January 2020

27Jan

Greek public sector workers set to strike over pension reform

Greek civil servants’ union ADEDY has heralded strike action as soon as a bill with the government’s pension reform is tabled in Parliament, ekathimerini.com reports. ADEDY’s executive committee indicated on Thursday that it would proceed with a 24-hour strike on the day the bill goes to the House, in line with a decision adopted during its session last week. The union's key demands are for the revocation of all pension cuts implemented during Greece’s bailout years and a full state guarantee...

January 27, 2020
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27Jan

UK. FCA fined over pension scheme failures

The Pensions Regulator has fined the FCA £2,000 due to insufficient detail in its 2018 DC governance statement. This is the maximum fine The Pensions Regulator can issue for poor statements. Firms must submit an annual chair's statement which sets out how the scheme meets certain standards and obligations including information on the scheme’s default fund and its governance, the costs and charges applied, and the assessment of value for members. The fine was issued during Q3 2019, however...

January 27, 2020
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24Jan

Italy readies pension reform, may end early retirement scheme ahead of schedule

Italy is preparing to reform its pension system again to make it more flexible for those who want to leave work early, officials say, and the changes may include ending ahead of time a costly but underused 2018 plan that lowered the minimum retirement age. With a steadily growing army of retirees, pensions in Italy are a national obsession and one of the most frequently debated topics on television talk shows. Under the 2018 “quota 100” plan, people can...

January 24, 2020
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24Jan

New York City Takes ‘Major US. Next Step’ on Fossil Fuel Divestments

Meketa Investment Group has been selected to evaluate options and develop a prudent divestment strategy from fossil fuel companies in alignment with the fiduciary duties for New York City’s largest pension funds, the city’s mayor and comptroller announced. “While the Trump administration fails to address global warming as the crisis it is, New York City is taking action,” said Mayor Bill de Blasio. “We are dedicated to delivering what we owe to our children and grandchildren, which is why...

January 24, 2020
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24Jan

Ireland. Short-term election promises on pensions will not solve a long-term problem

he Government’s intention to increase the age of payment of the State pension from 66 to 67 in 2021 and to 68 in 2028, is giving rise to much discussion as we head for the polls on February 8th. Some of the commentary is poorly informed, but understandably worry and even anger are being expressed by those most affected – particularly people who are contractually obliged to retire at age 65, or those whose work is so physically demanding...

January 24, 2020
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24Jan

Morneau Shepell releases the results of its Performance Universe of Pension Managers’ Pooled Funds

Morneau Shepell (MSI.TO) has released the results of its Performance Universe of Pension Managers' Pooled Funds for the fourth quarter and for year 2019. According to the report, in the fourth quarter of 2019, diversified pooled fund managers posted a median return of 2.6 per cent before management fees. Since the beginning of the year, the return has been 15.8 per cent. "Both stock and bond markets posted very positive returns in 2019. The bond market posted a...

January 24, 2020
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23Jan

French unions try to keep pension protest alive as deadline looms

Hardline French unions on Wednesday kept up a series of wildcat strikes aimed at ratcheting up pressure on the government before it presents the final version of a pension reform that has prompted France's biggest labour protest in decades. The government will unveil the revised pensions overhaul at a cabinet meeting Friday before submitting the draft law to parliament for debate set to begin on February 17. "It's going to be Friday or never," Philippe Martinez of the hardline...

January 23, 2020
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23Jan

Pensions will win the election in Ireland

Longstanding plans to increase Ireland's statutory retirement age and the knock-on effects on pension payments have become an unexpected issue ahead of the Feb. 8 election, putting the government on the back foot. Prime Minister Leo Varadkar called the election last week, but a pitch putting his diplomatic successes on Brexit at the center of the campaign has fallen flat with an electorate more concerned about deficits in housing and healthcare. The issue of pensions has dominated the campaign...

January 23, 2020
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23Jan

Credit Suisse Publishes Study Urging Rethink On Retirement

The Credit Suisse Research Institute (CSRI) has published a study calling for an urgent rethink on retirement provisions in the face of aging societies. Rising life expectancies and falling fertility rates have led to aging populations becoming a reality in many countries across the globe. What has so far primarily been an issue in developed countries is also becoming a concern for the developing world. Governments worldwide will have to address questions associated with aging societies: how to ensure...

January 23, 2020
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23Jan

UK. Pensions dashboards: Minister urges providers to get data in shape

Pensions minister Guy Opperman has urged companies to help pave the way for the dashboards – apps to help people keep track of their savings . The pensions dashboards will give people information about their pensions via a smartphone app, and have been billed as the solution to bring retirement money “into the digital age”. However, they require secure and accurate data from providers. Schemes will be forced to supply this under new laws, but Opperman said...

January 23, 2020
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