December 2019

18Dec

French government names new pensions boss

The French government has appointed Laurent Pietraszewski to replace former high commissioner on pensions, Jean-Paul Delevoye, who resigned on Monday following a conflict of interest scandal. Pietraszewski, a member of parliament from France’s Nord (North) department and spokesman for the ruling Republic on the Move group in the National Assembly, was named secretary of state to the ministry of social security and health, in charge of pensions, according to a decree published early Wednesday by the government. The new...

December 18, 2019
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18Dec

UK. Guy Opperman re-appointed as pensions minister

Number 10 and the Department for Work and Pensions have confirmed Guy Opperman has been re-appointed as pensions minister. The MP for Hexham was re-elected with an increased majority of 25,152 in last week’s election. He was first appointed parliamentary under-secretary of state at the DWP on 14 June 2017. He previously served as a government whip (lord commissioner of HM Treasury) from 17 July 2016 to June 2017. In his role as pensions minister, Opperman has urged pension...

December 18, 2019
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18Dec

How can Israel create an economy fit for an aging population?

The “twin threats” of societal aging and workplace automation pose major challenges to both Israel and economies the world over. An aging population caused by trends of rising life expectancy – predicted to increase to 84.4 years among Israelis by 2040 – and declining birth rates are leading to what has been described as a pensions time bomb, requiring the dedication of unprecedented resources to supporting the retired and elderly. In addition, tasks associated with older workers are also...

December 18, 2019
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17Dec

Macron’s ‘Mister Pensions’ resigns amid transparency scandal as strikes continue

As massive strikes over pension reform in France continue for a 12th day – with unions livid, for one, that workers under the revamp would have to work until age 64 to retire without penalty – one key player is already out of a job: The father of the reform, Jean-Paul Delevoye, stepped down Monday under the glare of a transparency scandal. Delevoye, the High Commissioner for Pensions, handed in his resignation to President Emmanuel Macron, who accepted...

December 17, 2019
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17Dec

South Africa Government Pension Returns 2.6% in Fiscal 2019

South Africa’s Government Employees Pension Fund (GEPF) returned 2.6% during the fiscal year ended March 31, down from 8.5% in 2018, but beating its benchmark of 2.3%. That brought its asset value to R1.82 trillion ($122.9 billion), an increase of R17 billion compared to the previous year. The fund attributed the outperformance of its benchmark to improved resource commodity prices, which it said favored the fund’s tactical overweight position in resources relative to the benchmark. The basic...

December 17, 2019
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17Dec

Estonia: use robust growth to improve income equality and well-being

Estonia’s economy is performing well, and public finances are in excellent shape, yet growth is softening and spending pressures from infrastructure needs and an ageing population are mounting. Efforts should now focus on improving income equality and well-being, greening growth and accelerating the country’s digital transformation, according to a new OECD report. The latest OECD Economic Survey of Estonia notes Estonia’s expertise in information technology and its global head start in digitalising government services. Estonia now needs to accelerate...

December 17, 2019
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17Dec

UK. Pressure from the regulator has mounted in 2019

Financial advisers have faced shifting regulatory sands over the past 12 months, with the Financial Conduct Authority training its focus on a number of core areas. From boosting consumer protection, to placing greater responsibility on individual senior staff, we will look at the major regulatory themes of 2019 impacting the financial advice industry. SMCR Over the past year we have seen companies working hard to ensure they are fully prepared for the Senior Managers and Certification Regime, which has...

December 17, 2019
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16Dec

UK. Top civil servants given ‘lavish’ £1m pensions

The UK’s permanent secretaries, 23 individuals who head up UK government departments, had an average defined benefit pension worth £1.1m in 2018/19, according to research from the TaxPayers' Alliance. The figures, released by the think tank today (December 16), showed the average pension upon retirement of these officials will be £57,717 per annum - 94 per cent more than the average gross UK salary in 2018 (£29,817). The data was taken from the 2018/19 annual reports of UK government...

December 16, 2019
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16Dec

French business activity stable in Dec despite pension strike – PMI

French business grew at a steady pace in December despite a nationwide strike against pension reform, although activity in the manufacturing sector came unexpectedly close to stagnating, a survey showed on Monday. Data compiler IHS Markit said that its preliminary monthly purchasing managers index fell marginally to 52.0 from 52.1 in November, in line with economists' expectations in a Reuters poll. Though a three-month low, the result was comfortably above the 50-point level demarcating expansions in activity from contractions....

December 16, 2019
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16Dec

The aging workforce: Older workers are growing in number. And that offers opportunities.

For more than a decade, labor academics and human resource executives have been preparing for the "next" generation — from the millennials, now the largest working population, to the newest members of the workforce, Generation Z. But older Americans are increasingly working later into life. While roughly 10,000 baby boomers a day will reach retirement age between 2011 and 2029, only about 5,900 a day are retiring. Fred Hubacker, 75, continues to work a full schedule as executive director...

December 16, 2019
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