October 2019

15Oct

UK. Queen’s Speech: Govt announces Pensions Bill

The Pensions Bill announced in the Queen’s Speech today (October 14) will see new rules for pension dashboards, collective defined contribution schemes and new powers for The Pensions Regulator. Queen Elizabeth said: “To help people plan for the future, measures will be brought forward to provide simpler oversight of pension savings. "To protect people savings for later life, new laws will provide greater powers to tackle irresponsible management of private pension schemes.” The government does not have a majority...

October 15, 2019
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15Oct

Bank of Estonia: Pension reform to unsettle economy

Governor of the Bank of Estonia Madis Müller, financial stability department head Jaak Tõrs and monetary policy and economic studies dept. chief Martti Randveer explained the effects of changing the pension system on tax burden, growth, financial stability and future pensions at a press conference. The Bank of Estonia presented its initial effects analysis today, work on which began immediately after the extent of planned changes accompanying plans of rendering the second pension pillar voluntary became clear. The central...

October 15, 2019
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15Oct

US. GM, Pension Funds, And The Temptations Of Big Pots Of Money

The UAW’s strike against General Motors has now entered into its fifth week, with no indication of a resolution soon, as the UAW pushes to increase wages of its lower-seniority workers and move more workers away from their temporary status and the company focuses on using its profits to make investments in U.S. factories. Earlier, in late September, various of the Democratic presidential candidates joined the picket lines to show their support for the strikers. And in the midst...

October 15, 2019
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14Oct

AfDB, Japan to promote sustainability bond markets in Africa

The African Development Bank and Japan’s Government Pension Investment Fund (GPIF) have signed a partnership to promote environmental, social and governance investments in the global capital markets. Read also Kenya. Pensions uptake low as returns increase In a statement the Bank noted that the collaboration between the Bank and GPIF will focus on channelling investments towards inclusive and sustainable growth in Africa, contributing to the achievement of the Sustainable Development Goals. Read also Pension schemes to benefit from PE investment guide...

October 14, 2019
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14Oct

Ireland. Self-employed are being left behind in putting away pensions savings

THE number of people working for themselves and saving towards a personal pension has dropped by almost a third in the last four years, according to HMRC. The Taylor Review showed that the number of people working for themselves had increased by a third since the start of the century. In 2001 it was 3.3 million, it had risen to 4.81 million by 2017. Still only 13 per cent are saving for a pension. This is compared to 68...

October 14, 2019
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14Oct

‘Eden bonds’: how rewilding could save the climate and your pension

Just under a quarter of all man-made greenhouse gas emissions come from our use of the land for things such as farming and forestry. Policymakers have a historic opportunity to initiate massive change to land use at a time when a set of other circumstances may help with implementing it; a new public environmental awareness, changing technology and record low bond yields. And there is a way to direct finance into projects that protect, rather than degrade, nature, and...

October 14, 2019
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14Oct

US. Only half of Gen Xers have a retirement account, and that’s a catastrophe in the making

Millennials may bear the brunt of bad press, but Gen X is arguably in worse financial shape. Insider recently teamed up with Morning Consult to survey 2,096 Americans about their financial health, debt, and earnings for its new series, "The State of Our Money." Of the total respondents, 566 were Gen X, defined as ages 39 to 54 this year. According to the survey, exactly half of Gen Xers don't have a retirement savings account. That's only slightly less...

October 14, 2019
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11Oct

Low fees, payouts starve Uganda pensions industry

Latest data compiled by Uganda’s pension industry regulator has revealed shifts in market share rankings posted by local fund managers, underlying revenue risks and skewed opportunities enjoyed by big banks against small peers in terms of access to fat, short term deposits supplied by pension schemes. Read also Zimbabwe. Pensioners to get express cash The data shows Sanlam Investments Uganda Ltd recorded the highest share of pension scheme assets under management between April and June 2019, amounting to Ush822.4 billion...

October 11, 2019
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11Oct

Colombian unions call national strike against Duque’s attacks on pensions and workplace rights

Colombian trade unions joined students on a national demonstration today and announced a general strike against right-wing President Ivan Duque’s neoliberal labour and pension reforms. The Unitary Central of Workers of Colombia (CUT) said a second day of action was planned for October 17, with further strikes set to take place on November 21. It is calling for peace in the country, with Mr Duque’s administration responsible for a major increase in killings of former members of the Revolutionary...

October 11, 2019
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11Oct

UK. Pensions tax relief set to cost government almost £40bn

Pensions tax relief will cost the government almost £40bn this year, up more than £2bn on the previous year, illustrating the growing cost of subsidising retirement saving. According to new statistics from HMRC, tax relief on employee pension saving is set to rise to £21.2bn while the tax giveaway on employer contributions to occupational pension schemes hit more than £18bn. The increasing cost of providing pensions tax relief follows a surge in the number of employees paying into company...

October 11, 2019
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