November 2018

08Nov

Report: Just 5% of UK pension funds possess a climate change policy

Just 5% of the UK's largest pension fund managers have a specific policy on climate change in place, despite almost three-quarters (74%) claiming to acknowledge the risks that climate challenges pose to the finance sector. None of the companies surveyed by Pinsent Masons were able to confirm specific targets for decarbonising their own operations The research, conducted by international law firm Pinsent Masons, surveyed 43 UK pension fund managers with £479bn in assets under management on their approach to sustainability. The survey...

November 8, 2018
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08Nov

US. Midterm Elections: What’s The Verdict For Aging Policies?

Yesterday, one of the most significant midterm elections in recent history occurred, with significant implications for the outlook on public policies and legislation affecting aging and older Americans. Health and aging issues drove the midterms more than other issues, including preserving the Affordable Care Act (with special emphasis on threats to pre-existing condition protections), considering Medicare for All proposals and lowering prescription drug costs. The election results make prospects stronger for new policies to lower prescription drug costs, something President...

November 8, 2018
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08Nov

UK. Ageing population a ‘real risk’ to Scottish budget

Scotland's ageing population poses a "real risk" to the country's budget in future, a Holyrood committee has said. The working-age population is set to fall from 2018 onwards, alongside a big increase in the number of over-75s. The rest of the UK is set to see its working-age population grow, which the Scottish Fiscal Commission said would place a drag on economic growth north of the border. The finance committee said this posed "fundamental questions" going forward. At present, Scotland's economy is forecast...

November 8, 2018
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08Nov

Leveraging the Pensions Fund to Promote Mortgage Activities in Ghana.

Ghana’s housing deficit is currently hovering above 1.7 million units. This means the country will require about 700,000 units of houses annually to meet this demand and thus requiring an investment of about $52 billion over a 10 year period. A myriad of factors account for the above mentioned deficit, some of these include; the lack of project continuity resulting from change in governments, rural urban migration, population growth, high cost of mortgage financing etc. On the flip side however,...

November 8, 2018
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07Nov

UK. New type of ‘mega-fund’ pension scheme gets green light from government

A new type of occupational pension scheme which pools workers’ investments into one super-sized pot has been given the green light by the government. Pensions minister Guy Opperman has announced that collective defined contribution (CDC) pensions will be brought forward. CDC schemes pool savers’ investments to create mega-funds, which aim to meet the future pension payouts of scheme members by spreading the investment risk across a variety of opportunities. The government is now consulting on how such schemes, which are used in...

November 7, 2018
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07Nov

US. New Actuary Rule for Assessing Pension Risk Kicks In

ASOP 51 requires looking at potential risks to plan’s future financial condition. A new actuarial standard in the US took effect November 1 that requires pension plan actuaries to factor in potential risks that “may be reasonably anticipated to significantly affect the plan’s future financial condition.” For many plan sponsors and actuaries who have already been performing this due diligence, it will be business as usual; however, for others, it may require a lot of extra work, but should provide a more...

November 7, 2018
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07Nov

UK. Altmann urges govt to act on pension inequality

state pension equalisation day is fast approaching but former pensions minister Ros Altmann has warned the system is far from equal as she urged the government to close a number of loopholes affecting women. After decades of being treated differently tomorrow (6 November) will be the date from which both women and men will be eligible for a state pension from the age of 65. Women's pension age has been rising since 2010, under legislation passed in 1995, but new measures...

November 7, 2018
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07Nov

Nigeria. Understanding the Contributory Pension Scheme

The Contributory Pension Scheme, CPS, which commenced in July 2004, seeks to, amongst others, ensure that every worker receives his retirement benets asand when due. Hence, pension contributions is the total contributions of both employer and employee from July, 2004 to the month of retirement based on applicable grade level/step, salary structure and income earned on the contributions. Features of the CPS Contributory in nature: The CPS is contributory in nature. This means that the employer will contribute 10 percent, while...

November 7, 2018
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06Nov

China. Equity group to improve pension investment environment

China Jianyin Investment Ltd, or JIC, an investment group focused on equity, will develop pension finance and pension service systems, aiming to improve the environment of the pension investment industry according to the company's top management. "With people's growing reliance on the third pillar of the pension system, individual pension investment will become a crucial process for personal wealth management," said Zhou Xiangyong, managing director of Guotai Asset Management, a key member of JIC. "As a result, the company will...

November 6, 2018
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06Nov

Mexico tightens pay cap, eliminates presidential pensions

Mexico has tightened laws dictating that public servants can't earn more than the president and eliminated so-called golden parachutes for elected officials. Lawmakers decreed via the official gazette Monday that there will be some exceptions for salaries of employees with high levels of specialization and technical expertise, but even those salaries will be capped at 50 percent more than the president's salary. President-elect Andres Manuel Lopez Obrador takes office Dec. 1 and has said he will pay himself 108,000 pesos ($5,400)...

November 6, 2018
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