July 2018

27Jul

Azerbaijan. Pensions increased in country

The average monthly size of labour pension in Azerbaijan increased by 5.2 percent, the Ministry of Labour and Social Protection of the Population reported. Thus, on July 1 the size of the pension reached 219.15 manats ($128.9), moreover the size of the pension by the age increased and reached 246.36 manats ($144.9). By the order of President Ilham Aliyev, the total amount of labour pensions was reindexed in accordance with the growth rate of the average nominal wage in 2017. Read more @Azernews

July 27, 2018
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27Jul

India. Ageing population will increase advanced tech-backed solutions demand

As per data from July 2017, 6.4% of the Indian population fell into the ‘elderly’ category. This essentially means that roughly 80 million Indians are currently above the age of 65. Sadly, a major chunk of the elderly is living a life of stark loneliness. According to the 2011 census of India, more than 15 million people over the age of 60 are either living completely alone or with a partner, who is roughly the same age as them. Considering...

July 27, 2018
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27Jul

FRC finds audit failures in UK pension scheme reporting

Auditors have been called out by the Financial Reporting Council (FRC) due to problems found in almost half of the audit work around pensions valuations they have inspected this year. The FRC’s annual ‘audit of defined benefit pension obligations’ report, published 26 July, explained it had examined the audit quality of pension balances and related disclosures among 51 of its overall inspections for 2017/18. In nearly half of these, improvements needed to be made in at least one aspect of the...

July 27, 2018
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27Jul

Europe is aging—it’s high time to invest in youth

The old world is getting older. The populations of European Union (EU) countries are aging and shrinking. Life expectancy at birth in the EU has increased by more than two years per decade since the 1960s to 78 and 84 years in 2016 for men and women respectively. It is projected to further rise by 8 and 7 years for men and women respectively by 2070, pushing the share of the population over 65 to 30 percent by 2070...

July 27, 2018
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26Jul

US. Answering The Most Important Retirement Planning Question

Most people give minimal thought to one of the most important issues in their retirement plans. The result can be a wildly inaccurate plan. A goal of every retirement plan is to ensure your income and cash flow last at least the rest of your life. To meet that goal, you need a reasonable estimate of your life expectancy. But in most plans, the life expectancy estimate essentially is plucked out of the air. Read More: Forbes

July 26, 2018
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26Jul

UK. Pensions dashboard: Why it would be crazy to ditch one of the most common sense ideas to come out of government

"What have you lost?” your colleague asks as you desperately retrace your steps. “My pension!” you cry. Okay, well that never happened. But imagine for a second that we were to treat our misplaced pensions in the same way we treat lost phones. In the UK, billions of pounds of pension money is currently “lost” – not in a stock market crash or stolen through fraud, but instead misplaced and unclaimed. The reasons for this are multifaceted, and have plenty to do...

July 26, 2018
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26Jul

South Africa orders probe into $150 billion state pension fund – treasury

South Africa's finance minister on Wednesday ordered an independent inquiry into state pension manager the Public Investment Corporation (PIC), following corruption allegations involving high-ranking executives, the National Treasury said. PIC, which is Africa's biggest investment fund, said this month its legal head had quit after evidence of wrongdoing emerged during a disciplinary hearing into the collapse of VBS Bank. The VBS administrator said an in affidavit that an unnamed PIC executive had taken a 5 million rand (£288,030) bribe to facilitate...

July 26, 2018
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25Jul

Tenders on the menu for UK pension schemes

The UK competition regulator is proposing regulatory changes designed to ensure pension schemes pressure the market into providing the best value for members. The Competition and Markets Authority (CMA) is concerned competition problems exist within the UK's investment consultancy and fiduciary management markets. The regulator pointed out that about half of the UK's pension schemes use the same provider for both fiduciary management and investment consultancy. According to the regulator, trustees are vulnerable to pressure from their investment consultant which may...

July 25, 2018
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25Jul

Chile’s Pension Risk Rating Commission Approves Sale of Additional First Trust ETF

First Trust Advisors L.P. (“First Trust”), a global ETF provider and asset manager, announced that Chilean pension funds investment risk rating commission, La Comisión Clasificadora de Riesgo (CCR), has approved an additional First Trust exchange-traded fund (ETF) for sale to Chilean pension funds, known as la Asociación de Administradoras de Fondos de Pensiones (AFPs). According to Chile’s pension plan investment guidelines, before an ETF can be purchased in a pension fund, it must be approved by the CCR. “More diverse...

July 25, 2018
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25Jul

US. How public sector employers are reducing their pension liabilities

Public sector employers are struggling with the same problems that private employers are when it comes to pension plans. Rising costs associated with these plans have forced many municipalities, school districts and colleges and universities to get creative with their benefits to not only save money but still attract and retain good employees. The cost of pensions increased in more than 70% of cities, and one in three cities identified these expenses as the largest expense affecting their budgets, a...

July 25, 2018
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