April 2019

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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04Apr

Australian Pension Funds in Talks to Create $78 Billion Giant

Two of Australia’s biggest pension funds are exploring a merger that would create a retirement-savings giant with more than A$110 billion ($78 billion) in assets under management. First State Super and VicSuper Pty signed a non-binding memorandum of understanding and believe a merger could “deliver significant benefits to members,” according to a statement Thursday. A recommendation to the pair’s respective boards is expected around the middle of the year. Consolidation in Australia’s A$2.8 trillion pension industry is gathering pace...

April 4, 2019
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04Apr

South Africa. Bad governance can undo govt guarantees of SOE investments – pension fund chair

Government guarantees of investments in state-owned enterprises can be made meaningless by bad governance, Dr Renosi Mokate, chair of the board of trustees of the Government Employees Pension Fund said on Tuesday. Mokate was taking parting in a panel discussion on financing sustainable infrastructure at the 4th annual meeting of the New Development Bank, commonly known at the Brics Bank, in Cape Town. The GEPF manages pensions and other benefits for state employees in South Africa. The Public Investment...

April 4, 2019
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04Apr

US. Miners and retirees learn about legislation to save pensions

More than 300 active members and retirees of the United Mine Workers of America (UMWA) attended a conference Wednesday to learn more about their benefits. The union is urging Congress to pass legislation that will save pensions for more than 106,000 active miners and their widows. Miners from West Virginia, Ohio, Kentucky, and Virginia were invited to the informational conference at a hotel in Charleston. Organizers filled them in on the status of the legislation. Congress is considering adding...

April 4, 2019
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04Apr

61% of Major Global Digital Firms Invest in Blockchain, Report Finds

61 percent of high-profile digital companies worldwide are investing in blockchain, according to a report by identity management firm Okta shared with Cointelegraph on April 2. San Francisco-based enterprise identity provider Okta has released a survey on new trends in technological developments and business opportunities of the world’s largest companies. In its first “Digital Enterprise Report,” Okta surveyed 1,050 IT, security and engineering decision makers from global companies with at least $1 billion in revenue. Okta explained that decision...

April 4, 2019
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03Apr

Firm Launches Service to Monitor Retirement Plan Advisers

Clear Disclosure Partners launched its Clear Disclosure Program for retirement plan professionals servicing 401(k) plans. The new service is used by third-party administrators (TPAs), recordkeepers and retirement plan consultants to assist their plan sponsor clients in monitoring the ongoing regulatory disclosure information of registered financial advisers providing investment advice. Clear Disclosure Partners is a regulatory compliance firm whose staff members are qualified, independent experts with decades of experience in monitoring financial adviser regulatory disclosure information. It specializes in the...

April 3, 2019
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03Apr

Financial health of defined benefit pension plans rebounds to start 2019

The solvency positions of Canadian defined benefit pension plans rebounded along with stock markets in the first quarter of 2019, once again nearing 100%, according to Aon plc (NYSE:AON), the leading global professional services firm providing a broad range of risk, retirement and health solutions. The late-2018 equity selloff meant pension plans’ financial health capped last year in decline, but the first-quarter equity rally saw the Aon Median Solvency Ratio erase those losses. Quote: “The first quarter was very...

April 3, 2019
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03Apr

Switzerland. Initiative to overhaul mandatory occupational pensions launched

Pension benefits In a separate move, a people’s initiative has been launched to overhaul the mandatory occupational pension scheme. The campaigners, including mainly rightwing and centre-right politicians, want to introduce a flexible minimum interest rate on accumulated pension capital, scrapping the current rate fixed at 6.8%. The aim is to adapt pension benefits and the retirement age to general life expectancy in a bid to create a “sustainable and fair system”, according to the initiative committee. It has 18...

April 3, 2019
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