June 2018

22Jun

Ghana. Workers Advised To Invest In Tier-3 Pension

Chief Executive Officer (CEO) of NBC Ghana Trust, William Asiedu Yeboah, has charged Ghanaian employees to invest in Ghana’s Tier 3 pension scheme to secure their future. “The surest way to a happy old age is to save towards retirement, so workers, both in the formal and informal sectors, must invest in the Tier-3 pension scheme, Mr Yeboah added. In an interview recently in Accra, the CEO stated that the introduction of the two new pension tiers – Tiers 2 and...

June 22, 2018
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22Jun

European adviser body head calls for pension reform

The European Federation of Financial Advisers and Intermediaries (FECIF) has called for European state-members to reform social welfare and warns about the need for European citizens to build private pension savings to insure an adequate income after retirement. FECIF says the crisis has provided an opportunity to review the efficiency and goals of pension systems at both national and EU level and stimulating private pension provision would help consolidate national budgets. “The adequacy of pensions is now centre stage for governments...

June 22, 2018
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22Jun

Taiwan passes bill to cut veterans’ pensions that sparked violent protests

Taiwan’s military veterans will see their pensions cut as soon as next month after parliament passed a controversial bill that had sparked violent demonstrations. Wednesday’s vote marks a victory for President Tsai Ing-wen, whose attempts to make sweeping pension cutbacks since she came to power two years ago have faced intense opposition. Senior veterans will see their monthly stipend cut by more than 20 per cent over the next decade, after a smaller initial drop, according to official estimates. Read More: South China...

June 22, 2018
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21Jun

Brazil’s Central Bank Plans Blockchain Data Exchange for Regulators

Brazil could soon have a new blockchain platform to ensure the authenticity of information exchanged between the country's financial authorities. Brazil's central bank, Banco Central do Brasil (BCB), announced Tuesday that it has built the platform in order to allow secure data sharing between itself and other domestic financial regulators, such as the country's Superintendency of Private Insurance (SUSEP), the Brazilian Securities and Exchange Commission (CVM) and National Superintendency of Complementary Pensions (PREVIC). In its release, BCB credits blockchain technology for...

June 21, 2018
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21Jun

US. Fintech Firm BidMoni Launches FiduciaryShield, a Retirement Plan Platform That Assists Plan Sponsors to Meet their Fiduciary Duties and Reduce Plan Costs

With America’s U.S. retirement savings deficit in the trillions of dollars and growing, BidMoni has announced the launch of FiduciaryShield, the first platform that allows retirement plans to quickly and easily solicit bids from dozens of the country’s top retirement plan providers. FiduciaryShield analyzes proposals so plan sponsors and financial advisors can determine the best plan, document the entire process to stay compliant, and automatically monitor plans on a ongoing basis. FiduciaryShield was designed by retirement plan experts Stephen Daigle...

June 21, 2018
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21Jun

Pensions: Council agrees its stance on pan-European pension product

The Council has agreed its negotiating stance on a proposal that would make it easier for people to put money aside for their old age. On 19 June 2018, EU ambassadors asked the presidency to start negotiations with the European Parliament on the proposed 'pan-European pension product' (PEPP), a new class of personal pension scheme, as soon as the Parliament is ready to negotiate. The draft regulation is aimed at providing greater choice for people who wish to save for their...

June 21, 2018
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20Jun

What explains the widening gap in retirement ages?

Today, male college graduates retire about three years later than high school graduates. While the story is more complicated for women, because of the dramatic change in their labor-force participation rates over the latter half of the 20th century, the pattern is similar. A recent study by my colleague Matt Rutledge identifies three factors that have encouraged later retirement — better health, changing labor markets, and Social Security incentives — and shows how these developments have primarily impacted those with...

June 20, 2018
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20Jun

South Africa. GEPF: Focus should be on pensions not politics – Solidarity

Trade union Solidarity today expressed concern over the concentrated investment policy the Public Investment Corporation (PIC) is following when it comes to managing the funds in the Government Employees Pension Fund (GEPF). Morné Malan, a researcher at the Solidarity Research Institute, explains that the PIC’s increasing focus on development at the expense of capital growth could have dangerous consequences for members in the future. “It is outrageous that the PIC considers it appropriate to keep Eskom as its second largest...

June 20, 2018
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20Jun

Simpler Variable Annuities Could Play A Big Role In Retirement Planning

A secure retirement plan needs secure income sources. But figuring out how to sustain an income stream throughout retirement relies on an important component: having adequate savings to begin with. For more and more Americans, annuities are part of the solution for growth and income. Certain annuities, like fixed annuities, can be used to replace bonds as a source of secure retirement income, while variable annuities can provide potential growth upside as well as optional income. However, there is still...

June 20, 2018
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19Jun

Over 1.5 mn Russians sign petition against pension age hike

A Russian government proposal to hike the state pension age to 63 for women and 65 for men had as of Monday seen more than 1.5 million people sign a petition against the move. Russian Prime Minister Dmitry Medvedev proposed the highly controversial move, which would be the first raise to the pension age in nearly 90 years, last week as the World Cup kicked off in Moscow. The state pension age in Russia is the same as it was under...

June 19, 2018
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