November 2017

27Nov

Can Tech Tools Help Millennials Avoid A Looming Retirement Crisis?

Regardless of their age, background or investment philosophy, advisors agree on one thing: Technology is changing the way they do business. Ask them about their client communication, back-office operations and workflow, and almost every advisor will start by marveling, "There have been so many advances in recent years," as one planner recently put it. Tech tools enable them to allocate their time better so that they can concentrate on listening to clients and helping them address current financial challenges...

November 27, 2017
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27Nov

Pension scheme trustees urged to prepare for imminent EU regulation

Although the regulation is not expected to impact trustees directly, it is thought that new rules for brokers and asset managers may affect UK pension schemes’ current contractual relationships. The EU legislation is designed to offer greater protection for investors while injecting more transparency into all asset classes, taking effect on 3 January 2018. Sacker & Partners LLP have identified several steps trustees should be taking now, which include: 1) Obtain an LEI number – this can be done at the London Stock...

November 27, 2017
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27Nov

China. Fintech energizes real economy

Chinese financial technology or fintech firms are expected to lead industry innovation and facilitate growth of small and medium-sized enterprises or SMEs in the Asia-Pacific region, said an executive of a leading Chinese fintech company. Tang Ning, founder and CEO of Beijing-based CreditEase, said tremendous development opportunities await fintech firms as well as peer-to-peer or P2P lenders in the next decade despite a stricter regulatory environment. After more than 10 years of development, China's fintech has entered the world's top league....

November 27, 2017
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24Nov

Brazil. Even the Watered-Down Version of the Pension Reform Lacks Backing

One day after President Michel Temer held a dinner meeting, in an attempt to gather political strength to pass the government's pension reform bill, Temer's allies are rather pessimistic concerning government's interests. Although the bill has been watered down, congressmen claim "nothing will change" regarding parliamentary support, unless the current government campaign succeeds in reducing public rejection of the reform. "Most party leaders attended dinner, but their 'followers' didn't join them. I asked: 'What happened, did you lose the strength of...

November 24, 2017
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24Nov

Australia. Criminals rorting millions from welfare system from behind bars

More than 20,000 jailed criminals have been busted illegally claiming a total of more than $16.5 million in taxpayer-funded benefits. The Herald Sun can reveal the federal government has been conducting sweeps of the nation’s prisons over the past four years to identify those criminals receiving benefits behind bars. It already costs taxpayers $110,000 to keep one prisoner locked up for a year. While inside, they are not allowed to receive welfare payments — but many fail to inform Centrelink that they have...

November 24, 2017
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24Nov

Ireland. Government needs to pursue a proper pension investment strategy

At a time the economy was booming, the National Pension Reserve Fund was established in 2001, taking up a proposal by Prof Philip Lane to plan ahead for future growth in the numbers of pensioners. The numbers aged over 65 are set to more than double by 2046, according to CSO projections. The share of the population over 65 will also rise rapidly in coming decades from 13 per cent of the population in 2011 to between 25 and 30 per cent of...

November 24, 2017
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24Nov

Tanzania: Job Cuts Loom Ahead of Pension Funds Merger

Job cuts look imminent in the social security sector following the drafting of a bill that seeks to merge four funds into one. Senior managers and operations staff will be hit the hardest as they are likely to be assigned other duties or laid off if the Bill is passed by Parliament and signed into law by the Head of State. Among these who will be affected are the directors general of the four funds, boards of directors and heads...

November 24, 2017
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23Nov

World Bank report shines spotlight on Canadian pension model

Canadian public pension funds and pension plans are regarded as among the best in the world, but they underwent an evolution of changes to get to where they are today. Because of their success, the World Bank Group partnered with four Canadian pension funds, Alberta Investment Management Corporation (AIMCo), Caisse de dépôt et placement du Québec (CDPQ), Healthcare of Ontario Pension Plan (HOOPP), and OPTrust, as well as the Government of Ontario on a report that studies the evolution...

November 23, 2017
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23Nov

What’s at Stake With Brazil’s Pension Bill

Brazil’s Congress may vote in coming weeks on President Michel Temer’s flagship proposal to cap pension spending. Since it was first presented to Congress a year ago, the proposal has been watered down several times in an attempt to secure support the three-fifths majority needed in both houses. The Temer administration now expects to guarantee at least 50 percent of the 750-800 billion reais ($230-246 billion) in savings envisaged over a decade in the original proposal. The following charts show...

November 23, 2017
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23Nov

Pan-European pension schemes – a way to close the pension gap

Europe is getting old. Ageing population is a luxury good hardly any country can afford. It has been one of the main policy challenges in the Union. Increasing old-age dependency ratio will widen the pension gap and make current pension systems unsustainable. Over the past decades, politicians have been in a rambling quest to close the gap. Their confidence in finding a solution must have been restored after the Commission Vice-President Valdis Dombrovskis announced the so-called pan-European Personal Pension...

November 23, 2017
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