June 2017

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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28Jun

Nigeria. IEI-Anchor Pension Managers wins PFA of the year award

IEI-Anchor Pension Managers Limited has won the Businesstoday Pension Fund Administrator (PFA) of the year award 2016. Buisnesstoday is a publishing group with online an magazine presence with capability in Pension and insurance matters. Commenting on the award, Mr. Glory O. Etaduovie, the Mnaging Director/CEO, IEI-Anchor Pension Managers Limited said “this award might have come as a surprise to many considering our size. However, it signifies the recognition of our activities in the last two years as a PFA especially taking...

June 28, 2017
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28Jun

US. UPS to Freeze Pensions for 70,000 Workers to Reduce Costs

United Parcel Service will freeze a pension plan for about 70,000 nonunion U.S. employees because of escalating costs and volatility in determining future payments, replacing it with a different retirement benefit. UPS joins companies including DuPont Co. and Lockheed Martin in freezing pensions, which means that some or all participants may stop accumulating benefits. UPS’s retirement obligations are on top of a $1 billion jump in capital spending being planned for this year to handle a surge in e-commerce shipments. “It’s...

June 28, 2017
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27Jun

Taiwan. Reviews of pension reform bill drag on

As pension reform proposals are in the final stage of legislative review, draft provisions of the eligibility for death benefits and survivor benefits of civil servants received their second reading yesterday at a review marked by lengthy speeches by Chinese Nationalist Party (KMT) lawmakers. A plenary legislative session reviewed dozens of clauses — 36 as of yesterday, with a total of 79 clauses to be reviewed — of a draft act on civil servant pensions, despite the KMT caucus continuing...

June 27, 2017
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27Jun

U.S. states’ pension plans’ funding ratio down in 2016: report

The funding ratio for state retirement systems fell 4 percentage points to 69 percent in fiscal 2016 due to weak stock price performance and a strengthening U.S. dollar, according to a report issued on Monday by advisory firm Wilshire Consulting. It is the second consecutive year the funded ratio dropped by 4 percentage points, and the first year since 2010 that the aggregate funded ratio is below 70 percent, according to the report. The report studied the funding ratio, or ratio...

June 27, 2017
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