December 2017

13Dec

Japan’s public pension fund to adopt performance-based fees

The biggest public pension fund in the world will change the way it pays fees to investment managers in fiscal 2018, with an eye toward creating an incentive for them to boost returns. Japan's Government Pension Investment Fund, or GPIF, currently pays fees based on the amount of assets overseen by each managing firm -- applying a predetermined percentage rate to the value of assets under management. Actively managed funds, in which investment managers pick and choose assets to achieve...

December 13, 2017
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13Dec

Investigation launched into largest corporate scandal in South Africa’s history

An investigation has been launched by the government into the largest corporate scandal in South Africa's history, it was announced on Tuesday. The investigation will be led by the Department of Trade and Industry (DTI) and its affiliated organization the Companies and Intellectual Property Commission (CIPC), DTI spokesperson Sidwell Medupe said. The DTI and CIPC have noted with great concern allegations of governance failures and financial irregularities at South African retailer Steinhoff, which led to the resignation of its Chief Executive...

December 13, 2017
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13Dec

Poverty risk high for Swiss pensioners despite high spending

A recent OECD study, which looks at retirement, shows the relatively large amount spent on pensioners in Switzerland. Switzerland consumes 11% of its GDP on retirees, compared to 9% across OECD nations. Despite this high spending, the risk of poverty is higher in Switzerland than across the OECD. According to the organisation, 19% of those over 64 in Switzerland are at risk of poverty, compared to an OECD average of 13%. Read more @Le News

December 13, 2017
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12Dec

UK. FCA cracks down on steelworker pensions advisers

Three financial advice firms have stopped giving advice to steelworkers on transferring pension savings from a 15 billion pounds pot into other schemes, the Financial Conduct Authority said on Monday. The financial services industry watchdog has visited seven financial advisers and asked four more for information. “As a result of this work three firms have stopped advising consumers on pension transfers,” the FCA said in a statement. “The FCA plans to visit a further six firms this week.” Read more @Reuters

December 12, 2017
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12Dec

South Africa. Government pensions survive Steinhoff fraud

The Government Employee Pension Fund (GEPF) yesterday assured its more than 300 000 beneficiaries their money was safe and would still keep flowing following the fraud being investigated at Steinhoff Investment Holdings and the subsequent collapse of its share price. Trading in Steinhoff opened at about R6 yesterday morning from about R55 on December 1 when the scandal broke, and closed at R8.60. “As at March 31, 2017 the GEPF through PIC owned about R28 billion in Steinhoff International Holdings which...

December 12, 2017
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12Dec

Don’t Penalize Workers for Retiring Later

The last decade has seen most countries in the rich world raise the retirement age in order to improve the sustainability of their pension systems at a time when people are living longer, healthier lives. The policy is moving in the right direction, but it has one key flaw -- current policies are too rigid. Retirement should not be a one-size-fits-all system where those who work longer or retire earlier are penalized. Provided they get it right, governments and citizens...

December 12, 2017
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11Dec

China’s pension funds struggling to cope with ageing population-state media

Thirteen pension funds in regions and administrative units around China only have enough money to pay less than one year’s worth of pensions, media reported on Monday, as the country struggles with an ageing population and shortfalls in the nation’s pension schemes. Guangxi, Jiangxi, Hainan, Inner Mongolia, Hubei, Shaanxi, Tianjin, Hebei, Liaoning, Jilin, Qinghai, Heilongjiang and the Xinjiang Production and Construction Corps can all pay less than one year’s worth of pensions to workers covered under the respective funds, the...

December 11, 2017
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11Dec

UK. Government urged to fasttrack ban on pensions cold calling

Pensions cold calling must be banned next year to prevent people being “avoidably conned out of their life savings”, an influential committee of MPs has said. The Work and Pensions Select Committee has warned the Government that the scale of the scamming is likely to be grossly underestimated by official reports. It has urged the Government to fasttrack an existing plan to ban the practice and also to do more to ensure that people are given guidance before they decide to...

December 11, 2017
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08Dec

Temer, congressional leaders delay Brazil pension vote

Brazil's President Michel Temer has agreed with congressional leaders to delay a key vote on pension legislation in the lower house until the week of Dec. 18, the speaker of the body, Rodrigo Maia, said on Thursday. The pension overhaul, a cornerstone of Temer's efforts to reduce Brazil's budget deficit, is seen by investors as crucial to boosting the nation's fiscal health. Brazil's currency and benchmark Bovespa stock index slipped on Thursday amid concerns that Temer lacked support to put the...

December 8, 2017
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08Dec

Why Russia does not need working pensioners

Raising the retirement age in Russia could be a source of resources for higher pensions, better healthcare, especially for older people and better financing of the sphere of social service, said in an interview “Газете.Ru” the Minister of economic development (med) Maxim Oreshkin. However,”to raise the retirement age makes no sense for a number of reasons, according to the rector of Academy of labor and social relations Alexander Safonov. First, the prospects of the labor market are such that – the...

December 8, 2017
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