May 2017
16May

IBM Pension Fund sells most IBM shares

When Warren Buffett, the celebrated investor, billionaire, and chairman of Berkshire Hathaway, makes an investment move, thousands of investors around the globe instantly follow suit. The investment guru is known for his level-headed approach and for his long-range planning, and when he makes a major shift in his positions it tends to draw attention. That was the case in recent months with IBM. Buffett has long been a vocal supporter of the tech giant, and so it shocked many...

May 16, 2017
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16May

‘India ageing gradually; every 5th person to be 60+ by 2050’

India will transform gradually from young to a 'greying' country and by 2050 every 5th Indian will be in 60s as against every 12th at present. Flagging the demographic transition, a PFRDA-CRISIL report today said it is important that the development of the under-penetrated pension market in India be initiated now, when the situation is ripe. "Demographically, India will transition slowly from a 'young' to a 'greying' country, where persons above the age of 60 would increase from 8.9 per cent...

May 16, 2017
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15May

Asia’s ageing population is enough to give policymakers grey hairs

“Asia remains the growth champion of the world,” the International Monetary Fund (IMF) said last week, but in the medium term there’s a large grey cloud on the horizon. Asia is fast getting old and the harsh reality is that it could do so before it gets rich. Policymakers across the region will have to contend with these demographic challenges. “Institutional support is not yet in place to respond to the rapid rise in ageing. Pension systems remain unsustainable despite...

May 15, 2017
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15May

UK. May Pledges Protections for UK Gig Economy Workers, Pensions

Theresa May on Monday will pledge to broaden employment rights in Britain as the country pulls out of the European Union, outlining a raft of promises designed to safeguard pensions, gig economy workers with companies such as Uber Technologies Inc., and wages. The prime minister will say that if her Conservative Party wins the June 8 general election, she’ll follow up on recommendations made in a review into U.K. working practices she commissioned in 2016 by Matthew Taylor, former policy...

May 15, 2017
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15May

Zimbabwe. IPEC drafts law to deal with pension funds trustees

The Insurance and Pension Commission has completed draft regulations that empower it to deal with errant trustees of pension funds, an official said. Commissioner Tendai Karonga said IPEC had observed several poor cooperate governance practices, prompting the commission to come up with tight controls. The draft regulations have already been submitted to the Ministry of Finance for approval. "We are in the process of developing new procedures to control the unacceptable behaviour by some of the trustees," said Mr Karonga "Basically it...

May 15, 2017
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12May

UK. Pensions regulator director to leave for local government scheme

The Pensions Regulator (TPR) director Andrew Warwick-Thompson will leave his role to join the Local Government Pension Scheme (LGPS). Warwick-Thompson (pictured) has been executive director for regulatory policy at TPR since 2013. In the role he is responsible for TPR's policies on pension schemes, including master trusts. Warwick-Thompson will become chief executive of LGPS Central in July, which administers defined benefit schemes for some local authorities in Midlands and the North West. TPR is in the process of appointing a successor to Warwick-Thompson. Lesley...

May 12, 2017
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12May

US. How United Technologies created ‘the retirement plan of tomorrow’

United Technologies Corporation was ahead of its time when it came to employee retirement benefits. The Fortune 500 company — the parent to Otis, Pratt & Whitney, UTC Aerospace Systems and UTC Climate, Controls & Security— made a point of offering its employees an in-plan guarantee of retirement income well before the topic of lifetime guarantees in 401(k) plans took center stage in the national discussion. Five years ago, the company decided to revamp its retirement plan, and worked with Prudential...

May 12, 2017
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12May

UK. ACA opposes additional powers for The Pensions Regulator

On member protection and new powers for the Pensions Regulator, the ACA response says ‘we do not believe that there is any significant evidence that members need additional protection or that substantial new powers are needed for the Pensions Regulator. Whilst several recent high-profile cases have raised the question of whether members have adequate protection, the outcome of these cases has seen members generally receiving (or expecting to receive) benefits above PPF minimum levels, which should be regarded as...

May 12, 2017
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11May

UK. Firms warned to take pension auto-enrolment seriously or risk big bills

The ACT is reporting that those not taking seriously the need to get their pension commitments in order are likely risking substantial bills. Highlighting a case where Johnsons Shoes was issued with a £400 fixed penalty notice having failed to comply with the law, the retailer paid the fine, but then continued to ignore its duties, subsequently racking up a £40,000 bill before meeting its obligations. Charles Counsell, The Pensions Regulator’s Executive Director of Automatic Enrolment, said: “The failure by Johnsons...

May 11, 2017
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11May

Canadian pension fund bats off Brexit worries with City expansion

One of Canada's largest investment managers has promised to spend £4.6bn on expanding in London in the next five years, batting off any concerns of a Brexit exodus as it pledges to add brainpower to the capital. The Public Sector Pension Investment Board said it had picked London as its European hub on Wednesday in a move its president André Bourbonnais said was "evidence of our confidence and commitment to the region". Its targets, which including growing the office from its...

May 11, 2017
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