August 2017

01Aug

Japan’s ageing society prompts redefinition of the term ‘elderly’

An early advocate of healthy living to stave off ageing-related illnesses, Shigeaki Hinohara, a Japanese doctor, saw patients until just months before bidding farewell to this world at the age of 105, last month. In 1954, Hinohara introduced comprehensive annual physical tests, part of the preventive medical system said to contribute to Japanese people's longevity. A fast-ageing society, Japan has the highest percentage of senior citizens in the world－more than a quarter of its population is aged 65 or above. Japan...

August 1, 2017
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01Aug

UK. Aeolus gains £51m investment from London Pensions Fund Authority

UK local authority pension fund manager the London Pensions Fund Authority (LPFA) made an investment of around £51 million in two of the reinsurance linked investment funds managed by Bermuda-based specialist Aeolus Capital Management Ltd. The investment was made in the calendar year ending March 31st 2017, according to the latest information from the £5.3 billion London Pensions Fund Authority. UK pension funds are increasingly becoming comfortable with the ILS and reinsurance linked asset class, with a growing number of authority...

August 1, 2017
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01Aug

Ladies, make sure you mind the pensions gap

There is a glaring gender gap when it comes to pension savings – a gap which grows as women age and means many face the prospect of spending their so-called “third life” in poverty. There are many factors behind this gap, ranging from the fact that women still pay a higher “parenthood penalty”, to the gender pay gap, and even the way retirement products are designed. While the number of men reaching the oldest ages is increasing, women still outlive their...

August 1, 2017
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July 2017

31Jul

Can Regulatory Sandbox Nurture India’s FinTech Innovation?

The Indian financial services sector is undergoing major changes today. With more than 600 startups in the space of lending, payments, insurance and trading space, Fintech startups are not only spearheading innovation, but are also prompting traditional banks and financial institutions to explore new technologies and investing heavily in digital service delivery channels. However, fintech startups unlike others face additional challenges of operating in a heavily regulated industry and have stiff competition as their key competitors are well established banking...

July 31, 2017
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31Jul

Nigeria. FUG Pensions targets N500bn assets under management

Future Unity Glanvills Pensions Limited (FUG), said it is targeting assets base of N120 billion by 2019, and N500 billion over the next seven years for its medium term operation. The firm’s current assets under management have grown from zero position in 2007, to over N57 billion in 2017. This was disclosed by the Managing Director and Chief Executive Officer, Usman Suleiman, at the 10th year anniversary of the Company’s held in Lagos. According to him, the Company has put in place...

July 31, 2017
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31Jul

S. Korea’s NPS to reinforce top investment decision-making body

South Korea’s biggest institutional investor National Pension Service (NPS) is seeking to hold a fund management committee meeting on a monthly basis and add more financial experts to its members in a move to enhance its independence from political influence and investment decision-making role. According to multiple sources from the political circle and the Ministry of Health and Welfare on Friday, the country’s National Assembly is preparing to introduce a revised bill in October that will mandate the NPS’s fund...

July 31, 2017
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31Jul

US. 34% Of Entrepreneurs Have No Retirement Savings Plan

Fully a third of small business owners don’t have a retirement savings plan, according to a recent survey by small business site Manta. Of those who don’t, 37% don’t make enough profit to save for retirement, 21% used their previous retirement savings to invest in the business, and 18% plan to sell their business to fund their retirement. “I find that small business owners, especially successful ones, are typically very driven and optimistic people,” says Kirk Licata, a financial advisor...

July 31, 2017
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28Jul

UK’s Pensions regulator fines for the first time ever a public service scheme

The Pensions Regulator (TPR) slapped the London Borough of Barnet with a £1,000 penalty for failing to submit its 2016 scheme return. TPR has been vocal in recent months over plans to get tough on pension scheme failings. It has promised to "intervene" where companies are treating schemes unfairly. Meanwhile, the government is consulting on plans to give TPR proactive, rather than reactive, powers to step in to prevent BHS-style corporate failings following large pension shortfalls. TPR issued Barnet council with a...

July 28, 2017
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28Jul

Ireland. Strong support for mandatory pension scheme

A large majority of PAYE taxpayers are in favour of a new automatic pension scheme being introduced for those who have no occupational pension. The survey from tax specialists Taxback.com found that 84pc of people would be in favour of an auto-enrolment type scheme. The Government has plans to bring in this type of scheme, with the Taoiseach recently telling the Dáil he intends to bring forward proposals for an auto-enrolment scheme. But he gave no time frame for this. Auto-enrolment involves...

July 28, 2017
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28Jul

Pension companies need to change to engage with millennials

The latest Scottish Widows Adequate Savings index highlights a number of worrying trends regarding attitudes to pension planning amongst young people. Most noticeable is that although the introduction of auto-enrolment means that 80 per cent of under 30-year-olds now make some form of retirement provision, 70 per cent of them are still not investing nearly enough into their pensions to provide for a comfortable retirement. Our data also indicates that far fewer young people have their pension pots reviewed, compared with...

July 28, 2017
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