February 2021

01Feb

China to Widen Fight Against Monopolies to the Giant Gig Economy

China pledged to deepen antitrust enforcement across emergent sectors including on-demand internet services, broadening a campaign to rein in the growing power of private firms. China “resolutely” opposes monopolies and unfair competition and will step up regulation in sectors such as platform businesses, according to a plan released by the general offices of the powerful Communist Party Central Committee and the State Council, the cabinet. Contained within a broad set of guidelines intended to enforce “high standards” in Chinese finance and markets, the...

February 1, 2021
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01Feb

UK. Smart Pension commit to move away from fossil fuel investments

Smart Pension has today (February 1) committed to halving its scheme emissions before 2030.  The prominent UK master trust has signed up Make My Money Matter, a campaign which is fighting for a world where we all know where our pension money goes. There is currently over £3 trillion in UK pensions, and this money which is owned by all of us is invested to build our savings for the future. But many of us do not know where this money...

February 1, 2021
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January 2021

29Jan

Coronavirus throwing retirement systems into a deepening hole

By Douglas Appell, Paulina Pielichata Emerging markets policymakers' uphill battle to ensure a comfortable retirement for their fast-aging populations became considerably more daunting last year as the coronavirus ripped through the global economy. Read also Australia’s pension assets fall for first time since 2009- regulator Creative approaches to asset allocation and structural changes to keep retirement systems from morphing into rainy day funds are topics policymakers could find themselves grappling with as they look to move forward again after a year...

January 29, 2021
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29Jan

US. Pandemic Widens Retirement Planning Gender Gap

The pandemic has widened the gender gap for retirement planning, and women investors are less optimistic, more concerned and less prepared to protect assets than their male counterparts, according to a new survey. “Women are concerned about the impact of the COVID-19 pandemic on their finances and the resulting uncertainty can make planning for the future — and their retirement — more difficult,” Ann Bair, senior vice president of marketing for Nationwide Financial, said in a statement about the...

January 29, 2021
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29Jan

Australia’s pension assets fall for first time since 2009- regulator

Australia’s pension assets decreased for the first time in a decade in the financial year ending June 2020, as workers withdrew on their savings to weather the coronavirus crisis, the sector regulator said in a report on Friday. Total assets in superannuation funds, as retirement funds are called in Australia, were A$2.9 trillion ($2.2 trillion) at June 30, down 0.41%, after growing every year since 2009 from A$1 billion, the Australian Prudential Regulation Authority (APRA) said. Lump sum payments...

January 29, 2021
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29Jan

UK. Pension Minister Urges Treasury For Retirement Changes But The Self-Employed May Miss Out | Personal Finance | Finance

Pension holders, particularly outlined contribution (DC) members, may utilise a pensions recommendation allowance which is meant to permit members and beneficiaries of DC pension schemes and hybrid pension preparations with money steadiness advantages or different cash buy advantages to take £500 from their scheme to redeem towards the price of retirement monetary recommendation, with out incurring an unauthorised fee tax cost. Yesterday, Guy Opperman, the Pensions Minister, referred to as for the treasury to extend the allowance additional. During...

January 29, 2021
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28Jan

Peru Congress Edges Closer to Giving State Control Over Pensions

A Peruvian congressional committee approved a bill to overhaul the country’s pension system, triggering warnings from the fund-management industry that the government will get control of billions of dollars of private savings. Read also Coronavirus throwing retirement systems into a deepening hole Lawmakers on the pension reform committee voted 6-2 in favor of legislation late Tuesday that seeks to replace the existing private and public pension plans with an integrated, government-run system. The bill will now be sent to the...

January 28, 2021
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28Jan

US. Biden May Have to Move Quickly to Reverse Anti-ESG Rule

The clock is ticking for the Biden administration to nullify Donald Trump’s restrictions on retirement plan fiduciaries, rules by which the Republican sought to limit their ability to direct money into environmental, social and governance funds. Trump’s Department of Labor moved earlier this month to adjust the Employee Retirement Income Security Act of 1974 (ERISA) to require those overseeing pension and 401(k) plans to always put economic interests ahead of so-called non-pecuniary goals. It was seen as a direct...

January 28, 2021
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28Jan

UK pension schemes face new climate risk reporting rules

The UK’s largest workplace pension schemes must comply with new mandatory requirements to take action on climate change under government measures that will also pile pressure on the fund management industry. Read also UK. Pension Minister Urges Treasury For Retirement Changes But The Self-Employed May Miss Out | Personal Finance | Finance From October, trustees of pension plans with more than £5bn in assets will have a legal duty to report on the financial risks of climate change within their...

January 28, 2021
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28Jan

South Africa take-home pay numbers decline

The steep decline in the number of take-home payments has adjusted the average South African salary by a few percentage points, according to the BankservAfrica Take-home Pay Index (BTPI) for December 2020. “The real average take-home pay increased by 2,1% year-on-year,” says Shergeran Naidoo, BankservAfrica’s Head of Stakeholder Engagements. “The reason behind this is not positive. The average salary rose as a result of the decline in the number of lower paid earners that led to a 5,4% nominal...

January 28, 2021
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