January 2019

09Jan

Nigeria. FG Reaches Agreement With ASUU Over Industrial Action, Pension

The federal government, has reached an agreement with the Academic Staff Union of Universities, ASUU, at the end of a meeting with union leaders in Abuja. Minister of Labour and Employment, Chris Ngige, who presided over the meeting, said the government has met most of the union’s demands, including the release of fifteen and a half billion naira for payment of salary shortfalls. The minister also said ASUU has fulfilled all righteousness on the issue of pensions.  He said all...

January 9, 2019
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08Jan

Jim Yong Kim steps down as President of World Bank

World Bank President, Jim Yong Kim has made the surprise announcement that he is stepping down after six years in the post. His resignation will take effect from 1 February. Mr Kim, 59, was not due to leave until 2022, after he was re-elected for a second five-year term in 2017. He will "join a firm and focus on increasing infrastructure investments in developing countries", the World Bank said. In a statement, Mr Kim said: "It has been a...

January 8, 2019
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08Jan

Pensions in Critical Status Fewest in Decade

The number of multiemployer pensions in critical status has fallen for the sixth straight year. The number of US multiemployer pension plans in critical status has declined for the sixth straight year, and has fallen to its lowest level since 2008, according to data from the US Department of Labor. Under federal pension law, if a multiemployer pension plan is determined to be in critical status or endangered status, the plan must provide notice to participants, beneficiaries, the bargaining parties, the...

January 8, 2019
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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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