January 2019

15Jan

South Africa . ANC still eyeing pension assets

The ANC is once again eyeing the notion of prescribed assets, where money managers will be forced to invest a portion of their funds in state-mandated areas and/or companies. In its 2019 Election Manifesto, the party says it will “Investigate the introduction of prescribed assets on financial institutions’ funds to mobilise funds within a regulatory framework for socially productive investments (including housing, infrastructure for social and economic development and township and village economy) and job creation while considering the...

January 15, 2019
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15Jan

Shell and pension fund PGGM to bid for last Dutch public energy firm

Oil giant Shell and Dutch health service pension fund PGGM are working on a joint bid for energy provider Eneco, the AD said on Monday afternoon. Both companies have pledged to retain Eneco’s green reputation and to broaden its operations in Europe. Eneco, the last Dutch energy firm in public hands, is due to sold via a controlled auction later this year. ‘Our expertise and our financial weight will allow us to expand the company’s position in both...

January 15, 2019
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14Jan

Is it time for the Government to get more involved in protecting retirement savings of workers?

However the superannuation industry wants to gloss over it, the Productivity Commission's inquiry into the sector is a damning indictment. A $3.8 billion-a-year indictment.That's how much Australians are missing out on because of a superannuation industry that appears to be more interested in its own wellbeing, rather than the retirements of the Australian workers it's meant to be providing for.Former federal treasurer, now Future Fund chairman, Peter Costello nailed the industry's self-interest in a speech in Sydney a few...

January 14, 2019
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14Jan

These Ukrainians have a pension awaiting. But they literally must cross a minefield to get it.

Ukraine — Antonina and Leonid know where to find their state pension money: an office just about a mile down the road. The problem is it is on the other side of the front lines of eastern Ukraine’s nearly five-year-old war. The couple’s home falls within the breakaway territories controlled by rebels loyal to Moscow. The Ukrainian bureaucrats handling pensions and other affairs are across the line in areas run by Kiev’s pro-Western government. So Antonina and Leonid join...

January 14, 2019
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14Jan

The Pension Fund Problem Just Got Much Worse

A simple extrapolation of the recent trend lines suggest a crisis around 2023, as assets are wiped out even if returns rebound. The 14 percent drop in the S&P 500 Index last quarter has big implications for state and local pension funds, which probably saw the value of their assets fall by about 7 percent. Investors with the benefit of a long-term horizon have the ability to ignore market dips, and pension funds are among the longest-term investors, but...

January 14, 2019
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11Jan

EIOPA analyses costs and past performance of insurance and pension products

The European Insurance and Occupational Pensions Authority (EIOPA) published today its first Report on Costs and Past Performance of insurance and pension products following a request of the European Commission to the European Supervisory Authorities (ESAs) to periodically report on costs and past performance of retail investment, insurance and pension products. This first report provides aggregate data on the costs of insurance-based investment products (IBIPs) across the European Union as well as for certain similar personal pension products (PPPs)...

January 11, 2019
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11Jan

US. Small Business Employees Sorely Need Retirement Plan Coverage

LIMRA data shows nearly four in 10 workers say they began to save for retirement because their employer offered a retirement savings plan. Data shared by LIMRA shows four in 10 employers with fewer than 100 employees currently offer retirement benefits, meaning the small business employee retirement plan coverage gap remains a significant industry challenge for 2019. The LIMRA research highlights the fact that Americans’ top financial concern is affording a comfortable retirement—and that they believe access to a...

January 11, 2019
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11Jan

Japan. Face challenges of a shrinking, aging population

The latest population estimate by the Health, Labor and Welfare Ministry, released late last month, points to the accelerating decline of Japan’s population with ever fewer births. The number of babies born in this country in 2018 is estimated at 921,000 — down 25,000 from the previous year and falling short of 1 million for the third year in a row. The lowest annual number of births on record since the government began taking comparable statistics in 1899 was...

January 11, 2019
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11Jan

UK. Local government workers to receive increased pensions protections

Consultation to look at strengthening pensions protections for local government staff who have had their roles outsourced. Public sector workers will receive increased pensions protections in the event their job is outsourced, in proposals published today (10 January 2019). The Ministry of Housing, Communities and Local Government is consulting on reforms to ensure local government workers whose roles are compulsorily transferred to independent providers, retain the right to remain in the Local Government Pension Scheme. Under the reforms, transferred...

January 11, 2019
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10Jan

UK. Nine key pensions issues that will hit the headlines in 2019

2019 promises plenty of developments that will keep trustees, employers and advisers busy. From Brexit to superfunds, pension professionals will have to grapple with new legislation, consultations and revised guidance. In this update, we outline nine key pension issues that are likely to dominate the pensions landscape this year, plus some other developments to look out for. Nine key pension issues for 2019 1. Brexit means Brexit, but what will it mean for pensions? At 11pm on 29 March 2019, the UK...

January 10, 2019
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