June 2017

30Jun

Pacific Alliance reaches tax accord for pension funds

The Pacific Alliance trade group said on Thursday it has reached a tax agreement for pension funds operating in the bloc's four nations in an effort to stimulate investment in infrastructure projects. The alliance, which comprises Colombia, Chile, Mexico and Peru, was formed in April 2011, aimed at improving trade flows and bolstering investment. Pension fund administrators in the four countries have about $450 billion to invest in sectors like highways and other infrastructure projects, Colombian Finance Minister Mauricio Cardenas told...

June 30, 2017
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30Jun

Romanian stocks after tax and pension policy shock

The Romanian leu and stocks firmed slightly on Friday, recouping some of their losses from Thursday when the new government was voted in, as the new prime minister denied they were planning to dismantle private pension funds. Romanian markets plunged on Thursday after the ruling Social Democrats announced an unexpected tax overhaul, which was not discussed with business figures beforehand, and the new finance minister said they were planning to dismantle a multi-billion private pension scheme. Hungary and Poland had taken...

June 30, 2017
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30Jun

FAQs to better understand the new Pan-European Pension Personal Product

What is a pan-European personal pension product (PEPP)? The PEPP is a voluntary personal pension scheme that will offer consumers a new pan-European option to save for retirement. This new type of product is designed to give savers more choice when they are putting money aside for old age and provide them with more competitive products. It could be offered by a broad range of financial companies such as insurance companies, banks, occupational pension funds, certain investment firms and asset...

June 30, 2017
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30Jun

US. Automation making a big difference in millennials’ retirement plans

Wells Fargo, after examining the 4 million accounts of its 401(k) plan participants, found that its millennial workers are saving more for retirement when automatic enrollment and qualified default investment alternatives, like target-date funds and managed accounts, are made available. In fact, Wells Fargo found that 85% of younger workers stay in the plan when automatically enrolled, according to a study the financial services company release titled “Wells Fargo Driving Plan Health.” Wells Fargo finds that when younger workers are automatically...

June 30, 2017
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30Jun

Tax reform could change the way Americans save for retirement

he fight over tax reform is starting to get personal. So far, much of the debate in Washington has centered on overhauling the corporate tax code. But a new coalition of consumer and industry groups is spotlighting the potential for major changes to the individual side — particularly the way that Americans save for retirement. The White House and Republican leadership on Capitol Hill have said they want to streamline the tax system, allowing Americans to file their returns using nothing...

June 30, 2017
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29Jun

Regulation, red tape, sometimes necessary as Grenfell and BHS prove in different ways

How often have you heard politicians, especially low-rent Conservative politicians, banging on about red tape? If we just took up our scissors and cut through the lot of it then the British economy would surge off into the stratosphere, leaving those of our (former) EU friends in the dust! We'd be richer and happier as a foggy Asian tiger! Now, if we could just get the flights over there sorted out. Better get Boris Island built in the Thames estuary. With...

June 29, 2017
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29Jun

Canada public pension fund commits up to $1 billion to buy U.S. oil, gas assets

Canada Pension Plan Investment Board (CPPIB), the country's biggest public pension fund, plans to invest up to $1 billion to buy oil and gas assets in the United States in a partnership with Encino Energy Ltd. CPPIB said on Wednesday the partnership, Encino Acquisition Partners, would seek non-core assets being sold by global energy majors and would focus on basins already producing oil and gas. Houston-based energy company Encino Energy, which is privately-owned, will operate the assets acquired by the partnership...

June 29, 2017
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29Jun

EU pension’ planned for people who move between countries

A new “EU pension” will be introduced to aid people who move around the continent under proposals from the European commission. The EU-branded product will allow workers hopping from country to country to save seamlessly into one pot. To make the EU pensions more attractive to savers, Brussels will recommend national governments give the pan-European product the most favourable tax treatment they are able to provide. It had been hoped that the tax treatment of pensions could be harmonised as part of...

June 29, 2017
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28Jun

UK. 38% believe workplace pensions are the safest way to save for retirement

More than a third (38%) of respondents aged under 40 years old or aged 40 and over who have not yet retired believe that a workplace pension scheme is the safest way to save for retirement in the period July 2016-December 2016, according to research by the Office for National Statistics (ONS). Its Early indicator estimates from the wealth and assets survey also found that 68% of respondents who have not yet retired cite an occupational or personal pension as...

June 28, 2017
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28Jun

UK. Co-operative Bank agrees £700m rescue package

Investors have agreed to swap their debt for a stake in the bank. The bank also said it would to separate its pension fund from the Co-operative Group's scheme, which has £8bn of liabilities. The Bank of England's Prudential Regulation Authority said it had accepted the plan to return the bank to a firm footing. "Supervisors will remain closely engaged with the bank while the actions announced today are taken forward. Implementation is subject to certain regulatory approvals," said the PRA, which...

June 28, 2017
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