August 2019

06Aug

Judges pensions grow almost ten times the social pensions’ growth in Ukraine

Experts from the National Council for Economic Development, as usual, analyzed how average pension has grown for different categories of people. The undisputed growth leader, as before, is the lifelong maintenance of judges. Over the year, pension for this category grew by 78%. The largest category of retired people, namely by age, received an average of 16.7% higher. And, traditionally, the last place belongs to the category of social pensions, where the growth is by 7.9%. The lifelong maintenance...

August 6, 2019
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05Aug

Ireland. Pensions time-bomb: Risk report warns workers not saving enough – or at all – for retirement

A major Government report has warned of a looming pensions time-bomb as the number of people entitled to the State pension is set to more than double over the next 36 years. The latest national risk assessment, published today, has identified the country’s ageing population as one of the most significant risks facing the State in the coming years. And it warned that Ireland’s low level of private pension coverage – just 35pc of private-sector workers have their own...

August 5, 2019
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05Aug

How South Africans can check where their retirement savings are actually going

Most South Africans would not knowingly support activities that might harm the environment, endanger the health of others or violate the rights of workers. Still, unless you know where your money is going, how can you be sure that it is being spent or invested responsibly? That is a question which the Financial Services Conduct Authority may help retirement fund members answer, says Deirdre Phillips, a partner at law firm Bowmans. By encouraging funds to make their investment policy...

August 5, 2019
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05Aug

UK. Pensions industry making ‘fat living’ from charging savers, MPs claim

Parts of the pension industry are making a “fat living” from people’s savings and should come under tougher scrutiny, MPs have said. In a damning Commons report, the work and pensions committee called for the government to take urgent action against pension funds that fail to disclose how much they charge savers, saying it is “unconvinced” that the industry will act voluntarily on providing transparent information about the costs and charges of investments. MPs have called for providers behind...

August 5, 2019
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05Aug

The Zanzibar Universal Pension

Two years ago Zanzibar took the revolutionary step of becoming the first in East and Central Africa to introduce a universal pension scheme for those over 70. Since its introduction, 28,117 older people are now benefitting from the scheme. Although an important leap towards the financial protection of older people, a recent study by the Economic and Social Research Foundation (ESRF) revealed that older people's source of income was still highly dependent on relatives despite being able to access...

August 5, 2019
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02Aug

UK. University pensions deficit could be £23bn

The pension scheme for university academics would face a deficit of £23bn if it had to be rescued by a government-backed pension lifeboat, the scheme's annual accounts show. The figures will stoke a fierce debate about the Universities Superannuation Scheme's (USS) financial position. It has assets of more than £60bn and provides retirement incomes and savings for about 200,000 UK university staff. The USS said it funds the scheme in a "fair and balanced way". In February and March...

August 2, 2019
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02Aug

World’s Biggest Pension Fund Adds $2.4 Billion

The world’s biggest pension fund posted its second straight quarterly gain as overseas stocks and bonds generated returns even as most major currencies depreciated against the yen. Japan’s Government Pension Investment Fund returned 0.2%, or 257 billion yen ($2.4 billion), in the three months ended June 30, with assets totaling 159.2 trillion yen, it said Friday in Tokyo. Overseas stocks were the fund’s best performing investment, returning 1.3%, followed by overseas debt and domestic bonds. Its Japanese stocks lost...

August 2, 2019
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02Aug

The Fracking Industry Is in Debt. Retirement Funds Are Helping Bail It Out.

Ayear ago, Chesapeake Energy, at one time the nation’s largest natural gas producer, announced it was selling off its Ohio Utica shale drilling rights in a $2 billion deal with a little-known private company based in Houston, Texas, Encino Acquisition Partners. For Chesapeake, the deal offered a way to pay off some of its debts, incurred as its former CEO, “Shale King” Aubrey McClendon, led Chesapeake on a disastrous shale drilling spree. Shares of Chesapeake Energy, which in the...

August 2, 2019
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02Aug

US. DOL Small Business Retirement Plan Rule Not The Cure-All That’s Needed

In a nod to the small business community, the Department of Labor issued a final rule earlier this week that may nudge more employers to offer joint retirement plans—MEPs—but it’s not all that employers were hoping for. “This is NOT the MEPs that everyone has been so excited about,” says Nevin Adams, chief of marketing for the American Retirement Association via email. The DOL rule, effective September 30, allows companies in different industries to band together to create a...

August 2, 2019
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01Aug

A sustainability taxonomy for investors

On June 18, 2019 the EU expert group for sustainable finance (TEG) published a proposal for a European definition of environmentally sustainable activities. The taxonomy is best compared to a green encyclopedia for financial market participants. An encyclopedia that provides guidance to investors that are looking to finance the transition to an economy in line with the goals of the Paris Climate Agreement. The TEG’s proposal is a major step towards a European definition of sustainable economic activities....

August 1, 2019
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