July 2018

03Jul

Can a reverse mortgage help save an underfunded retirement?

What if you’re close to retirement (or retired) and the bulk of your net worth is tied up in the value of your home? Such a situation is what experts call being “house rich, but cash poor.” For many seniors, their largest retirement asset is their home. And so, of course, the financial institutions found a way for folks to tap that money. It’s called a reverse mortgage, which allows people who are 62 or older to borrow against their home’s...

July 3, 2018
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03Jul

100 Largest US Pensions Lose $27.8 Billion in Q1

The top 100 US public pension systems have had their worst performance since September 2015, reports new US Census Bureau data. Total earnings for the funds were just $14.3 billion in this year’s first quarter, and total assets lost $27.8 billion. They are now down to $3.78 trillion. Totals have not slipped since September 2015, the Census Bureau reports. Pension contributions from employees and employers also fell in the quarter. Benefit payments saw a small increase. Read More: Chief Investment Office

July 3, 2018
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03Jul

Pensions and Pemex to figure in Lopez Obrador’s Mexico plans

Mexico’s next president, Andres Manuel Lopez Obrador, supports ideas such as creating a fiscal committee for prudent economic management, reforms of pensions and cost-cutting at state-owned oil firm Pemex, a senior aide told Reuters. The leftist Lopez Obrador won a landslide victory on Sunday, besting a four-candidate field with more than 53 percent of the vote in preliminary results. In the elections for Congress, his MORENA party and its allies could win majorities in both chambers, according to projections based...

July 3, 2018
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02Jul

Ireland’s ‘bizarre pensions landscape’ criticised by industry leader

Consultation on the proposed introduction of mandatory pension savings in Ireland misses the point: what is needed is simplification of Irish pension structures. At least that’s the view of Ireland’s pension trustees. The Government is preparing to launch a public consultation on how best to introduce auto-enrolment to ensure Irish workers have an adequate pension in retirement. Less than half of private-sector employees currently have occupational pension cover. Tommy Nielsen, chairman of the Association of Pension Trustees in Ireland, and legal...

July 2, 2018
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02Jul

Russians protest pension reform as Putin popularity slides

Several thousand people protested Sunday across Russia against a hugely unpopular government decision to hike the pension age that has led to a record slump in President Vladimir Putin's approval ratings. Rallying in dozens of cities from the far east and Siberia to central and southern Russia, many urged Putin to oust the government, while some called on the Kremlin leader himself to "retire." Both Kremlin-friendly trade unions and political parties and Putin's top critic Alexei Navalny organised the rallies, in...

July 2, 2018
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June 2018

29Jun

Portugal. Civil service unions reiterate demand for 4% pay rise

“We shall today hand in the Common Demand Proposal for 2019, which was approved at a summit of unions on 22 June," Ana Avoila said at an impromptu news conference in front of the Ministry of Finance building in Lisbon. "It is a proposal that, this year, is being handed in earlier." Among the demands in the document is one for a 4% increase in salaries and pensions. “We are still awaiting the government's counterproposal to our demands," she said, adding...

June 29, 2018
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29Jun

PEPP Expat Pensions Ready To Roll In Europe

The new European Union PEPP pension for expats is ready to go, according to the latest reports. Draft regulations are to go before the European Parliament to allow the roll-out of the new-style pension across Europe. PEPPs – Pan European Pension Products– are designed to give retirement savers more choice while boosting the market for personal pensions, which is generally poor across the continent. Read More: iExpats

June 29, 2018
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29Jun

Spain. Montero wants big companies to contribute to pay the pension rise

"The government will be in tune with new taxation that is being raised from Europe and, fundamentally, by responding to taxation of 21st century, in terms of technology, environment or those issues which, today, taxation does not pick up that Activity or no such services are severed. " In this way, Minister of Finance announced yesterday in Congress its intention to update Spanish tax system. Its intention is to gradually increase fiscal pressure to help finance increase in pensions...

June 29, 2018
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28Jun

Ghana. Health Sector Occupational Pension Scheme website launched

The website leads members who are all health sector workers to receive and give information to their trustees and the service provider on the mandatory privately managed Tier-two pension scheme. It also provides a link to the HSOPS main database where each member could track their contributions, access and print membership certificates, make benefit projections and a host of other benefits. Mr Kingsley Aboagye Gyedu, the Deputy Minister of Health, at the launch in Accra on Tuesday, congratulated the Board of...

June 28, 2018
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28Jun

Australia. How superannuation discriminates against middle income earners

While all workers benefit from the 9% superannuation guarantee, those on middle incomes benefit significantly less than lower and upper incomes, according to my research. I ran simulations on the financial assets accumulated over a working life, comparing this to what would have been earned on the same amount saved but invested outside the superannuation system and earning the same rate of return. Read More: Smart Company

June 28, 2018
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