October 2019

02Oct

Japan. World’s Largest Pension Fund Reappoints Mizuno as CIO

Japan’s Government Pension Investment Fund reappointed Hiromichi Mizuno as its investment chief overseeing $1.47 trillion in assets. Mizuno, whose term was extended to March 31 after expiring Monday, captained sweeping changes to the investment strategy of the world’s largest pension fund over the past five years. He became the GPIF’s first chief investment officer in January 2015, managing the fund’s shift to stocks from domestic debt, while advocating assets that incorporate environmental, social and governance factors. The fund will...

October 2, 2019
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02Oct

Cuba’s works to address population ageing

The statistics speak for themselves: almost 30 percent of the Cuban population will be over 60 by the end of the next decade. There are several causes for this fact. The increase in life expectancy, which has reached 78 years for men and 82 for women, according to the basic indicators published by the Pan American Health Organization (PAHO) in 2018, as well as low levels of sustained fertility and a demographic dynamic marked by a negative net migration...

October 2, 2019
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02Oct

Global aging crisis: We’re all getting on

People on the planet are getting older. Developed countries are already struggling to deal with rapidly aging populations. According to demographic information released recently by the United Nations, by 2050 one of every six people alive will be over 65. To consider this phenomenon, let’s analyze the populations of three large, industrialized countries — the U.S., Japan and China. The life expectancy of Americans in the year 1900 was only about 47. Today it’s about 79, an increase of...

October 2, 2019
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01Oct

UK’s new ESG pension rules are just the first step: PLSA

New disclosure rules relating to UK pension funds’ consideration of environmental, social and governance (ESG) factors and engagement with investee companies should be seen as a first step in an “ESG journey for trustees”, according to the industry’s main trade group. Under the changes, which come into effect tomorrow, trustees must outline their approach to engagement with and voting of their shares in investee companies, and how they take account of financially material factors, including ESG and climate change considerations, in...

October 1, 2019
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01Oct

Trying Wall Street’s Patience, Brazil Postpones Pension

Brazil is trying Wall Street’s patience. Last Wednesday, the Senate was scheduled to vote on a much touted, and much needed, pension reform bill. Then it was postponed to Thursday. It didn’t happen on Friday. It is now supposed to go up for a vote on Tuesday, Senate leaders said. The market for Brazil equities has been in a holding pattern all week waiting for this vote; a vote that is supposed to be a lopsided win for president Jair Bolsonaro...

October 1, 2019
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01Oct

Australia. Super industry reacts to Treasury’s Retirement Review

Super industry experts have reacted positively to the Treasury’s announcement of a retirement income review, the first review of the superannuation industry in 30 years, but say they want the Government to stick to its existing planned reforms. The Retirement Income Review was announced by the Treasurer Josh Frydenberg and will examine the interaction between the age pension, compulsory super and voluntary savings. The Productivity Commission had previously urged the Government to undertake the review before increasing the superannuation guarantee (SG)...

October 1, 2019
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01Oct

Social Security Education a Must-Have for Retirement Plan Participants

General education is helpful, but getting personal will help employees establish a plan for income in retirement. According to the Social Security Administration’s website, Social Security will replace about 40% of an employee’s pre-retirement income after retirement. It explains that this will be lower for people in the upper income brackets and higher for people with low incomes. “You’ll need to supplement your benefits with a pension, savings or investments,” the website says. However, even the Social Security Administration notes...

October 1, 2019
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01Oct

UK government writes to British expats but pension freeze risk remains

The UK government is writing to more than 363,000 British expats who retired and now live in the EU to reassure them that their state pensions will still increase in the event of a no-deal Brexit. However, that guarantee is only valid for three years. The Department for Work and Pensions (DWP) is sending out letters outlining that even in the event of a no deal Brexit, pensions for those in the EU will be uprated for a further 3 years...

October 1, 2019
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September 2019

30Sep

UK. State pension could rise by 4% next year – giving elderly £351 extra a year

If you reached state pension age before April 6 in 2016, you'll be receiving the old state pension, which means your payments would rise from £129.20 to £134.35 per week - or an extra £267.28 per year, insurer Aegon says. The state pension is currently protected by the so-called triple lock, which ensures it rises by at least the same rate as the cost of living. It means that the state pension increases either by 2.5 per cent a...

September 30, 2019
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30Sep

Australia. A simpler system would be super

In the past year, reports by the Productivity Commission and the banking and financial services royal commission have prompted intense and commendable consideration about the direction of Australia’s retirement and savings policies. Superannuation should not be as cruelly complex as it is. While the system’s basic concept is elegant – providing workers with a compulsory employer-paid super contribution equivalent to at least 9.5 per cent of salary – the confounding rules, layers of costs, tax benefits and snags are...

September 30, 2019
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