March 2017

02Mar

PENCOM applauds Kaduna State on successful implementation of Pension Scheme

The Director General (DG), National Pension Commission; Chinelo Anohu-Amazu has commended the Kaduna State Government on the commencement of payment of retirement benefit under the Contributory Pension Scheme (CPS) in Kaduna State. According to a statement, the state Governor, Mallam Nasir Ahmad El-Rufai was also praised for not only sustaining the policy of previous administrations in the State on pension administration, but injecting a new lease of life into it and ensuring that the change process is accentuated and consummated. The...

March 2, 2017
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02Mar

Dominic Chappell to fight legal action forcing him to pay BHS pensions

Dominic Chappell, the last owner of BHS, has pledged to fight legal action by the Pensions Regulator designed to force him to pay millions of pounds into the failed retailer’s pension scheme, saying the black hole in the scheme was not his fault. The regulator has agreed a £363m cash settlement with Sir Philip Green to rescue the BHS pension scheme and halted legal proceedings against the billionaire. However, it is continuing with legal action against Chappell and his company...

March 2, 2017
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02Mar

Public remains divided over role of government in financial regulation

As Donald Trump and congressional Republicans take steps to roll back Obama-era financial regulations, the public remains divided over whether regulations of financial institutions have gone too far or not gone far enough. Overall, about half of Americans (49%) say “the government has not gone far enough in regulating financial institutions and markets, leaving the country at risk of another financial crisis,” while 42% say the government has gone too far, “making it harder for the economy to grow.” These...

March 2, 2017
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02Mar

Retirement savings: Rule is delayed that would force advisors to do the best thing for their clients

The Labor Department is formally proposing to delay the implementation of the so-called fiduciary rule, a key consumer protection championed by President Barack Obama and others. The rule requires retirement advisors to put their clients' best interest first, but industry groups don't like the regulation and argue that it limits consumers' investment choices. It is supposed to take effect April 10, but the new proposed start date will be June 9. There is a 15-day comment window on the delay. President...

March 2, 2017
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01Mar

About one million American workers have pension plans on verge of insolvency

Nearly one million working and retired Americans are currently covered by pension plans that are in imminent danger of insolvency, according to an organization trying to help people keep their retirement earnings. The union pension funds have been designated as being in “critical and declining status” — which means trustees are eligible to apply for cuts on their payouts. Reducing the payout load lengthens the life expectancy of the stressed fund — but does little to alleviate the suffering of seniors...

March 1, 2017
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01Mar

S.Korea’s giant pension fund plans pay boost to staunch talent loss

South Korea's National Pension Service (NPS), the world's third-largest pension fund, said on Tuesday it plans to boost the pay of its fund managers through an extra 4.3 billion won ($3.8 million) budget as it fights to staunch a wave of resignations. The NPS said in a statement that it plans to increase the fund managers' pay to the upper quartile range of the private sector, after its move to a remote city caused a spike in staff resignations. Previously, NPS...

March 1, 2017
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01Mar

Philip Green to Pay Up to 363 Million Pounds in BHS Pension Settlement

UK retail magnate Philip Green agreed to pay as much as 363 million pounds ($450 million) to compensate 19,000 former workers of collapsed department-store chain BHS after months of haggling with the country’s Pensions Regulator. The payment will enable trustees of BHS retirement plans to achieve a “significantly better outcome” than they would have under the UK’s Pension Protection Fund, Green said in a statement Tuesday. Regulators dropped their enforcement actions against the tycoon and his investment vehicles. “The settlement is...

March 1, 2017
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February 2017

28Feb

NCSSF to manage pension funds across seven Chinese provinces

Seven of China’s local governments, including Beijing and Shanghai, have agreed to hand over the management of their pension funds to the National Council for Social Security Fund (NCSSF) in an effort to increase investment diversification and improve yields, Wang Zhongmin, vice chairman of NCSSF, confirmed to local media, according to a report on Chinese news site china.org.cn. This means that approximately 360 billion RMB (US$52.37 billion) will be transferred to the NCSSF for centralised asset management from local authorities,...

February 28, 2017
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28Feb

Finally, a Retirement Plan for Job-Hopping Millennials

Workers in their 20s and 30s are changing jobs at a record pace, yet they often view retirement stability as a back-burner issue. A law passed in Maryland last summer could give those without conventional pensions or 401(k) plans a way to save for retirement without the nuisance of setting up individual savings accounts. But despite broad bipartisan support in the state, the application of the law has now stalled with a new Republican Congress and White House. Maryland is one...

February 28, 2017
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28Feb

What to Do Now to Retire Better

Learn the money basics Two books to consider: “How to Think About Money,” by Jonathan Clements, and “Heads I Win, Tails I Win: Why Smart Investors Fail and How to Tilt the Odds in Your Favor,” by Spencer Jakab. The Investor Protection Institute’s site, iInvest.org, offers free guides that explain stocks, bonds and mutual funds. You might also consider taking a personal finance course at a community college or checking the online offerings on sites like Coursera.org. Sketch out your monthly budget Add...

February 28, 2017
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