November 2019

28Nov

CPPIB takes stake in Latin American fitness chain Smart Fit

Canada Pension Plan Investment Board has acquired a 12.4 percent stake in Latin American fitness chain Smart Fit. The investment was for C$340 million. Smart Fit, which currently serves 2.5 million members across 739 locations in ten countries, is headquartered in São Paulo, Brazil São Paulo, Brazil/Toronto, Canada (November 26, 2019): Canada Pension Plan Investment Board (“CPPIB”) has invested R$1,071 million (C$340 million) for a 12.4% stake in Smartfit Escola de Ginástica e Dança S.A. (“Smart Fit”), broadening its...

November 28, 2019
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27Nov

Germany Upper House Considers Bill to Introduce Tax Allowance for Occupational Pensions

The German upper house of Parliament (Bundesrat) Nov. 21 accepted for consideration a bill to introduce a tax allowance for the promotion of occupational pensions. Read also Puerto Rico Retirement Plans Will See Tax Provisions Reinstated The bill includes measures to: 1) apply a maximum allowance of 159 euros (US$175) of monthly pension payments and one-off capital disbursements; Read also Australia. Super tax breaks outweigh pension payments 2) allow beneficiaries whose pension began before 2020 or whose capital payment was less...

November 27, 2019
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27Nov

Colombia protesters vow new strike after talks hit snag

President Ivan Duque met for two hours with a protest steering committee Tuesday, but neither side was able to agree on a clear path forward and demonstrators vowed to hold a new national strike instead. Diogenes Medina, a union organizer on the National Strike Committee, said protesters want a separate dialogue with Duque rather than inclusion in the “national conversation” that the president has begun with various societal sectors. “We’re willing to keep talking,” Medina said. But, he added,...

November 27, 2019
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27Nov

US. Federal Pension Balks at Bill Banning China Investments

The Federal Retirement Thrift Investment Board (FRTIB), which administers a defined contribution plan for US federal employees, has balked at proposed legislation that would prevent the fund from holding direct or indirect investments in China-based companies. The FRTIB oversees the Thrift Savings Plan, a tax-deferred defined contribution plan for federal employees that had approximately $560 billon in net assets as of the end of 2018. According to a letter seen by Reuters, the FRTIB said the proposed legislation “discriminates...

November 27, 2019
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27Nov

UK Pension Provider STM Slumps 30% After Profit Warning

Financial services provider STM Group said on Wednesday it expects its 2019 underlying earnings to fall by a third on weak performance in its pensions business, sending its shares plunging 30%. The company, listed on London's junior stock market, forecast an annual underlying pretax profit of 2.5 million pounds ($3.21 million), compared with 3.7 million pounds reported last year. The slowdown in business applications within its pensions segment was partly due to some uncertainties and concerns in the general...

November 27, 2019
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26Nov

France’s December strikes: ‘Expect major disruption that could last until New Year’

Major disruption that could last until the New Year - that's the view of one French political analyst on what will happen once 'unlimited' strikes begin in France on December 5th. The French government and unions are squaring up for a battle as mass strike action is declared over plans to reform the French pension system. Read also Pension reform in France ‘a response to gilets jaunes’ The first declared strike day is December 5th, but many unions say they...

November 26, 2019
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26Nov

Will Negative Rates Finally Kill Pensions?

Economists once thought that negative interest rates were impossible. Not only are they possible, but they may hasten the end of a dying business practice. Read also Negative Rates Can Do a Lot More Damage Yet: Nordic Warning I have written in this space before about the repercussions of other countries issuing bonds with negative yields. The past decade has conclusively proved that negative interest rates are not only possible but likely to remain part of the international...

November 26, 2019
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26Nov

10 Top Stock Picks of America’s Largest Pension Funds

One of the simplest things that everyday investors can do to improve their performance over the long haul is to study the best practices and investments of the world's top investors. And while that typically invokes names such as Warren Buffett and Carl Icahn, don't forget the money managers overseeing billions of dollars at mammoth pension funds. Understanding the secrets of large-scale investors can put you miles ahead of those people who simply wing it without first coming up with...

November 26, 2019
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26Nov

NEPAL: Government pension scrapping plan

A plan by the Nepali Government to propose legislation depriving retired Public Servants of their pensions if they criticise the Government has caused a storm in the country’s Parliament. Minister of Federal Affairs and General Administration, Lalbabu Pandit told a meeting of the State Affairs and Good Governance Committee (SAGCC) that the Government was in favour of the measure. “We will deprive retired Civil Servants of their pensions if they are convicted of any criminal offence or crime against...

November 26, 2019
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25Nov

Negative Rates Can Do a Lot More Damage Yet: Nordic Warning

After half a decade of negative interest rates, one of the biggest Nordic pension funds is wondering whether this is just the beginning. The head of investments at Finland’s Ilmarinen Mutual Pension Insurance Co. says his industry is “just starting to see what kind of new challenges [negative rates] will cause.” That means “we are just taking the first steps” in portfolio adjustments, Mikko Mursula said in an interview in Helsinki. He says reality hit after the summer, when...

November 25, 2019
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