December 2017

22Dec

Thousands of UK Toys R Us jobs saved after deal with pensions body

Thousands of jobs at Toys R Us have been saved after the ailing toy retailer agreed to pump more than £9m into its pension plan over the next two years in a last-minute deal with the state-backed pensions lifeboat. The Pension Protection Fund joined landlords and other creditors in backing Toys R Us’s company voluntary arrangement (CVA) plan, which involves the closure of at least 26 loss-making stores from next spring as well as reducing the size of others. Consultations...

December 22, 2017
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21Dec

EU watchdog says insurance sector well capitalised despite risks

The European Union’s insurance sector is well capitalised despite challenges such as low interest rates and the disasters that have hit reinsurers, the bloc’s insurance and pension watchdog said on Wednesday. The European Insurance and Occupational Pensions Authority (EIOPA), in a financial stability report, said that in addition to low rates, low market volatility and high levels of economic and political uncertainty were major challenges to the industry. “Despite these challenges, the insurance sector remains well capitalised”, EIOPA said, noting that...

December 21, 2017
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21Dec

Could Tech Relieve Singapore’s Aging Woes?

Singapore is embracing technology and focusing more on personal health, as an expected doubling of seniors over the next two decades forces the nation to confront politically sensitive decisions on financing and immigration. While Singapore’s aging population is something to celebrate in reflecting longevity, it’s also forcing the city state to become more nimble in how it approaches the challenges, Chee Hong Tat, senior minister of state for health and communications and information, said in an interview Tuesday. “You need to help...

December 21, 2017
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21Dec

British Steel pensions scandal: the story so far

This year's restructuring of the British Steel Pension Scheme (BSPS), the savings pot for workers at the Port Talbot steelworks, followed nearly 12 months of negotiations and helped to lift the threat of closure that had loomed over the factory. Union members voted to accept the closure of the BSPS, which paved the way for Indian conglomerate Tata, which runs the steelworks, to merge its European steel business with German steelmaker ThyssenKrupp. That means the scheme will fall into the Pension...

December 21, 2017
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20Dec

Argentina leader defends pension reform approved in Congress

Argentina's president defended a pension reform bill approved by Congress Tuesday that has prompted violent protests and a general strike, saying it seeks only to benefit retirees. The measure passed in the lower house by a 127-117 vote after more than 12 hours of debate, much of which came as demonstrators clashed with police outside the chamber. The legislation, which had already cleared the Senate, would change the formula by which pension benefits are calculated, basing them largely on inflation instead...

December 20, 2017
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20Dec

The Pension Protection Fund aims to protect pensions – not management

By Nils Pratley It looks terrible for the Pension Protection Fund (PPF): the pensions lifeboat fund is planning to vote against a restructuring of the UK arm of Toys R Us, an action that could mean 3,200 people lose their jobs. On the company’s proposal, only 800 employees would depart and the others would resume the fight against Amazon’s invasion of the toy market. The PPF, however, is not to blame for this mess. Its hands are tied. The PPF’s jobis...

December 20, 2017
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20Dec

Toys R Us future in UK plunged into doubt over pension scheme

The retailer was told to put £9m into its struggling pension fund by the PPF in order for it to support the toy retailer's restructuring plan. Failure to agree a deal could put all its 3,200 staff at risk of redundancy. The PPF's Malcolm Weir said it believed it was "reasonable" to seek guarantees on the pension scheme's future. "Since the company lodged the CVA [company voluntary agreement] proposals we have spent significant time and effort, with the help of PwC,...

December 20, 2017
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20Dec

Ireland. Public service pension liability now stands at €114.5bn

The State’s bill for its 298,000 serving public servants, and a further 155,000 who have already retired, now stands at €114.5 billion. The figure, contained in the Department of Public Expenditure’s latest actuarial review of its pension liability in respect of public service workers, represents the value at the end of 2015 of all expected future payments to current and former staff. The figure has jumped 17 per cent from €98 billion in just three years since the last actuarial study...

December 20, 2017
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19Dec

Argentina Congress passes pension reform after protests, clashes

Argentina’s Congress passed a reform to the pension system early on Tuesday, after days of demonstrations by the bill’s opponents and violent clashes between protesters and police gripped the South American country. The reform, which is crucial to President Mauricio Macri’s efforts to slash the fiscal deficit and attract investment, changes the formula used to calculate benefits by linking them to consumer prices at a time of lower inflation expectations.It passed the lower chamber of deputies after an all-night debate...

December 19, 2017
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19Dec

Brazil tries to avert credit downgrade as pension reform doubts grow

Brazil’s Finance Minister Henrique Meirelles will speak to major credit rating agencies on Thursday as the government scrambles to avoid a sovereign debt downgrade due to growing doubts that its proposed pension reform can rein in surging public debt. A vote on the unpopular bill to overhaul the social security system, seen as vital to closing the fiscal deficit, has been delayed to 2018 after failing to muster support in Congress. Lawmakers have warned that handling the hot-button issue ahead...

December 19, 2017
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