October 2020

02Oct

IMF says Spain will not return to pre-pandemic levels of activity until 2023

The International Monetary Fund (IMF) has published its conclusions following the review of Spain's economy under Article IV that governs member states. The team led by Andrea Schaechter, head of the mission for Spain, projects an annual loss of real GDP production of 12.8% in 2020, unchanged when compared with what was already estimated at the end of June. "Spain has suffered the deepest blow in advanced economies," Schaechter acknowledged at her press conference. "It will take years...

October 2, 2020
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01Oct

UK. Warning sounded as 42% of pensions raided at ‘unsustainable’ levels

Savers have been warned they could face trouble in the future as the regulator found 42 per cent were taking more than 8 per cent from their pensions each year. Read also UK. PensionBee and Plaid team up to call for ‘open pensions’ Latest data on the retirement income market from the Financial Conduct Authority, published yesterday (September 29), found savers with smaller pension pots, typically worth between £10,000 and £100,000, were particularly susceptible to high withdrawal rates. Read also...

October 1, 2020
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01Oct

US. Trump Plan Would Restrict Retirement Plans from Sustainable Investments: Viewpoint

Interest in sustainable investing is soaring, as more people become convinced that making a positive impact can be profitable as well as good for the planet and society. Unfortunately, the Labor Department doesn’t think these investments belong in your 401(k). In June, the federal regulator proposed a rule that would restrict workplace retirement plans from investments that include environmental, social and governance considerations. Popularly known as ESG or socially responsible investing, this approach considers the sustainability of a company’s...

October 1, 2020
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01Oct

EIOPA sets up its key priorities in the light of the pandemic

The European Insurance and Occupational Pensions Authority (EIOPA) has set out its priorities for 2021-2023 taking into account the current market situation in the light of the COVID-19 pandemic, as well as the political priorities defined by the European Commission. COVID-19 crisis management, risk mitigation and active support to the recovery of the European economy will be the main focus for the future. Consumer protection will remain a key strategic priority in light of increasing risks emerging from the...

October 1, 2020
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01Oct

Income is a Primary Concern for Retirees

As life expectancy increases it’s only going to become more difficult for Americans to pay for their retirement. When 401(k) plans emerged 40 years ago, not much thought was given to how workers would use the money they accumulated. It has only been fairly recently that the concept of “retirement income” has taken shape, mostly in response to workers expressing deep concerns about what their futures might look like. This report looks at new ways to address retirement income...

October 1, 2020
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September 2020

30Sep

Iceland’s pension funds sign sustainable investment declaration

Pension funds in Iceland have indicated their collective commitment to promoting sustainable development through investments, joining major players in the country’s financial sector by signing a letter of intent – alongside Prime Minister Katrín Jakobsdóttir. Read also EIOPA sets up its key priorities in the light of the pandemic In the open letter signed last week, a range of pension funds and banks declared that capital was an important driving force in shaping the economy and society as a whole,...

September 30, 2020
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30Sep

UK pensions tax relief review deemed ‘unnecessary’

The UK’s Public Accounts Committee (Pac) and National Audit Office (NAO) have taken aim at the government, claiming that HM Revenue & Customs (HMRC) “does not understand the impact of the largest tax reliefs”. Responding to the Pac report on the management of tax reliefs, the government said that a review into the impact of pensions tax relief is not needed, as it has already been assesed through other consultations. These include looking at the administration of...

September 30, 2020
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30Sep

Australia. New report warns JobSeeker is a ’pre-age pension’

JobSeeker payments are becoming the new “pre-age pension” as the number of older Australians signing up for the dole grows, a new report warns. Parliamentary Budget Office analysis reveals the typical welfare recipient is now an older person rather than a younger man. The reports also shows an increasing share of older Australians and women are relying on the payment for longer periods of time. “JobSeeker appears to be functioning as a kind of pre-age pension payment for some...

September 30, 2020
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30Sep

S&P warns Romania planned pension hike could derail economy

S&P Global Ratings warned Romania on Tuesday that a move by parliament to reinstate a massive 40% raise in pensions would prompt a disorderly fiscal correction just as the economy is struggling with the impact of the coronavirus pandemic. Romania's parliament voted this month to raise all state pensions by 40%, undoing a smaller 14% hike by the centrist minority government and opening the way for potential ratings downgrades two months before a parliamentary election. The government, which has...

September 30, 2020
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30Sep

One in five retirees is under 65

More than one in every five pensioners in Greece is under the age of 64, according to the figures of the Helios pensions database for September. The Labor Ministry’s register has 2,486,053 retirees, of whom 559,079 or 22.48% are aged up to 64, thanks to the favorable retirement status granted to them by several social security funds and early retirement opportunities. The figures also showed that the average monthly main pension in Greece this month amounted to 726.70 euros,...

September 30, 2020
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