January 2019

29Jan

Malta pensions sector welcomes tighter rules

The industry has sided with the regulator in Malta regarding the significant changes to the Maltese pension regulations which will have a major impact on how advisers operate in the jurisdiction. Malta Association of Retirement Scheme Practitioners (MARSP) said the new framework issued at the end of 2018 governing personal pension schemes in Malta would make the sector more resilient. "MARSP has consulted closely with the Maltese Regulator for many months on these changes and welcomes its...

January 29, 2019
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29Jan

PenCom Grants Licence To Nigerian University Pension Management Company (NUPEMCO)

The National Pension Commission (PenCom) yesterday approved the issuance of a license to Nigerian University Pension Management Company Limited (NUPEMCO) to carry out the business of a Pension Fund Administrator (PFA). The Commission in a statement made available to DAILY INDEPENDENT by Peter Aghahowa, Head Corporate Communication, said: “This approval is consequent upon a detailed evaluation of NUPEMCO’s compliance with the requirements, terms, and conditions stipulated by the Commission. Read more @Independent

January 29, 2019
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28Jan

PFRDA to audit pension funds on corporate governance

Pension Fund Regulatory and Development Authority (PFRDA) is planning to audit the pension funds/sponsors, who manage pension assets worth over Rs 2.8 lakh crore for 2.48 crore subscribers. The pension fund managers (PFMs), appointed to manage the retirement savings of subscribers under the NPS, will be audited on seven parameters, including reporting & disclosures, investments, corporate governance and senior management. As per Regulation 26 of the PFRDA (Pension Funds) Regulation 2015, PFRDA may undertake directly or through its authorised...

January 28, 2019
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28Jan

Nigeria. 7 million aged people beg FG to create Ageing and Elderly Commission

No fewer than seven million aged people in the country have appealed to the Federal Government to establish a commission for Ageing and Elderly Persons with a view to addressing their current plights and sufferings. The ageing Nigerians said the creation of the Elderly couple in happy mood. commission would provide an environment which will encourage and promote active living for all aged groups, thus fostering social capital and a sense of community living. They also called on...

January 28, 2019
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28Jan

UK. On pensions, the government has placed freedom over protection – but will it make us better off?

Many are choosing cash over annuities because they don’t think they will live long enough to get good value from an annuity, even though many would. In short, lots of people are making a financial mistake The “pushmi-pullyu” in the 1967 film of Doctor Dolittle was a double-headed llama, with one head facing forward and the other back. Pensions policy in the UK in recent years has borne a resemblance to this contradictory animal. In 2012 the government introduced...

January 28, 2019
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25Jan

Warning: Many Seniors Face Nearly Impossible Financing 30 Years Of Retirement With 40 Years Of Work

Many workers are facing a nearly impossible challenge: financing 30 years of retirement with only 40 years of work, two National Bureau of Research economists warned today. “If a couple (in their early 60s) retired today, the survivor of the couple would have about a 40 percent chance of living an additional 30 years,” Robert Clark and John Shoven said in a report to a Brookings Institute symposium on the elderly in the workplace. With the Baby Boomer...

January 25, 2019
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25Jan

Most Companies Plan to Get Rid of Their Pension Liabilities

Plan sponsors are increasingly turning to options like annuity buyouts to eliminate their pension obligations. More U.S. companies are considering transferring away their pension liabilities, according to a new survey by MetLife. Roughly two-thirds of the 102 plan sponsors polled by the insurance company last year stated that they were interested in conducting an annuity buyout, up from 46 percent in 2015. Interest in pension buyouts among American companies has increased as Fortune 500 companies like FedEx and Raytheon...

January 25, 2019
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25Jan

South Africa. ‘Despicable’ – ANC slams DA’s latest ad claiming pensions and homes will be taken

The ANC condemned the DA for its latest pre-election campaign - an advertisement that claims the ruling party will take away citizens' houses and pension fund money. "Spreading disinformation as an election tactic is not only despicable, but it also undermines the intelligence of the voters. We reject these insinuations with the contempt they deserve," ANC spokesperson Zizi Kodwa said on Wednesday. He labelled the campaign shallow and said it rode on the back of disinformation. The advertisement...

January 25, 2019
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24Jan

Another Swedish Pension Fund Makes Huge ESG-Focused Divestment

Selling of nukes, tobacco, coal and oil sands holdings follows new law, plus actions of sister fund. Closely following its sister fund, in accordance with new legislation, Swedish pension fund AP1 has divested from several environmentally harmful categories. The $1 billion AP1, one of four pension funds that manage the retirement assets of the nation, said it has removed allocations to nuclear weapons, tobacco, coal, and oil sand companies from its investment portfolio “since the beginning of the year.”...

January 24, 2019
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24Jan

UK. Stay at home parents risk losing thousands from their state pension if they don’t register for Child Benefit

The Government’s information about state pensions clearly isn’t up to scratch. It needs to put this right urgently When new parents are thinking about their household finances, many will consider claiming Child Benefit. Many will not, however, think about National Insurance credits. Yet registering for Child Benefit builds up entitlement to the state pension for parents of children under 12 who don’t build up National Insurance contributions for another reason, such as through work. Put simply, a stay-at-home parent...

January 24, 2019
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