July 2019

30Jul

UK. FCA bans contingent charging in new pension advice rules

The FCA has outlined a ban on contingent charging for pension transfer advice as part of a new package of proposals. The regulator says the ban will help to "protect customers from the conflicts of interest which arise where a financial adviser only gets paid if a transfer goes In a statement, the FCA said: "We have carefully considered the available evidence on the impact of banning contingent charging, including how we can maintain access to advice for those groups of consumers...

July 30, 2019
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30Jul

India’s ageing crisis needs attention

So much has been said and written about the “demographic dividend” of India’s large young population that we have collectively failed to take note of a looming ageing crisis and its potential consequences. As our largely "under 35” population ages, the strength of what has been touted as India’s demographic dividend would gradually turn into a disadvantage over the next two decades. According to a 2017 report by the United Nations Population Fund (UNFPA), around 12.5% of India’s...

July 30, 2019
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30Jul

Make It Last: Fintech Firm Solves Number One Retirement Fear—Outliving Your Money

Ken Henderson, a traveling Pickleball pro, has taped out two 22-by-40-foot courts on an East Harlem gym floor. Today, instead of the usual Florida retirees, he’s teaching a crew of youngish engineers, Web designers and financial planners who have taken the subway up from the Chelsea offices of their fintech startup to play the paddle sport many Baby Boomers favor because it requires less running than tennis and is easier on aging joints. One of the older players today...

July 30, 2019
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29Jul

Zimbabwe tourism minister charged with corruption over pension fund

Zimbabwean Tourism Minister Prisca Mupfumira was charged in court on Friday with corruption involving $95 million from the state pension fund after questioning by the newly formed Zimbabwe Anti-Corruption Commission (ZACC). Mupfumira is the first senior government official to be interrogated by the commission, which was appointed by President Emmerson Mnangagwa last week after he promised tough action against graft. The prosecution laid out charges ranging from alleged abuse of state pension fund money to finance Mupfumira’s political campaigning to...

July 29, 2019
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29Jul

UK: PLSA Launches ESG And Stewardship Guidance

The PLSA published a new guide to help pension funds comply with the new ESG requirements coming into force from 1 October 2019, and support them in achieving good practice into the future. The new ESG requirements stem from a new regulation that was initially proposed by the Department for Work and Pensions in September 2018. The regulations implement the Law Commission's proposals to clarify pension scheme trustees' fiduciary duties in statute and will require pension schemes to have...

July 29, 2019
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29Jul

Jamaica. Imminent pension plan reforms will allow them to invest in a wider range of assets

Minister of Finance and the Public Service Dr Nigel Clarke moved amendments to the Pensions (Superannuation Funds & Retirement Schemes) (Investment) (Amendment) Regulations 2019, which were passed by the House of Representatives. These amendments will broaden the range of permissible assets in which pension plans can invest, and strengthen the legislative framework with respect to safeguarding the assets of pension plans. Giving his rationale for the change, Clarke observed “Mr Speaker, as we move into a new regime that's...

July 29, 2019
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29Jul

UK. Growing number of GPs cut shifts to avoid huge pension tax

A growing number of family doctors are reducing the hours they work to avoid a huge and unexpected pension tax bill. The decision increasingly means already-overstretched surgeries have fewer appointments to offer patients. One GP who last year dropped two of her eight sessions a week now intends to drop two more, halving her original workload. “Losing two sessions a week will have a significant impact on waiting times for patients booking appointments and also mean delays in dealing...

July 29, 2019
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29Jul

This Is Why Millennials Are Poised To Repeat Baby Boomer Retirement Mistakes

Does this sound familiar? You’re on either side of your tenth-year reunion, yet you’re still hounded by onerous college debt. Your kids are tugging at whatever passes for apron strings these days. You want to buy a house but the money’s too tight. You see all your friends jetting off to “bucket-list” vacations while you can’t risk leaving work for even an extended weekend. And saving for retirement? You know that’s the smart thing to do but how can...

July 29, 2019
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26Jul

World Bank boosts support for Uzbekistan

The World Bank is scaling up its support for Uzbekistan and has praised reforms aimed at fostering a market economy. The bank has announced loan and grant agreements totalling $656m for projects in the country, which is now among its largest recipients in the Europe and Central Asia region. The Washington-based organisation has said the energy sector is key to growth but suffers weak financial and operational performance, infrastructure bottlenecks, and an incomplete policy and regulatory framework. “The government and the people of Uzbekistan...

July 26, 2019
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26Jul

Former banker appointed head of South Africa’s scandal-hit state pension fund

Former Nedbank chairman Reuel Khoza has been appointed to head South Africa’s 2 trillion rand ($141 billion) Public Investment Corporation (PIC) in an effort to restore the scandal-plagued pension fund’s reputation. Khoza replaces South Africa’s former Deputy Finance Minister Mondli Gungubele as chairman of the PIC board, marking the first time the head of the fund responsible for billions of rand in government employee pensions has been chosen from outside the ranks of the ruling African National Congress (ANC). The role...

July 26, 2019
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