November 2017

10Nov

Greece. Pension cuts to reach up to 18 pct in 2019

The recalculation of pensions paid out to people who have already retired will likely lead to major cuts for pensioners of the former Traders’ Fund (TEBE/OAEE) and the civil servants’ fund, as well as those who used to work at banks and state firms. According to data presented to the country’s creditors by the Labor Ministry, three-quarters of the recalculations have been completed, while the process is expected to finish by year-end. The cuts will be implemented from January 1, 2019,...

November 10, 2017
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10Nov

UK Gov’t outlines cold calling ban timeline

Responding to a question from a fellow Conservative MP, Stephen Barclay confirmed that the government will then legislate on a ban, which will include texts and emails, as soon as parliamentary time allows. Despite welcoming the announcement as “a step in the right direction”, James Walsh of the Pensions and Lifetime Savings Association (PLSA) said: “We are still a long way from a cold calling ban actually taking effect”. Walsh, who is the PLSA’s policy lead for engagement, EU and regulation,...

November 10, 2017
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10Nov

India. Maintaining NPS return at over 10 per cent to be examined: PFRDA chief Hemant Contractor

PFRDA Chairman Hemant Contractor today called for examining sustainability of high returns of over 10 per cent to government employee NPS subscribers at a time when interest rates are in decline. SBI Pension Funds, UTI Retirement Solutions and LIC Pension Fund Ltd are the three government-managed pension funds hired by the Pension Fund Regulatory and Development Authority of India (PFRDA) that offers returns in the range of 10.16-10.52 per cent to central government employees. For the state level, the interest...

November 10, 2017
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09Nov

Brazil moves to dilute unpopular pension reform bill

Brazilian congressional leaders will meet on Thursday to agree on a watered down version of an unpopular pension reform bill after the government conceded it cannot muster enough support for its proposed belt-tightening. Brazil's benchmark stock index Bovespa jumped, closing 2.7 percent higher on news of the renewed push to reduce the cost of the country's generous pension system. A day earlier, the index fell to a two-month low after President Michel Temer said the pension bill might not pass...

November 9, 2017
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09Nov

Denmark. World’s Top-Ranked Pension Funds Are Hoarding Riskier Assets

Denmark’s $530 billion pension industry is accumulating risk at an ever faster pace in an effort to maintain the world’s best-funded life insurance market. The trend is upending initial public offerings and taking large chunks of listed companies out of circulation. It’s also adding vulnerabilities to Denmark’s economic backbone that the financial regulator says are underestimated. The Voices Allan Polack, the chief executive officer of PFA, which manages about $100 billion in assets, says the Danish regulator is “right to be...

November 9, 2017
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09Nov

US. N.Y. Pension Fund Manager Charged With Taking Bribes Pleads Guilty

A former portfolio manager at New York state’s retirement fund pleaded guilty to two counts of conspiracy on Wednesday after U.S. prosecutors accused him of steering more than $3 billion in trades to two brokerages in exchange for bribes that included vacations, cocaine and prostitutes. Navnoor Kang, 37, former director of fixed income and head of portfolio strategy at the New York State Common Retirement Fund, entered his plea before U.S. District Judge Paul Oetken in Manhattan federal court, according...

November 9, 2017
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09Nov

Prudential, PIC Reach $1.2 Billion Longevity Reinsurance Agreement

Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE:PRU), and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction since 2015. In the agreement, The Prudential Insurance Company of America assumes the longevity risk for $1.2 billion (about £900 million) in pension liabilities, covering approximately 4,000 pensioners across four pension schemes. The transaction highlights the rebounding demand for pension de-risking solutions in the U.K., and the desire of many U.K. pension insurers to manage their risks and...

November 9, 2017
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08Nov

Brazil central banker urges pension overhaul to avoid market turmoil

Brazil's congress needs to reform the country's pension system while global markets are favorable or risks facing more volatility, central bank chief Ilan Goldfajn said on Tuesday during an event in Uruguay. "We don't have until the end of times to do what must be done," Goldfajn said during a panel with fellow central bank presidents from Latin America. Talks resumed last month after the lower house voted to reject a criminal charge against President Michel Temer. But pessimism over...

November 8, 2017
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08Nov

US. Educators present ‘Shared Responsibility’ pension plan in Frankfort

Barren County Schools Superintendent Bo Matthews traveled to Frankfort on Monday with other educational leaders for a joint press conference at Woodford County High School to present an alternative pension plan – called the Shared Responsibility Plan – to the one presented by the office of Gov. Matt Bevin, according to an email from Matthews to media outlets. According to a press release from the Kentucky Association of School Superintendents (KASS), the Shared Responsibility Plan is “designed to address challenges...

November 8, 2017
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07Nov

US. How Tax Bill Affects Retirement Plans

The House tax bill doesn’t slash 401(k) pre-tax contributions, but that doesn’t mean it doesn’t affect retirement savings, writes InvestmentNews. Example: under the House bill, employees would have more time to repay 401(k) loans if they leave the company or the plan is ended. The current window is 60 days; after that, the loan becomes a taxable distribution as well as a potential early-withdrawal penalty. The bill gives participants up to their tax-return due date to replace the borrowed amount. Hardship...

November 7, 2017
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