News Archives - Page 918 of 950 - Pension Policy International

16JunJune 16, 2017

Zimbabwe: Mines Owe Pension Fund US $100 Million

Pension funds in the mining sector are owed almost US$100 million in unremitted contributions, mostly by large companies, despite an anticipated recovery in the capital-intensive industry. Mining overtook agriculture as the largest contributor to the economy more than four years ago, but the industry, like many other economic sectors, continues to default on pension contributions, blighting the retirement plans of many pensioners. Mining contributes 60% of the country's exports. According to the Mining Industry Pension Fund (MIPF) annual report for 2016, the...

June 16, 2017

NewsZimbabwe

16JunJune 16, 2017

UK. New pensions minister to take on expanded role

Hexham MP Guy Opperman will be the new pensions minister, the Government has announced. Opperman takes over the brief from Watford MP Richard Harrington, who has been moved to the Department for Business, Energy and Industrial Strategy as part of the Conservative Party’s reshuffle. However, Opperman’s brief has been expanded to also include financial inclusion. The Government’s website entry still says that exactly what this entails will be confirmed “in due course”. Widening the pensions minister remit stands in contrast to criticisms...

June 16, 2017

NewsUK

15JunJune 15, 2017

US. Three Ways GOP Is Waging War On Retirement

While most of the world was consumed with former FBI Director James Comey's riveting Senate testimony last week, the GOP majority in the House of Representatives quietly prosecuted its war on retirement. House Republicans under the leadership of Speaker Paul Ryan passed a "Financial CHOICE" Act that would roll back multiple Dodd-Frank protections that were put in place after the 2008 crash. These recent "reforms" mean your retirement savings will be more at risk. U.S. Speaker of the House Rep. Paul...

June 15, 2017

NewsUS

15JunJune 15, 2017

Pension Fund Problems in Kazakhstan

In April 2013, Kazakhstan’s parliament passed a bill creating a single pension fund (ENPF), with the objective of nationalizing the pension funds that were previously held at banks and other financial institutions. At the time, the objective was to safeguard pension assets, given the troubled period that banks in Kazakhstan had just experienced after the global financial crisis of 2007. The merger of the private pension funds proved to be a challenging feat, as the most prominent banks either held...

June 15, 2017

NewsKazakhstan

15JunJune 15, 2017

Ukraine. Thousands in eastern Ukraine lose access to pensions

Mykola Ivanovych, who worked as a bus driver for 54 years, must present himself at the state-run bank in Stanytsia Luhanska, which checks his identity to allow him to receive his monthly payment of USD$53. Inside the bank, he waits patiently while his wife joins the queue to carry out the verification process. Mykola Ivanovych, who is his 70s, suffered two strokes after his son was killed by an artillery shell in 2014 – the first year of the Ukraine conflict,...

June 15, 2017

NewsUkraine

14JunJune 14, 2017

UK. Pensions Regulator warns over dividends

The Pensions Regulator (TPR) warned it would "intervene" in individual circumstances where schemes were being treated unfairly. In a review of Britain's defined benefit pension schemes published today the TPR said British corporate profits have grown over the last three years. But as dividend paid have increased, there has not been an associated increase in payments into so-called deficit repair contributions, in other words, the amount paid to plug pension holes. SCHRODERS TALK UK election result: what it means for markets, the economy...

June 14, 2017

NewsUK

14JunJune 14, 2017

Turkey. Automatic enrolment in private pension plans system

Introduction A long-awaited legal arrangement on employees' automatic enrollment in private pension plans by their employers was introduced into Turkish law by way of an amendment law published on August 25 2016. The amendment law adds new provisions to the Private Pension Savings and Investment System Act 2001. Accordingly, employees (including public officials) under the age of 45 will be enrolled in a private pension plan with a pension agreement between the employer and a pension company, which is executed under...

June 14, 2017

NewsTurkey

14JunJune 14, 2017

US. Pennsylvania Pension Reform Bill Becomes Law

Pennsylvania’s Senate Bill 1, which moves employees with non-high-risk jobs into hybrid retirement plans, has graduated to a law. Gov. Tom Wolf gave the state pension reform bill the green light Monday. It was passed by the Senate on June 5 and the House of Representatives on June 8. “Today is yet another demonstration that by working across party lines and branches of government, we can address important issues,” Wolf said in a press release. “The common thread that runs through...

June 14, 2017

NewsUS

13JunJune 13, 2017

UK. BMW workers reject offer to end pensions dispute

BMW plans to link the value of a worker's pension to the pension fund's performance on the stock market, instead of final salary. 14:25, UK, Monday 12 June 2017 BMW logos are seen on an automobile wheel at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017 Image: The long-running dispute at BMW is over changes to its pensions scheme Workers at three BMW plants in the UK have voted to reject a deal designed to end a long-running...

June 13, 2017

NewsUK

13JunJune 13, 2017

EU. Private pensions risk bigger gender pension gap

The gender pension gap could be getting wider due to the increasing importance of private (complementary) pension schemes, and their failure to credit women for periods of maternity and parental leave (or other types of care leave). The difference in pension payments for men and women across the EU is 40%, according to the most recent study which was carried out four years ago (in 2013). A survey of 44 trade unions in 29 countries published today by the European Trade...

June 13, 2017

NewsEU