January 2019

21Jan

Protect your pension pots from investment scams and negligent trustees: UK government

The Insolvency Service is warning people to guard their pension savings from investment scammers and negligent trustees. Since 2015, the Insolvency Service has applied to the courts to wind-up 24 companies that have carried out a form of pension misuse. The pension misuse varies from convincing people to access their pensions and invest in unregulated schemes to pension trustees not carrying out their duties properly. The Insolvency Service has estimated that there have been close to 3,750 victims connected to...

January 21, 2019
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21Jan

US. NYC Mayor de Blasio Proposes City-Sponsored Retirement Plan

If the federal government can’t get it done and you live in a state is slow to adopt, maybe your city will step up (what’s next, neighborhoods?). New York City Mayor Bill de Blasio recently delivered his State of the City Address. Among the proliferation of payouts Hizzoner promised in city spending was his plan to provide “retirement security for all” in a city-sponsored retirement plan. “Fewer than half of all working New Yorkers have access to a plan...

January 21, 2019
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18Jan

UK. New pension should have multiple designs

Pension experts have urged the government to be flexible in its approach to creating a new risk-shared saving vehicle, to ensure that a wide range of members’ needs are covered. Responding to a consultation on collective defined contribution (CDC) schemes, which closed yesterday (January 16), consultants Aon and XPS, along with the Institute and Faculty of Actuaries (IFoA), put forward their views. All three stated establishing a retirement saving model that shared risk throughout a broad pool of...

January 18, 2019
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18Jan

Rethink Retirement

There’s a narrative out there, a conventional wisdom about the notion of retirement. It goes something like this: We work hard. We save all we can and we make wise investments. Then, one day we stop working and we become less of a factor in the world. We’re not needed anymore. Our best years are behind us. Karen Wagner and Erica Baird, founders of Lustre will tell you that the conventional wisdom is wrong. They describe their mission like...

January 18, 2019
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18Jan

US. The good and bad of 401(k) rollovers

"If you are moving on from your employer, shouldn't your money move on as well?" asked Peter Lazaroff at The Wall Street Journal. Rolling a 401(k) into an individual retirement account when you leave a job is an "automatic move for many investors," but there are times when it makes more sense to leave your money where it is. The most important thing to consider is expenses. It could be that your current 401(k) plan is cheaper than an...

January 18, 2019
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17Jan

Asia must navigate pensions crunch

Region unprepared to manage growing financial burdens of retirement. Asian pension systems are facing major challenges. The region is experiencing seismic demographic changes, with rapidly aging populations and declining birthrates. But investment returns are relatively low due to geopolitical uncertainty and minimal interest rates. With the region having relatively few robust retirement systems, many Asian countries will struggle to provide adequate pensions. Governments need to take positive action now to reduce financial pressures and avoid intergenerational conflicts between the young...

January 17, 2019
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17Jan

UK. Pensions regulator calls on advisers to get behind cold-calling ban

The Pensions Regulator has called on financial advisers to stand behind the cold-calling ban by doing more to report potential scammers. In a blog post this morning, TPR frontline regulation director Nicola Parish calls on IFAs to show clients the FCA’s Scam Smart website to alert them to the warning signs of fraud, particularly when the are considering a pension transfer. Parish writes: “The move by the government to make good on its pledge to make pension cold calling an offence sends...

January 17, 2019
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17Jan

Indian infrastructure group’s crisis may hit pensions

Pension and provident funds of the Indian salaried class is now in danger as these funds have wide exposure to the troubled IL+FS group The crisis afflicting Infrastructure Leasing & Financial Services (IL&FS) – an infrastructure conglomerate and group companies – is expected to take a toll on retirement benefits for middle-class citizens.The pension and provident funds for thousands of salaried workers are in danger as they have investments of up to 200 billion rupees in IL&FS.The funds either purchased...

January 17, 2019
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17Jan

Yale Employees Want Class Status in Retirement Plan Lawsuit

Yale University workers who sued the school over their retirement plan want a federal judge to certify their case as a class action covering more than 14,000 people.The workers say Yale’s retirement plan carried excessive fees and offered poorly performing investment options. Their Jan. 15 motion comes nine months after a federal judge in Connecticut largely denied the school’s attempt to have the case dismissed.At least 20 prominent colleges have been sued over their retirement plans since 2016. Cases against New York...

January 17, 2019
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16Jan

Every Third Pensioner in Bulgaria is at Risk of Poverty

Every third pensioner in Bulgaria is at risk of poverty. This is the data of the European Statistical Office Eurostat for 2017. By this indicator the country ranks fourth in the European Union. The three Baltic republics are ahead of Bulgaria, reports Dnevnik. A total of 32.4% of retired people in the country, including retired people due to disease, are at risk of poverty. This is the highest rate for the past eight years, the survey found.Estonia is the...

January 16, 2019
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