February 2020

21Feb

Latin Americans Expect To Have ‘Gaps’ In Retirement Income: LIMRA

A new study finds that 64% of Latin American adults expect to have significant gaps in their retirement funds when they turn 60, and 52% don’t believe the income from their government-funded pension (Social Security) and their employer-sponsored pension will cover basic living expenses. Also Read Which countries’ workers spend the longest (and shortest) in retirement? The study was conducted by Secure Retirement Institute and the Society of Actuaries (SOA) Almost half of Latin American consumers consider it their...

February 21, 2020
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21Feb

Staff in 74 UK universities start 2-week strike over pensions

Up to 50,000 staff members in 74 universities across Britain started a 14-day strike on Thursday over disputes on pension, pay and working conditions. Members of the University and College Union (UCU), including lecturers, technicians, librarians and other academic and support staff, are joining the industrial action between Feb. 20 and March 13, potentially affecting 1.2 million students. The UCU said 50,000 of its members will take the action over workloads, pay, a 15 percent gender pay gap,...

February 21, 2020
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21Feb

Canadian pension fund Caisse posts 10.4% return in 2019

Canada's second-biggest pension fund Caisse de dépôt et placement du Québec (CDPQ) on Thursday reported average weighted returns of 10.4% in 2019, as strength in its equities portfolio offset underperformance in real estate holdings. The overall annualized returns over five and 10 years were 8.1% and 9.2% respectively, the fund said in a statement. Total assets rose to C$340 billion ($256.8 billion) as of Dec. 31, from C$310 billion a year earlier. The Caisse's real estate portfolio posted a...

February 21, 2020
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21Feb

Mongolian commercial banks resume providing loans to pensioners

Mongolian commercial banks have resumed providing loans to pensioners, the country's Minister of Labor and Social Protection Sodnom Chinzorig said Friday. The resumption started on Thursday after the loans of all pensioners in the country have been written off, Chinzorig told a press conference. Mongolian President Khaltmaa Battulga announced the decision on Dec. 31 to write off the loans of all pensioners to help them get out of debt when he extended New Year greetings via media. On Jan....

February 21, 2020
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21Feb

Will Collective Defined Contribution Schemes take off?

Collective defined contribution (CDC) schemes are now on the horizon, with Royal Mail lining up to be the first UK employer to launch this type of scheme, later this year. Already well-established in countries such as the Netherlands and Denmark, the schemes were given the green light by the then Work and Pensions Secretary, Amber Rudd, in March 2019. The new schemes aim to bridge the gap between DB and DC schemes. They may be attractive to companies...

February 21, 2020
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20Feb

Which countries’ workers spend the longest (and shortest) in retirement?

Retirement lengths vary by country. There are now more people over the age of 65 than there are under the age of five. The World Economic Forum says pension savings must be incentivized to ensure better retirement outcomes. For the first time, there are now more people over the age of 65 than there are under the age of five, a World Economic Forum report has found. As a result, there are fewer young people to support the growing...

February 20, 2020
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20Feb

UK. Pension schemes to share scams intelligence online

The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control. The project will allow network members to post concerns about companies and advisers they believe may be acting inappropriately or fraudulently, collecting details on arrangements including names, telephone numbers and addresses. Not-for-profit Cifas has already completed similar work in the banking sector,...

February 20, 2020
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20Feb

India. ETMoney now lets users invest in NPS through its app

ETMoney has introduced an option to invest in National Pension Scheme (NPS) to help customers save on taxes and increase flow to the PFRDA controlled pension corpus.Through the feature, the fintech platform expects to double the NPS users across the country, a company spokesperson said. “India has one of the youngest working populations in the world. In a decade or two from now, we will possibly have a rising number of retirees from private sector companies,” said Santosh Navlani,...

February 20, 2020
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20Feb

Australia. Jobs drought for older workers increases risk of ‘pension poverty’

Older Australians are missing out on job opportunities and seeing their hopes for a secure and dignified retirement evaporate, Labor leader Anthony Albanese said. “Today, over 170,000 Australians aged between 55 and 64 are on unemployment benefits just when they should be building their nest egg,” Mr Albanese told the Queensland Media Club on Wednesday. Australian Bureau of Statistics (ABS) figures show that the number of older Australians out of work has increased over the past five years, despite...

February 20, 2020
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19Feb

Athens Gridlocked as Transport Workers Strike Over Pension Bill

Traffic in parts of the Greek capital came to a standstill on Tuesday as Greek transport workers joined a 24-hour public sector strike over pension reforms. Buses, trolleys, trams and metro transportation will be out of operation for the day. Also Read Greece. Pension hikes to come in June Workers from the Athens suburban railway Proastiakos and intercity trains announced late on Monday that they will also participate in the strikes. Public hospitals will operate on skeleton staffs, as the...

February 19, 2020
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