November 2017

02Nov

Ørsted to sell 50% of Walney Extension to Danish pension funds

Danish utility Ørsted A/S (CPH:ORSTED), formerly Dong Energy A/S, announced today it has inked a deal to sell a 50% stake in the 659-MW Walney Extension offshore wind project to pension funds PKA and PFA. Each of the two Danish pension funds will acquire a 25% stake in the project and, together, they are committing to fund 50% of the payments under the engineering, procurement and construction (EPC) contract for the entire wind park, including the transmission assets. The total...

November 2, 2017
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02Nov

UK. Cost of living pressures affect people on welfare more than anyone

The release of the latest cost of living indexes shows that for all types of households the cost of living continues to grow well below long-term averages. But in September the impact of electricity price rises most affected aged pensioner and other government beneficiary households. For these households, who have mostly missed out on the benefits of falling interest rates, it means that they remain the most affected by cost of living pressures. Unlike the consumer price index, which provides...

November 2, 2017
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02Nov

East Africa: Regional Pension Managers Meet in Kigali

Managing social security institutions require good leadership skills coupled with integrity and ethical values to deliver better services and properly manage people's pension savings. The observation was made on Monday during the opening of a workshop that brought together officials from social security institutions from eight countries forming Eastern and Central Africa Social Security Association (ECASSA). Experts observed that, generally, the issues affecting pension schemes are homogeneous across countries while institutions may have own challenges where integrity and ethics are not...

November 2, 2017
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02Nov

World’s Biggest Pension Fund Adds $39 Billion as Stocks Rise

The world’s biggest pension fund posted its fifth-straight quarterly gain, the longest run in more than two years, as global stocks advanced to new highs and weakness in the yen helped boost the value of overseas investments.  Japan’s Government Pension Investment Fund returned 3 percent, or 4.5 trillion yen ($39 billion), in the three months ended Sept. 30, increasing assets to a record 156.8 trillion yen, it said in Tokyo on Thursday. Domestic equities added 1.8 trillion yen as the...

November 2, 2017
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01Nov

South Africa’s State Pension Fund Preparing for National Downgrade

South Africa’s main government workers’ pension fund is seeking permission to invest more cash in international assets to protect against the impact of a possible downgrade of the country’s local-currency debt to junk status. The Government Employees Pension Fund is in talks with Finance Minister Malusi Gigaba about easing its investment criteria to include more foreign bonds and equities, Abel Sithole, principal executive officer, told reporters in Johannesburg on Tuesday. The GEPF currently has 1 percent of its 1.7 trillion...

November 1, 2017
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October 2017

31Oct

New Zealand. Thousands overpaid pensions, nine prosecutions

In the 12 months to June 2017, 52,525 people receiving either New Zealand superannuation or a veteran's pension were found to have been overpaid, Ministry of Social Development (MSD) figures released to RNZ show. That compares to 35,101 cases of overpayment discovered in 2013. The ministry did not say how much in total was overpaid each year but said the average in 2017 was $625, while the single largest overpaid amount was $207,139. In August New Zealand First leader Winston Peters...

October 31, 2017
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31Oct

Now or never for Brazil’s pension reform

After two years of economic recession, the Brazilian economy is finally showing signs of recovery amidst a continuous political crisis. Since officially taking office in August 2016, President Michel Temer has prioritized the implementation of a broad austerity package to include spending cuts and a series of reforms meant to stabilize Brazil’s fiscal position and promote greater economic growth. As of October 2017, Brazil’s inflation rate is at a low 2.54% and is expected to close 2017 at 3.06%, while...

October 31, 2017
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31Oct

Argentina’s Macri vows to pursue tax, labor, pension reforms

Argentina's President Mauricio Macri vowed to press ahead with reforms to the country's tax, labor and retirement systems in a speech on Monday, a week after his "Let's Change" coalition swept to victory at the polls in midterm elections. The government will present a tax reform proposal this Tuesday or Wednesday, and an amnesty plan for companies that hired workers informally in the coming days, Macri said. He added that the government would convene a commission to propose changes to...

October 31, 2017
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31Oct

US. Congressional Scrooges want to cut 401(k) contribution limit

The holiday season is fast approaching. It is a time most people feel more generous to loved ones or to the less fortunate. Not so when it comes to Congress. If lawmakers have their way, taxpayers may have to work longer in their lives, work more hours or have to take more risk in the investment markets to live the retirement they envision now. This is what reducing the 401(k) plan contribution limit could mean. This is what Congress is calling...

October 31, 2017
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30Oct

Nobel laureates discuss ageing in Seoul

Around 30 world-leading scientists, thinkers and opinion leaders, including five Nobel laureates, gathered in Seoul for an international forum on aging. Under the theme of “The Age to Come,” the Nobel Prize Dialogue kicked off its three-day run at Seoul’s Coex on Monday. Packed with lectures and panel discussions on issues surrounding aging, the event is part of the annual Nobel Week Dialogue organized by Nobel Media and the Nobel Center Foundation. The main one-day program is slated for Dec. 9...

October 30, 2017
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