August 2019

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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29Aug

Japan. Continue reforming pension system for its stable long-term management

To pass the public pension system to future generations in a stable manner, further reforms are vital. The latest results can be considered to have demonstrated anew such a need. The Health, Labor and Welfare Ministry has released a report examining the fiscal conditions of the public pension system. These are the results of provisional calculations, made every five years, of the pension benefit levels that people will be able to receive in the future, under scenarios that presume various...

August 29, 2019
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29Aug

How freelancers need to get saving for their pension

If you are self employed, freelancing or running a small business it is vitally important that you save well and early for retirement. Ed Molyneux of accountants FreeAgent explains how freelancers need to get saving for their pension. For many freelancers, especially those in the earlier stages of their career, pensions probably won’t be front of mind but how freelancers need to get saving for their pension needs addressing. Retirement often feels a long way away and putting...

August 29, 2019
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29Aug

Hybrid robo looking to offer financial wellness to retirement plan sponsors

Financial advisers promote services like "comprehensive financial planning" and "financial wellness" to differentiate themselves from digital advice startups and justify their fees, but now at least one robo-adviser is looking to do the same. BrightPlan, a Silicon Valley financial technology firm, has a new digital product providing financial wellness to retirement plan participants. BrightPlan Coach personalizes a financial plan for each employee and provides ongoing guidance on spending, financial goals, investing, debt management, estate planning and insurance. BrightPlan Coach will also recommend funds...

August 29, 2019
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28Aug

UK. New report lays down challenges for policymakers on increasingly ageing population

The UK must prepare for the “daunting but not insurmountable” challenge of ageing. · - Global academic thought leaders urge UK policymakers to act on the “daunting but not insurmountable” challenge of ageing · - New report from Scott and Bloom for ILC argues that UK policymakers must go further to help the UK prepare for ageing · ...

August 28, 2019
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28Aug

Berlin-based mobile savings platform Raisin to acquire pension fintech Fairr

Raisin, the Germany-based savings and investment platform, said it acquired Fairr, a fintech also located there that specializes in pensions and retirement savings. Raisin officials said the acquisition will help its 200,000 customers gain access to fixed-term, overnight and ETF accounts, as well as specialized pension plans. Read also How Fintech Can Make Banking More Inclusive – and Empowering The German pension market is estimated to be more than $13.3 trillion (12 trillion euro) and Raisin said the...

August 28, 2019
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28Aug

Australia Pensions Take More FX Risk for Returns as Rates Plunge

Australian pension funds are taking on more foreign-currency risk, allowing them to be more responsive to global market conditions as they strive to preserve returns in a low interest-rate environment, according to a National Australia Bank Ltd. survey. Superannuation funds are hedging less of their international equity exposure than they were two years ago, the 2019 NAB Superannuation FX Survey found. The so-called hedge ratio applied to international equities has fallen to 29% from 39% in 2017 and 50%...

August 28, 2019
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