November 2017

30Nov

ILO: Vietnam should extend social protection to informal economy

Participants at a conference on “Reforming Social Insurance Policies - International Experience and Recommendations for Vietnam”, organized in Hanoi on November 29 by the Ministry of Labor, Invalids and Social Affairs (MoLISA) and the ILO, agreed that social insurance reform should be built on the results already achieved. “Social insurance is a key pillar of the social security system,” Deputy Prime Minister Vuong Dinh Hue told the gathering. “It makes a great contribution to realizing social advancement and justice in that...

November 30, 2017
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30Nov

UK’s FCA starts civil proceedings over pension investment statements

Britain’s Financial Conduct Authority (FCA) has begun civil proceedings against Avacade and Alexandra Associates, alleging the firms made misleading statements about pension investments and carried out regulated activities in Britain without authorisation. The FCA on Thursday alleged that Avacade Ltd and Alexandra Associates (UK), trading as Avacade Future Solutions, promoted pensions and investments in alternative investments such as tree plantations. The FCA wants customers affected to be compensated and injunctions to prevent further breaches of rules and is also bringing proceedings...

November 30, 2017
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29Nov

Britain close to deal on Brexit bill with EU: sources

Britain has offered to pay much of what the European Union was demanding to settle a Brexit “divorce bill”, bringing the two sides close to agreement on a key obstacle to opening talks on a future free trade pact, EU sources said on Tuesday. The offer, which British newspapers valued at around 50 billion euros, reflected the bulk of outstanding EU demands that include London paying a share of post-Brexit EU spending on commitments made before Britain leaves in March...

November 29, 2017
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29Nov

Kenya. Pensions raise stockholding as Nairobi bourse recovers

Pension schemes invested more in equities by cutting back on other investment classes in the third quarter as the stock markets rallied despite political intrigues. A survey of 372 schemes by consulting firm Zamara Group (formerly Alexander Forbes Financial Services EA) shows pension providers raised equity allocations to 23.9 per cent in the three months to September, up from 21.5 per cent in the previous quarter. It showed fixed income still had the largest share of investment by pension funds at...

November 29, 2017
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29Nov

US. Retirement plans expected to be untouched in Senate tax reform bill

The full Senate is expected vote on its version of the tax reform bill as early as this week, and so far, it leaves 401(k) plans and IRAs untouched. That can always change, however, says Erik Carter, senior financial planner at financial wellness company Financial Finesse, so it is important for employers to keep an ear to the ground as the bill makes its way through debate on the floor. Currently, “retirement provisions in the bill are not intended to raise...

November 29, 2017
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28Nov

UK. Millennials will have similar pensions to baby boomers, says report

Young adults will have retirement incomes similar to today’s pensioners, according to analysis which rejects widespread pessimism about the financial prospects for millennials. Men in their 40s will suffer a fall in their retirement incomes compared with today’s pensioners, but the generation behind them will see their incomes recover, analysis by the Resolution Foundation found. It said the average pension for a man will be about £310 a week in 2020, taking into account state and private pensions. This will fall to about...

November 28, 2017
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28Nov

Brazil. Ministry Sees Risk of Recession if Pension Reform Bill Is Not Approved

A report conducted by the Planning Ministry assesses that if the pension reform bill is not approved by next year, the country will face yet another recession in 2019. The payment of pensions is the federal government's biggest expense. In order to tackle an ever-increasing deficit – which, according to official numbers, will reach R$ 184 billion (US$ 57 billion) by the end of the year – the federal government will be forced to take out further loans in order...

November 28, 2017
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28Nov

S. Korea. State pension fund grows sharply over 30 years

South Korea's state-run pension fund has posted exponential growth since its inception about 30 years ago, but it still has a long way to go in order to serve its intended purpose, analysts said Tuesday. South Korea adopted the state pension program in 1988 to guarantee income for the elderly after retirement, and to provide coverage for disabilities and surviving family members. According to data from the National Pension Service, the number of subscribers to the National Pension Fund came to...

November 28, 2017
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28Nov

US. Changes, trends and best practices for 401k administration in 2018

Whe new year won’t bring significant changes to 401k plans, experts say, which means it’s the perfect time for employers to boost their financial education efforts. Employees who are stressed about finances have lower productivity. And, when workers don't retire because they can't afford to, employers are faced with a talent logjam that creates high healthcare costs and a brain drain when those workers leave. These phenomenons have, in recent years, led employers to take various actions, from offering flexible...

November 28, 2017
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28Nov

Brazil stocks fall on pension reform jitters

Brazilian stocks fell on Monday as traders feared the government might have to weaken pension legislation further to ensure its approval in Congress. President Michel Temer's administration agreed last week to soften its controversial plan to streamline the social security system after facing strong opposition from lawmakers. That proposal would generate fiscal savings of about 60 percent of the government's original proposal, down from 75 percent under a previous version. Investors widely see the bill as necessary to curtail rising public...

November 28, 2017
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