September 2019

02Sep

US. Don’t cut Social Security. Expand its benefits.

The premise and conclusion of Robert J. Samuelson’s Aug. 27 op-ed, “The elderly aren’t so poor after all,” were misleading and dangerous. With 10,000 Americans turning 65 every day, we should look for ways to ensure their financial security during retirement, not pull the carpet out from under them. By Mr. Samuelson’s own account, 23 percent of retirees ages 65 to 80 say they don’t have enough money to live comfortably. The evidence supports their concern. According to the...

September 2, 2019
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02Sep

South Africa: MPs to Fight Back Over Proposed Cut to Parliament Benefits – Report

High-earning Members of Parliament are preparing to resist a move over the trimming of some of their benefits, a Sunday report said. According to the Sunday Times, Parliament is set to review its benefits scheme after it will spend an extra R111m in "loss of office" gratuities this year, to pay 159 MPs who didn't return to their seats after the elections. Those who didn't make it to Parliament are entitled to a once-off gratuity of four months' salary...

September 2, 2019
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02Sep

Great Brexit Insurance Migration Shifts $75 Billion From London

London’s outsized role in the global insurance industry is being whittled down by Brexit. As much as 61 billion pounds ($75 billion) of business is shifting to rival financial centers in the European Union as a consequence of Britain’s vote to leave the bloc. And it’s happening regardless of the divorce terms. The EU’s insurance and pensions regulator has ordered every U.K.-based underwriter to transfer policies held by European clients to units on the continent. While the bulk of...

September 2, 2019
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02Sep

Ukraine to help with pension benefits for Israelis with Ukrainian roots

Ukrainian President Volodymyr Zelensky on Sunday said his government will help paying pensions to Israelis born in the Eastern European country. "Ukraine does not refuse pension benefits to Ukrainians who left for permanent residence in Israel and promises to facilitate the preparation of relevant documentation and examination by the Ukrainian parliament," the president's office said in a statement. Read more @ynetnews

September 2, 2019
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August 2019

30Aug

UK universities’ pension funding hole doubles to £6.6bn

Hundreds of thousands of members of the £72bn Universities Superannuation Scheme face the threat of a further rise in their pension contributions after the plan’s managers revealed a funding hole had nearly doubled to £6.6bn. Read also UK universities brace for strike action in pensions dispute About 198,000 active members of the USS, the UK’s largest private sector pension plan, are making monthly payments of 8.8 per cent of their salary towards their pensions, which promise an inflation-proofed retirement income...

August 30, 2019
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30Aug

Singapore. Pension reforms can boost equity market, bridge wealth gap

FUNDAMENTAL reforms to Singapore's pension system can serve to bridge income inequality as well as revive its public equities market. Continued lack of reforms will worsen the wealth gap and the retirement adequacy of its ageing population, as well as ability to sustain itself as a financial and commercial centre. Singapore's equity markets are somewhat dysfunctional relative to international best practices - pension assets are not deployed to support local capital markets but often invested abroad via GIC. Through...

August 30, 2019
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30Aug

Prudential Financial announces leadership succession for U.S. Businesses

Andrew Sullivan to lead growth-oriented and purpose-driven U.S. leadership team focused on accelerating financial wellness strategy Prudential Financial, Inc. (NYSE:PRU) today announced that Andrew Sullivan will succeed Stephen Pelletier as executive vice president and head of U.S. Businesses, reporting to Chairman and CEO Charles Lowrey, effective December 1. Pelletier will retire following an extraordinary 27-year career with the company, in which he led Group Insurance and Prudential Annuities, and founded Prudential’s international asset management businesses, now PGIM Global Partners....

August 30, 2019
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30Aug

Ontario Teachers’ COO Leaves to Spearhead United Nations Pension Fund

Ontario Teachers’ Pension Plan Chief Operating Officer Rosemarie McClean announced this week that she will be leaving the pension after a 33-year tenure to serve as the chief executive officer of the United Nations Joint Staff Pension Fund. McLean will succeed Janice Dunn Lee, the acting CEO for the UN pension. In her position at OTPP, McClean leads all operational activities, including management of financial operations for the pension’s investments and portfolio management activities, information technology, process improvement, and...

August 30, 2019
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29Aug

UK. Defined benefit transfer values hit record high

Defined benefit transfer values reached record highs in August, according to data from XPS Pensions. In an update issued today (August 28), the consultancy firm said its transfer value index reached an all-time high of £258,200 on August 21, which compares to £247,400 at the end of July. The increase was largely driven by a significant fall in gilt yields during August, partially offset by a small fall in inflation expectations, XPS stated. At the same time, the consultancy firm saw an increase in the...

August 29, 2019
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29Aug

Romania’s public deficit rose by 52 pct in January-July on soaring wage, pensions spending

Romania’s budget deficit rose by 52 percent in January-July compared with the first seven months of last year, to RON 18.1 billion (EUR 3.8 billion), as the government has major difficulties to cover soaring wage and social spending. In January-July 2018, the budget deficit amounted RON 11.9 billion. Official data show that budget revenues rose by 12 percent year-on-year in January-July up to RON 180.07 billion (EUR 37.9 billion) while expenses increased by 14.7 percent to RON 198.2 billion. The general budget...

August 29, 2019
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