April 2019

29Apr

Millions of Americans are working past 65, and it’s not because they can’t afford to retire

More retirement-age Americans, mostly baby boomers, are working today than ever before, but it's not because they need the money. The largest increase in people working past 65 has been among those in the best shape for retirement: highly educated people with high incomes, says Lincoln Plews, a research analyst at United Income. The biggest reason for working longer? They're healthier than they've ever been. Not all baby boomers are itching to retire. The greatest share of older Americans...

April 29, 2019
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29Apr

UK. Tougher overseas pension regulations to impact advisers

Advisers must ensure they can still fully service new or existing clients who have transferred their UK pension into an overseas pension scheme following new rule changes, deVere Group has warned. This summer, the Malta Financial Services Authority (MFSA) is implementing new rules which will impact the way in which Pension Trustees administer both new scheme applications and existing members on a number of levels. There are estimated to be about 30,000 UK pensions already transferred into Malta-based Qualifying...

April 29, 2019
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26Apr

France. Macron to cut taxes and raising pensions but matching with spending cuts

French President Emmanuel Macron has ordered that further cuts to income tax must be matched euro-for-euro by cuts in public spending to keep the budget deficit from spiralling out of control, his finance minister said on Friday. In his response to months of anti-government protests, Macron said late on Thursday that he would cut income tax further by 5 billion euros (£4.3 billion). "The president has set a principle of which I am the guarantor: each euro of decrease in income...

April 26, 2019
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26Apr

Nigeria inaugurates School of Pensions, Retirement Planning

Nigeria has commissioned the first Abuja School of Pensions and Retirement Planning (ASPRP) to provide tertiary education for the acquisition of vital skills and capacity in pension administration and management.n and management. The school, a private sector-driven monotechnic, is approved by the Ministry of Education, having met the requirements of the National Board for Technical Education (NBTE). Malam Muhammad Bello, Minister of the Federal Capital Territory, said the establishment of the school was a proof of FCT administration’s commitment...

April 26, 2019
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26Apr

Brazil Legislators Finally Gather Pace in Pension Reform Push

After weeks of delays, Brazil’s lower house of Congress is on a roll, pushing ahead the government’s key pension reform by creating a long-awaited committee only days after declaring the bill was constitutional. Center-right PR party deputy Marcelo Ramos will head a lower house special committee that will debate potential changes to the bill. Committee discussions will take place between May and June, lower house Speaker Rodrigo Maia said on Thursday. The special committee represents the second step of...

April 26, 2019
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26Apr

The Extinction Rebellion: How Sustainable Finance Can Help Save The Planet

Parts of London were brought to a standstill by the Extinction Rebellion last week. The protesters seek to bring to the public’s attention the ticking time bomb that the human race faces by not addressing climate change seriously or quickly enough. The Extinction Rebellion is more an orderly assembly of rational modest citizens, many of whom have never protested before, than anarchists such as anti-capitalist / global protestors. A seventy-year-old women who was arrested and wished not to be...

April 26, 2019
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26Apr

Morgan Stanley to pay $130 million to California pensions over bad investments

One of the world’s largest investment banks has agreed to put $130 million into the nation’s biggest public pension system to settle accusations it knowingly sold bad investments that caused the retirement fund for millions of workers to lose money. California Atty. Gen. Xavier Becerra announced the settlement with Morgan Stanley on Thursday. The bank is to pay $150 million. Of that, $122 million will go to the California Public Employees’ Retirement System, known as CalPERS, and $8 million...

April 26, 2019
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26Apr

South Africa. Government pension fund should invest more in unlisted assets, says head

Government Employee Pension Fund Principal Executive Officer Abel Sithole told reporters on Thursday that the fund, its members and the economy could enjoy untold benefits if the fund broadened its investment portfolio’s exposure to unlisted investments. The GEPF is Africa’s largest pension fund, with over 1.2m active members and more than 400 000 pensioners and beneficiaries. The GEPF's investment portfolio currently stands at R1.8trn. The fallout from PIC investments gone wrong, including AYO Technologies and Steinhoff International Holdings, has...

April 26, 2019
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25Apr

Prudential Financial closes $2.6 billion in longevity reinsurance agreements

Prudential Retirement®, a unit of Prudential Financial, Inc. (NYSE: PRU), has concluded about $2.6 billion in previously undisclosed longevity reinsurance contracts, an important signal of an unprecedented start to the 2019 U.K. pension risk transfer market. As part of these transactions, Prudential Retirement is assuming the longevity risks of approximately 16,000 pensioners. This early 2019 de-risking wave has been driven in part by many pensions seeking to close agreements prior to the original March 29 Brexit deadline. But with...

April 25, 2019
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25Apr

Are Americans overly confident about retirement?

Americans are more optimistic than they’ve been in years about life in retirement. Yet one question remains: Will they have enough money? According to a new study by the Employee Benefit Research Institute, confidence among U.S. workers has rebounded to pre-recession levels, with 67% saying they are very or somewhat confident they’ll be able to live comfortably throughout retirement. And, among those already out of the workforce, 82% are confident they will have enough money to live comfortably in retirement,...

April 25, 2019
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