December 2019

03Dec

EIOPA publicly consults on its approaches for regulating key aspects of the Pan-European Personal Pension Product (PEPP)

Today, the European Insurance and Occupational Pensions Authority (EIOPA) launched the public consultation of its approach to the regulatory and implementing standards, and technical advice to the European Commission on delegated acts, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation. The Consultation Paper sets out EIOPA's current stances to approach the regulation of key aspects of the PEPP, underpinning the idea of establishing a simple, safe and cost-efficient savings product. In developing its proposals, EIOPA sought input...

December 3, 2019
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03Dec

Major pension plans join investor group pumping $229M into fintech fund

The Caisse de dépôt et placement du Québec and the Public Sector Pension Investment Board (PSP) are among a group of at least 14 investors pumping $229 million into an international fintech fund run by Portag3 Ventures, an early-stage investor established by companies under the umbrella of the Desmarais family’s Power Corp. The disclosed institutional and strategic investors committing the new funds also include insurance companies and financial institutions from Canada, France, Israel and the United States. Among them...

December 3, 2019
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03Dec

European Union’s Finance Ministers are confidentially opposing the ECB’s negative rates monetary policy

European Union's Finance Minister opposed ECB's negative rates policy in a confidential meeting. Negative rates have started to hurt the savings and pensions systems. Monetary policy’s banking transmission channels may also be threatened. Fabio Panetta says the benefits of low-rates policy outweigh the risks for now. Forex market has not responded lucratively to the recent proceedings at the ECB. President Trump has reiterated his support for the European Central Bank’s (ECB) negative rates policy on multiple occasions. Following the...

December 3, 2019
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02Dec

UK. The Gap Between Male and Female Retirement Savings Is Astounding

Saving for retirement is crucial. Without independent savings, you risk struggling financially during your golden years. And when you think about the expenses you'll face when you're older, it's easy to see why. Read also UK. Digital Bank Revolut Partners With Smart Pension to Offer Business Pensions Functionalities Even if you manage to pay off your mortgage in time for retirement, you'll still need to cover other homeownership costs like property taxes, insurance, and upkeep. And while you won't have...

December 2, 2019
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02Dec

French cabinet in Sunday crisis meeting ahead of 5 December strike

The French cabinet has met in a Sunday crisis session convened by Prime Minister Edouard Philippe to discuss tactics in the face of Thursday's nationwide strikes against proposals to reform retirement and pension legislation. With a series of strikes planned in key sectors like transport and teaching, the government has already held a number of meetings to thrash out a common strategy to defend reforms – described as "essential" by President Emmanuel Macron. On Friday, several ministers met to...

December 2, 2019
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02Dec

UK. Life expectancy advice risks turning savers into spenders

Online calculators that tell people their life expectancy may be having the perverse effect of discouraging them from choosing a guaranteed income in retirement, according to academic research. The study of 2,000 people found that they were less likely to buy an annuity — a guaranteed income for life — after using official life expectancy calculators such as that on the government’s Pension Wise service. People appeared to be making decisions that conventional economics could not explain when confronted...

December 2, 2019
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02Dec

US. Washington state pension fund’s lawsuit against corrupt Brazilian conglomerate allowed to proceed

The Washington State Investment Board, which oversees $141.8 billion for 17 state retirement plans, can move forward with a lawsuit that seeks to recover millions of dollars from a soured investment in a Brazilian conglomerate that was discovered to be engaged in an international bribery scandal of unprecedented scale. The company, Odebrecht, was the target of a fraud probe by the Department of Justice that resulted in a $4.5 billion plea deal in 2016. The feds found Odebrecht created...

December 2, 2019
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November 2019

29Nov

ECB chief Economist says ageing populations are depressing interest rates

European Central Bank chief economist Philip Lane told business leaders in Dublin that ageing populations were contributing to downward pressure on underlying real interest rates, which have been around zero or in negative territory in the euro zone in recent years. Read also Countries should strengthen pension systems to adapt to changing world of work “In terms of magnitude, a wide range of estimates suggest that the downward impact on equilibrium real rates from slowing population growth and...

November 29, 2019
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29Nov

Pension reform in France ‘a response to gilets jaunes’

Controversial pension reforms in France are a direct result of the gilets jaunes' protests, government spokesperson Sibeth Ndiaye has said, prompting outrage from political opponents on social media "This reform is one of the responses to the gilets jaunes' crisis. It is above all one of the responses to the significant injustices that exist in our country," Ms Ndiaye told Franceinfo. The government's pension reform project is still the subject of consultation between the government, unions and employers, and...

November 29, 2019
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29Nov

South Africa: Ex-Mineworkers Dig Against the Odds for Their Unpaid Pensions

The leaders of an ex-mineworkers association in Khayelitsha have spent the past decade trying to track down the unpaid pension benefits deducted from their wages without their knowledge or consent. While the mining companies sit pretty , ex-mineworkers continue to live hand to mouth with painful memories of a life made invisible. Now, they demand to be seen by a government they feel has betrayed them. Every Friday for the past decade, Sphiwo William Casiwe has made his...

November 29, 2019
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