August 2020

03Aug

Nearly 1 in 5 Americans Is Delaying Retirement Due to COVID-19.

The COVID-19 pandemic has had a huge financial impact since cases first started multiplying rapidly back in March. Now, almost five months later, unemployment is still rampant and the economy is stuck deep in recession territory. Read aslo US. Beleaguered Public Pension Funds Make Record Gains in Second Quarter All of this is causing Americans to rethink their near-term and long-term financial plans, so it's not surprising to learn that 19% of U.S. adults now intend to push back their...

August 3, 2020
News, Slider, , , ,
Read more...
03Aug

Young Australians are raiding their super. What does this mean for their future?

Australians are dipping into their super funds like Winnie the Pooh sticks his paw in a jar of honey. The Australian government decided to let us take out up to $20,000 in two bites. Millions of people didn’t need to be asked twice. The official estimate for the amount removed from Australia’s retirement savings system is now a whopping $42 billion. According to ME Bank — a bank owned by super funds — the group most likely to raid...

August 3, 2020
News, Slider, ,
Read more...
03Aug

India. Panel on labour suggests social protection for informal workers

The panel called for a framework of a model composite scheme to bring greater uniformity among states The committee sought the creation of a social security fund for unorganized sector workers The parliamentary panel on labour has batted for universal social protection for unorganized sector workers and has proposed a blueprint for the Centre to include gig-economy workers, while acknowledging rapid changes in the labour market. The parliamentary panel, which submitted its report to Lok Sabha speaker Om Birla...

August 3, 2020
News, Slider, , , ,
Read more...
03Aug

Canadian pension fund pursues global growth

Caisse de depot et placement du Quebec (CDPQ) is shifting to an integrated structure for international activities in order to have a global view when managing its presence in different regions. "After building multidisciplinary teams in Asia, Latin America, the United States and Europe, and increasing our international exposure by over $140 billion (AUD$146.4 billion) in five years, moving toward a more integrated structure is the natural next step in our evolution," the fund said. To drive the strategy,...

August 3, 2020
News, Slider, ,
Read more...

July 2020

31Jul

More than 3 million Chileans seek to withdraw pensions amid pandemic

Updates with new totals from Chile´s Superintendent of Pensions More than 3 million Chileans on Thursday asked to withdraw a portion of their pension funds as a controversial law took effect allowing citizens to tap into retirement savings to buffer the economic impacts of the coronavirus. Read also ‘We’re Going for More’ Say Chileans After Pensions Reform Crosses Free Market Rubicon Long lines formed in Santiago outside the offices of Pension Fund Administrators (AFP) as Chileans sought to take...

July 31, 2020
News, Slider, ,
Read more...
31Jul

COVID-19 Pandemic to Intensify Risks for Insurers: EU Regulator

Insurers in the European Union are confronted with risks on several fronts that are intensified by the COVID-19 pandemic, and could face lengthy legal battles from claims relating to lockdowns, the bloc’s insurance watchdog said on Thursday. Read also Jamaica. COVID Economic Task Force Favours Lifting Pension Investment Limits Insurers and reinsurers had a “solid and comfortable” capital buffer going into the crisis, the European Insurance and Occupational Pensions Authority (EIOPA) said in a Financial Stability Report. However, a high...

July 31, 2020
News, Slider, , , ,
Read more...
30Jul

Latin America Eyes Pension Billions as Welfare Alternative

Colombia is the latest Latin American country considering a plan to let workers to tap private pension savings, a move intended to soften the slump in consumer spending but which risks worsening some of the world’s deepest stock market slumps. A bill sent to congress this week would allow some Colombians to tap as much as 10% of their retirement savings. Read also Australians likely to withdraw $30 billion from pensions to weather coronavirus Chile passed a similar measure this...

July 30, 2020
News, Slider, ,
Read more...
30Jul

Greece to return 1.4 bln euros to pensioners hit during debt crisis

Greece will this year return 1.4 billion euros to pensioners whose income was slashed during the financial crisis of the past decade, the country's prime minister said on Wednesday. Prime Minister Kyriakos Mitsotakis' conservative government made the decision following a top court ruling which said that some pension cuts imposed in 2015-2016 were illegal. Mitsotakis said the one-off payment applies only to main pensions - not supplementary pensions or benefits. The money will be distributed to about 2 million...

July 30, 2020
News, Slider, , ,
Read more...
30Jul

Australians likely to withdraw $30 billion from pensions to weather coronavirus

Already one million Australians have applied to pull up to A$20,000 each from their retirement savings, industry data showed, while thousands of eligible workers have depleted their savings completely. The long-term consequences could be devastating for many people, an industry group said. About A$42 billion (23.17 billion pounds) is expected to be withdrawn under the government scheme giving early access to retirement savings to support a coronavirus-hit economy, according to treasury analysis. That is 56% more than the government's...

July 30, 2020
News, Slider, ,
Read more...
30Jul

Best quarter on record for Canadian defined benefit pension plans: RBC Investor & Treasury Services

Canadian defined benefit pension plans experienced a pronounced upsurge in the second quarter, posting a median return of 9.6 per cent, according to the RBC Investor & Treasury Services All Plan Universe. This marked the highest single quarter return in the universe's history, reversing the steep Q1 losses and raising the median plan's return to 1.4 per cent on a year-to-date basis. The gains followed a series of aggressive fiscal and monetary support measures introduced in March to...

July 30, 2020
News, Slider, , , ,
Read more...