July 2019

12Jul

America’s biggest pension fund falls short of its own goals

The US’s largest pension fund fell just short of its investment target in fiscal 2019, underlining the difficulty of earning the kind of returns state and local funds need to pay future benefits. The California Public Employees’ Retirement System earned 6.7% in the year ending June 30, it said Thursday. Its goal is 7%. The performance leaves the retirement system known as Calpers with 70% of what it needs to afford all future obligations to public workers across the state of California.... Read More: @Fnlondon

July 12, 2019
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11Jul

Africa. Efforts intensify on drafting social protection policy

The Constitution of Namibia, Article 95, requires the state to actively promote as well as maintain the welfare of people and create equal opportunities. Zephania Kameeta, Minister of Poverty Eradication and Social Welfare this when officially opening a regional consultative workshop on the Social Protection Policy Draft at Keetmanshoop earlier this week. The parliamentarian then explained that this draft aims specifically to address vulnerabilities, tackle social exclusion and eradicate poverty. He continued by referring to the Namibian Constitution...

July 11, 2019
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11Jul

Brazilian President Jair Bolsonaro pension reform passes first vote in Congress

Brazilian President Jair Bolsonaro's ambitious pension reform bill passed an initial vote in Congress Wednesday, a major step for his efforts to boost confidence in the country's lagging economy. In the first of two votes, the lower house of Brazil's Congress approved the reform measure, a boon for Bolsonaro whose signature economic policy has faced stiff resistance from trade unions and a hostile Congress. Social activists and union members protested the proposed measure in Sao Paulo on Wednesday evening....

July 11, 2019
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11Jul

China’s social security funds to be replenished with state capital

China will replenish social security funds through the injection of state capital this year to make the funds more sustainable. Policies to reduce employers' contributions to social insurance schemes will be further implemented to ensure that pensions are paid on time and in full. The decision was made at the State Council's executive meeting chaired by Premier Li Keqiang on Wednesday. Li has set out measures for such capital transfer in the Government Work Report for four consecutive years....

July 11, 2019
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11Jul

UK. Women face £100k pensions gap

Women in their 60s expect to have accrued a pension worth £51,100 to retire on, amounting to only a third of the value saved by men, at £156,500. A report out this morning (July 11) showed that in order for women to draw the same pension income as men, they would need to have saved about 5 to 7 per cent more by retirement age. The report Facing an unequal future - closing the gender pensions gap was compiled...

July 11, 2019
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11Jul

EIOPA issues opinions on governance and risk management of pension funds

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published four Opinions to assist National Competent Authorities (NCAs) in the implementation of the Institutions for Occupational Retirement Provisions - the IORP II Directive: The Opinion on the use of governance and risk assessment documents in the supervision of Institutions for Occupational Retirement Provisions (IORPs) The Opinion on the practical implementation of the common framework for risk assessment and transparency for Institutions for Occupational Retirement Provisions (IORPs) The Opinion on...

July 11, 2019
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10Jul

Ireland. Does Gweedore deserve a higher state pension than Glenageary?

If there’s one certainty you can expect to hear when you visit your local friendly pension adviser, it’s not to depend on the State pension and to provide for your retirement yourself. Now Regina Doherty, Minister for Employment Affairs and Social Protection, has upped the ante on the viability issue by declaring last week that it isn’t “fair” that some people are getting full State pensions which they may not need, while others on the same amount live in...

July 10, 2019
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10Jul

India. State to develop social protection delivery platform

To make delivery of G2C services (government to citizen) more accurate and quicker, the state government has initiated the development of Social Registry and Integrated Social Protection Delivery Platform (SPDP). A national level workshop to this effect was held here Tuesday wherein experts from World Bank, Central government and various states shared their expertise and best practices in the field. Inaugurating the workshop, Chief Secretary Aditya Prasad Padhi said, “SPDP is based on 5Ts (Teamwork, Technology, Transparency, Transformation and...

July 10, 2019
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10Jul

UK. Thousands of pensioners to benefit from PIP assessment overhaul

Work and Pensions Secretary Amber Rudd first announced in March that people receiving PIP who have reached State Pension age will no longer have their awards regularly reviewed, instead moving to a light touch review at 10 years. Work and Pensions Secretary Amber Rudd said: "I want the benefit system to be a source of support for disabled people, not a source of worry. That’s why we’re scrapping needless PIP reassessments for pensioners whose situation is unlikely to...

July 10, 2019
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10Jul

China. Ministry refutes misleading report, guarantees future pensions payouts ‘in full’

China will fully guarantee timely payments of future pensions and sustainable healthy operation of the pension system, a government official said Tuesday, correcting a misleading report on Monday which said that China's pension pot will run dry in 2035, citing research from April. The report has misinterpreted the situation of China's pension institutions, said an official from the Ministry of Human Resources and Social Security (MOHRSS), according to domestic news website bjnews.com. The comment came after Beijing-based news outlet...

July 10, 2019
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