April 2019

09Apr

UK. Why the increase to workplace pension contributions is a much bigger deal than you think

To some this will seem just another of those irritating little deductions that come through on salary slips, but in reality the amount you contribute will have a huge impact on your future From Saturday, the start of the new financial year, the 10 million or so Britons who are included under the pensions auto-enrolment legislation will have their workplace pension contributions go up from 5 per cent of their salary to 8 per cent. Employees have to contribute...

April 9, 2019
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09Apr

Asian political parties address ageing population

More than 25 political parties from Asia gathered in Colombo last weekend to exchange views on international and regional issues, with a focus on the implications of and a policy to address the issue of an increasing ageing population in Asia. The United Nations estimates that one quarter of Asia’s population, or about 1.3 billion, will be over 60 years old by 2050. This demographic change forces policy makers to reckon and rethink whether our existing policies and practices...

April 9, 2019
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08Apr

More UK firms eye collective DC pensions

With the UK’s Department for Work and Pensions (DWP) working to pass legislation to roll out collective defined contribution (CDC) pension schemes, several firms are considering them for their employees. Around one in eight (13%) corporate pension scheme decision-makers believe that their company is either likely or very likely to adopt CDC schemes in the coming six years, according to a recent survey of by global corporate advisory firm Willis Towers Watson. That is, of course, provided the DWP’s...

April 8, 2019
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08Apr

Are Switzerland’s pensions too high?

The Swiss pension system is in danger of collapse. At the same time, Swiss retirees get higher pensions than almost anywhere else in the world. Is the country due for a reality check? The Swiss are a nation of happy pensioners. A study by UBS (International Pension Gap Index) found that in Switzerland (compared with 12 other countries), generous pensions mean that people must save the least for their old age – and that is in a country that...

April 8, 2019
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08Apr

Canada’s CDPQ to Buy Petrobras Pipe Unit for $8.6 Billion

Petroleo Brasileiro SA agreed to sell its 90 percent stake in a natural gas pipeline unit to France’s Engie SA and Canadian pension fund Caisse de Depot et Placement du Quebec for $8.6 billion. Engie and the Caisse prevailed after multiple rounds of bidding for the unit, known as TAG, beating out Macquarie Group Ltd. and a joint bid from EIG Global Energy Partners and Mubadala Development Co. It is the biggest-ever single asset sale for Petrobras, whose new...

April 8, 2019
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05Apr

European Commission approves legal framework for Pan European Pension Products

1. What is the Pan-European Personal Pension Product (PEPP) and what is this new legislation about? The pan-European personal pension product (PEPP) is a voluntary personal pension scheme that will offer consumers a new pan-European option to save for retirement. This new type of product is designed to give savers more choice and provide them with more competitive products, while enjoying strong consumer protection. It could be offered by a broad range of financial providers such as insurance companies,...

April 5, 2019
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05Apr

China to cut social security contributions

China will cut the share of enterprise contributions to urban workers' basic aged-care insurance from 20 to 16 percent starting May 1, the State Council announced Thursday. Cutting the rates for unemployment and work-related injury insurance will be extended to April 30, 2020, You Jun, vice-minister of human resources and social security, said at a State Council Information Office news conference. The new policies will cut aged-care insurance fees by more than 190 billion yuan ($28.3 billion) and unemployment...

April 5, 2019
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05Apr

UK. Green light for dashboards in 2019 puts pension savers in driving seat

Amber Rudd unveiled proposals today (4 April) to support industry to deliver free, user-friendly services showing people their pensions information online. Savers will be in the driving seat with all the facts and figures about their pensions and potential retirement income at their fingertips in one place for the first time – on smartphones, tablets and computers. Work and Pensions Secretary Amber Rudd said: With record numbers saving for retirement as a result of our revolutionary reforms, it’s...

April 5, 2019
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05Apr

France wants to cap executive pensions, in dig at Airbus

The French government wants to impose a cap on executives' pension packages, amid criticism of a hefty retirement deal for the CEO of Airbus. Finance Minister Bruno Le Maire said Thursday on BFM television that he will propose legislation in coming weeks to limit pension packages to 30 percent of an executive's annual pay. He didn't elaborate. Le Maire has said the package for Airbus' Tom Enders was "excessive" and could hurt the plane maker's reputation. French media reports...

April 5, 2019
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05Apr

US. Democrats want to force businesses to contribute to retirement plans, and they’ll pay for it by raising taxes on the wealthy

Democrats aren’t just pushing for a higher minimum wage. Now they’re talking about “minimum retirement.” Sens. Chris Coons of Delaware and Amy Klobuchar of Minnesota planned to introduce a bill Thursday that would make companies contribute to employee retirement plans. Here’s what the measure calls for: Businesses would be required to pay at least 50 cents into an employee retirement plan for every hour worked. To offset that cost, companies would receive a tax credit for a portion of...

April 5, 2019
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