January 2019

08Jan

Australia. Investors blindsided by tax from super withdrawals

Australians running their own superannuation funds are being hit with surprise taxes due to a lack of understanding regarding what meeting a full condition of release means, a technical expert has warned. SuperConcepts non-executive director Stuart Forsyth explained that he is coming across a number of SMSF trustees who have decided to pull money out of their super fund and pay it back without realising that the commissioner might consider that to be assessable income. What often happens in these situations, he...

January 8, 2019
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07Jan

Volatile Wall Street sparks concern over public pensions, taxes

Some fear that unless the market settles, local governments and schools could face increases in employer contributions to offset pension losses, which could increase pressure to raise taxes. The last time the stock market was roiled by the volatility that it has been experiencing recently was the beginning of the 2008 recession, which left the massive state pension system bruised and turning to local property taxes to make up for losses. Some experts fear that unless the current stock...

January 7, 2019
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07Jan

China approves 14 new pension target funds

China has approved the country's third group of pension target funds, allowing 14 more such funds to play a bigger role in meeting the retirement planning needs of an aging population. E-Fund Management, an asset management company based in Guangzhou, obtained approvals for issuing two more such funds while 13 other fund management firms including China Southern Asset Management and China Asset Management were authorized to issue one more each, according to the China Securities Regulatory Commission. The new...

January 7, 2019
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07Jan

5 Ways to Save More for Retirement in 2019

The start of a new year is a great time to make some resolutions that could change your personal financial picture for the better. One such pledge is to sock away more money for retirement in the coming year -- an especially crucial move for folks who are currently behind on savings. Here are five ways to make that happen. 1. Bank your raise If you were lucky enough to snag a raise this year, you have a great...

January 7, 2019
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07Jan

5 Ways Policymakers Can Impact Retirement Security In 2019

It’s a new year and people’s worries about retirement security remain high. Policymakers at all levels can help or hinder retirement security in 2019. Much of people's concern over retirement stems from uncertainty about jobs at older ages since many people would like to work longer, either to remain productive or to supplement their small savings. Other worries center around savings, Social Security, high debt and rising health care costs.Against this backdrop, policymakers can shape five economic trends in 2019:...

January 7, 2019
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07Jan

Croatia. Pension Reform Enters into Force

The pension reform which went into force on January 1 envisages raising the retirement age to 67 as of 2033, penalising early retirement by 0.3% per month, i.e. by 18% for five years, and enabling all pensioners to work four hours a week while keeping their pensions.Second pillar beneficiaries can choose in which system to exercise their pension - only in the first pillar with a 27% supplement for the period up to 2002, plus 20.25% for payments after that...

January 7, 2019
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07Jan

Irish pension funds told to ‘diversify and de-risk over the coming year’

Irish pensions fund trustees have been told to “diversify and de-risk over the coming year” amid the huge losses of global stock markets and falling bond yields for some European markets.Pensions firm Aon said the fallout of market turmoil has led to a fall of 5.2% in “the traditional Irish pension managed funds” last month.“Global equity markets fell over the month as weak economic data from China and Europe fanned concerns of a global economic slowdown, leaving investors...

January 7, 2019
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07Jan

Norway’s Massive Pension Fund Loses $3 Billion+ on its Apple Investment

The giant Norwegian “Oil Fund,” or Government Pension Fund Global, has over $1 trillion in assets and one of its largest single investments is in tech-behemoth Apple. The fund is the largest sovereign wealth fund in the world and consists of two wealth funds operated by the Norwegian government, the first was formed in 1967.The part known as the Oil Fund was established nearly three decades ago to invest surplus revenue from Norwegian oil and petroleum. It’s not a...

January 7, 2019
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07Jan

UK. Pensions data is stuck in the ‘dark ages’, says former pensions minister Ros Altmann

The pensions industry is “light years behind where it should be” in the way it handles data, endangering the success of modernisation drives such as the government’s pensions dashboard project, according to a former pensions minister.Many small firms still handle employee data manually from spreadsheets, and half of customer auto-enrolment data uploaded by these companies to pension scheme providers’ systems subsequently contains errors, according to research.Conservative peer and former pensions minister Baroness Ros Altmann said the high error...

January 7, 2019
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03Jan

Funded status of largest U.S. corporate pension plans slipped in 2018, Willis Towers Watson analysis finds

Fourth quarter decline in stock market derailed improved funding trend for year The funded status of the nation's largest corporate pension plans slipped at the end of 2018 as a sharp decline in the stock market during the fourth quarter offset what looked to be a second consecutive year of improved funding, according to an analysis by Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company. Willis Towers Watson examined pension plan data for 389...

January 3, 2019
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