners who have accumulated an average-sized superannuation balance and benefit from a part Age Pension payment that supplements their superannuation income, he said. "For home-owning couples who...

January 10, 2018
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10Jan

UK. Millions of workers face £120 hike in National Insurance bills to help fund the state pension

Millions of workers face higher National Insurance bills to fund state pensions, the government's own analysts have warned. The Government Actuary Department (GAD) said NI rates may have to go up by as much as 5 per cent to maintain the stability of the pension fund. This would mean an annual increase of £120 on the average worker's tax bill – and a £138 increase for their employer. Last night experts said the shocking projections underlined the depth of Britain's pensions...

January 10, 2018
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10Jan

Nigeria. Balogun now Chairman as Legacy Pension Managers Reorganises Board

Following the acquisition of majority share 60 per cent of the Legacy Pensions by the FCMB Group recently, the new owners have reorganized the board of the pension fund administration. This has witnessed the appointment of Mr Ladi Balogun as the chairman of the company’s board and Mr. James Ilori as non-executive director . A statement from the PFA, said this has received the approval of the National Pension Commission. Balogun, was until March last year the Chief Executive Officer of First...

January 10, 2018
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09Jan

EU Lawmakers Mull State Variances For Blocwide Pensions

The European Parliament has published proposals for a new regulation on a blocwide personal pensions regime aimed at promoting competition and allowing customers to move their retirement investments across the EU. The European Council and the European Parliament's committee on economic and monetary affairs delivered their recommendations for a proposed pan-European pension product in a working paper on Monday. The voluntary retirement product, known as PEPP, is intended to broaden consumer choice and offer a pension solution for EU citizens...

January 9, 2018
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09Jan

China. THEKEY: A New Ecosystem Of Identity Verification For The Future

The blockchain has ushered in the third generation of the internet and with it, an entirely new set of requirements to participate and function in a worldwide economy and distributed online ecosystem. One of the most promising new technologies in the blockchain space is a Chinese company called THEKEY (www.THEKEY.vip) who have situated themselves as a leader in bringing your personal verifiable identity onto the internet. A decentralized app, THEKEY is built on the Neo blockchain and will provide...

January 9, 2018
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