January 2020

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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23Jan

Ford to take $2.2 billion fourth-quarter loss related to pensions

Ford Motor Co. said late Wednesday it expects to take a fourth-quarter pretax charge of $2.2 billion related to pension obligations that will cut down on its net income. After taxes, the $2.2 billion loss is expected to slash Ford’s net income by about $1.7 billion, Ford F, -1.42% said in a filing. As it is a special item, the loss will not affect adjusted profit or adjusted per-share profit, the car maker said. It also did not...

January 23, 2020
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22Jan

IMF warns of Kenya’s pensions time bomb

The International Monetary Fund (IMF) has warned of a ticking time bomb in Kenya’s pension sector as the gap between retirement dues and actual savings continues to grow wider. Kenya, which in 2009 opted to delay the implosion by raising the retirement age for civil servants from 55 to 60, is now facing pension obligations that have ballooned to Sh2.6 trillion — about 30 percent of GDP. This is much higher than what Kenyans pay as taxes. The country’s...

January 22, 2020
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22Jan

Australia. More pensioners are taking up part-time work to avoid the threat of pension poverty

More pensioners than ever are having to work part-time just to get by according to new research, with nearly 5 per cent of people on the pension now doing paid work. Key points: New research shows that a growing number of pensioners are needing to work part-time Women and divorcees are among those most affected Seniors Australia says tax changes are needed to not penalise pensioners who work Cost of living and inequality researcher Paul Blacklow, of the University...

January 22, 2020
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22Jan

Pension funds’ AUM set to rise to $61trn

Low interest rate environments in many developed nations, alongside increasingly volatile equity markets, are leading pension funds to adapt their investment strategies. In their search for yield, many are looking outside their borders as well as investing in alternatives, according to a new report by the Association of the Luxembourg Fund Industry (ALFI) produced by PwC Luxembourg. The report, which examines the growth of pension-fund assets, their foreign-investment limits, and other key trends, shows that pension-fund assets globally are...

January 22, 2020
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22Jan

African Public Servants unhappy

(APACSUN) has expressed indignation that large proportion of workers on the continent are not covered under the social security systems, especially for the informal sector. APACSUN has, therefore, resolved to support member unions to study and adopt best practices that enable the improvement of pension administration and benefits for members. This was in a communique the Network issued at the end of its Second Strategic Meeting in Ghana from January 15 to 17, signed by Mr Isaac Bampoe Addo,...

January 22, 2020
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22Jan

Why 2020 Is The Year For Fintech

This month marked one of the largest fintech acquisitions of all times, Visa’s purchase of Plaid for $5.3 billion. It is a validation of fintech in a literal sense – Plaid is a key enabler to many of the leading fintech players, and critical in simplifying the onboarding flow and integration of players. It may also be a bellwether for the year: 2020 may be the year for fintech. Four important and interlocking trends will drive this. 1. ...

January 22, 2020
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