June 2017

06Jun

US. Pennsylvania State employees and teachers may see new retirement plan

The PA Senate passed a pension reform bill that would shrink traditional retirement plans and offer a 401k style option for most future state and school employees. Now its up to the house to consider plan that's designed to correct deficits in pension funding. Future state troopers and corrections officers are exempt. Current lawmakers and public employees can choose to join a new plan. Retirees are unaffected. Governor wolf supports the plan. Here are more details on the bill from Senator Jake...

June 6, 2017
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06Jun

Smart Pension, the provider of auto-enrolment pensions, nabs £15Mn to expand overseas

London-based Smart Pension has secured £15 million in Series B funding from Stensrud family, the owner of Norwegian asset manager Skagen. This round also saw participation from existing investors, Tom Valentine, co-founder of Secret Escapes and renowned entrepreneur William Reeve. The funding brings the total funds raised by the firm to £25 million at a valuation of £65 million. First reported by Sky News, Smart Pension will utilize funds to enable acceleration of the platform’s technological development. This, it believes,...

June 6, 2017
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05Jun

Americans Care More About Vacations Than Retirement

It's no secret that Americans are woefully ill-equipped for retirement. In a newly released study by COUNTRY Financial, 51% of workers admit that they don't factor retirement into their long-term financial goals. These findings are consistent with data from the Economic Policy Institute, which finds that almost 50% of Americans have absolutely no money saved for retirement. Now, it's one thing to neglect retirement savings out of necessity: Families living paycheck to paycheck often need every cent they bring home...

June 5, 2017
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05Jun

Fjarde AP Fonden Fourth Swedish National Pension Fund cuts its stake in oil and gas

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its stake in EQT Co. (NYSE:EQT) by 7.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,867 shares of the oil and gas producer’s stock after selling 2,278 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in EQT were worth $1,703,000 as of its most recent SEC filing. Several other large investors have also...

June 5, 2017
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02Jun

UK. Women born in the ‘abandoned decade’ feel ‘penalized’

Official parliamentary figures show that a total of 2.66 million women have lost out due to the changes introduced in the Pension Acts of 1995 and 2011, affecting women born between April 1953 and April 1960. Shocking statistics show some women in this age bracket have lost on average up to £12,000, according to House of Commons Library figures, due to having their retirement age pushed back. Under the 1995 Act, the government decided that the pension ages of both men...

June 2, 2017
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02Jun

Nigeria. Pension Authority to end Annuity Funds Controversy

The National Insurance Commission (NAICOM) and the National Pension Commission(PenCom) are making frantic moves to resolve the controversy surrounding the N167.8 billion Annuity Funds Arrangement, LEADERSHIP Friday can exclusively reveal. It was gathered that the two regulators met recently to deliberate on grey areas, a parley which would lead to the release of a framework that will regulate the administration of Annuity Business in the country. The framework known as Joint Service Agreement, according to findings, will explain in details how...

June 2, 2017
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02Jun

Japan’s GPIF Pension Fund Sues Toshiba Auditor Over Investment Losses

Japan's giant Government Investment Pension Fund (GPIF) has sued the local affiliate of global accounting firm Ernst & Young, claiming $31 million for losses on investments in Toshiba Corp stemming from the conglomerate's accounting scandal in 2015. Toshiba has been on the Tokyo Stock Exchange's supervision list since mid-March as it has failed to clear up concerns about its internal controls after the $1.3 billion accounting scandal. That scandal preceded the crisis now engulfing Toshiba over billions of dollars in...

June 2, 2017
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01Jun

Pension crisis as Irish Life scraps gold-plated fund

The largest pension provider in the State is closing its staff pension scheme, prompting fears that traditional defined benefit plans are now set to disappear from the private sector. Unions at Irish Life want the law altered urgently in a bid to stop the company closing its defined benefit pension for staff. Some 1,200 staff members will be hit by the move. It comes despite the Irish Life scheme having a €150m surplus. It is unusual for a private sector defined benefit scheme...

June 1, 2017
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01Jun

Pour money into pensions or risk a poor old age, IMF tells millennials

Traditional state pensions are unlikely to exist in their current form in the decades ahead, so young workers need to seize the initiative now and start saving for their old age, the International Monetary Fund has warned. Aging populations mean government resources - the taxes paid by workers - cannot stretch indefinitely to pay for substantial incomes for retirees into old age. As a result individuals will have to take more responsibility for their own income into old age, IMF economist...

June 1, 2017
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01Jun

Puerto Rico governor protects pensions, promises tax breaks

Puerto Rico's governor unveiled a budget Wednesday that prioritizes pension payments for tens of thousands of retired government workers who depend on a public pension system that is crumbling amid a deep economic crisis. The proposed $9.56 billion budget is more than a half million dollars larger than last year's, and Gov. Ricardo Rossello said that for the first time in recent history the budget would be truly balanced. "In the past, money was taken from areas, increasing budgeted spending and...

June 1, 2017
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