December 2020

02Dec

UK. Following Arcadia, Debenhams set to close putting 12,000 jobs at risk

Debenhams stores are set to close after the failure of last-ditch efforts to rescue the ailing store chain. It means all 12,000 employees are likely to lose their jobs when the chain's 124 shops cease trading. The news comes just hours after Topshop owner Arcadia fell into administration, putting 13,000 jobs at risk. Debenhams itself had been in administration since April. Hopes of a rescue were crushed after the last remaining bidder, JD Sports, withdrew. Staff were told the...

December 2, 2020
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02Dec

Latin American private pensions fuel cross-border demand: report

The research puts total AuM for the four administradoras de fondos de pensiones (AFP/Afore) systems at $574bn at the close of 2019. Including Brazil's complementary pension system, which also had a positive year, total regional AuM stands at $1.05trn. Flows into the AFP/Afore pension managers in Chile, Mexico, Colombia, and Peru reflect a gradual upward trend that mimics increasing formality in labor markets and higher salaries. The inflows are also among the most reliable in Latin America. While cross-border...

December 2, 2020
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02Dec

Peru President Says Pension Changes Need Tax, Labor Reform: RPP

President Francisco Sagasti says a reform of the country’s pension system will require reforms of its tax and labor legislation simultaneously, RPP radio reported on its website. Congress is drawing up a framework for pension reform and the next government will need to carry out labor and tax reforms, he said in a television interview Sunday, RPP said Additional taxation may be required to boost small pensions, he said Read more @Bloomberg Tax

December 2, 2020
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01Dec

UK. Arcadia is bankrupt. What will happen to the 10,000 of its pension plan?

The pension pots of thousands of employees of Topshop owner Arcadia are hanging in the balance as the retail group is hours from collapsing into administration. The pension scheme of the Arcadia group, which is expected to go bust today putting some 13,000 jobs at risk, is labouring under an estimated £350million deficit. The defined benefit pension fund could potentially be picked up by the official lifeboat scheme - the Pension Protection Fund - but that would...

December 1, 2020
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01Dec

China’s Regulators Vow ‘Special’ Oversight of Fintech Giants

China plans to impose “special and innovative regulatory measures” on financial technology behemoths such as Jack Ma’s Ant Group Co. to eliminate monopolistic practices and strengthen risk controls. Advances in technology have brought tremendous change to the financial sector, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party Secretary of the central bank, wrote in an article outlining regulations over the next five years. It was cited in the official Shanghai Securities News. Financial innovations...

December 1, 2020
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01Dec

German pension savings register growth

Evidence suggests that Germans have taken retirement saving more seriously in the last three years, with the amount of funds set aside for retirement growing as a percentage of total funds. The BVI, Germany’s trade body for fund managers, said the percentage of funds managed by its members for pension provision had grown from 40% three years ago to almost half of the total funds managed now. Funds managed by BVI members for retirement equalled €1,600 billion in the trade...

December 1, 2020
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01Dec

Nigeria. The pros and cons of Pension Fund Administrator transfer

After my first article on the best pension fund managers in Nigeria, a few people have commented differently on the article. In response to the comments, I have decided to do another article on the pros and cons of Pension Fund Administrator (PFA) transfer. Here are some of the advantages Better Performance The major reason for any investment is to make gains. Most investment gains are measured with investment performance. When a fund manager performs poorly relative...

December 1, 2020
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November 2020

30Nov

China’s plans to hike retirement age from 60 fuels public discontent

China is making a new push to raise one of the world’s lowest retirement ages as it tries to cope with a rapidly aging population, a move that’s already fueling public discontent and will test the Communist Party’s ability to implement reforms. The ruling party alluded to the change earlier this month when it released an outline of its five-year economic plan, which included a recommendation to “implement postponing the retirement age.” Specific measures in the plan are due...

November 30, 2020
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30Nov

Canadian pension funds, insurers seeking private debt face shrinking pool of lower-risk firms

Canadian pension funds and insurers are facing a shrinking universe of higher-quality private debt investments to lift returns in a low-yield world, as the coronavirus pandemic has crushed many businesses, while banks maintain lending to better ones. The tightening supply of this high-yielding credit comes as many Canadian institutional investors have been accelerating their exposure to the private debt. Private credit is issued primarily by closely held companies, offering a premium over corporate bonds due to fewer disclosures and...

November 30, 2020
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30Nov

How To Save For A Pension During Coronavirus

Retirement and pensions may not seem like pressing issues for young adults, but saving early can make a huge difference to your future finances. However, due to coronavirus, many young people are facing financial uncertainty and saving for a pension isn't exactly a high priority. If this applies to you, there are ways to save for a pension during COVID safely without worrying about losing money. Whether you're on a pension scheme through your workplace or you have a...

November 30, 2020
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