June 2018

19Jun

Aging Population Means Social Security Costs Will Balloon to ¥190 Trillion in 2040

According to data compiled by the Japanese government, social security benefit costs will increase 1.6-fold from 2018 to ¥190 trillion in 2040. While Japan continues to shift towards a super-aging society, the working age population needed to support that society is shrinking, making necessary restructuring of the contributions and benefits framework. The Japanese government has compiled estimates showing that the expenses of social security benefits, including pensions, medical care, nursing care, and childcare, will increase 1.6-fold from fiscal 2018 to...

June 19, 2018
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19Jun

UK pension funds get green light to dump fossil fuel investments

Managers of the £1.5tn invested in Britain’sworkplace pension schemes are to be given new powers to dump shares in oil, gas and coal companies in favour of long-term investment in green and “social impact” opportunities. Government proposals published on Monday are designed to give pension fund trustees more confidence to divest from environmentally damaging fossil fuels and put their cash in green alternatives if it meets their members’ wishes. Until now many pension trustees have been hamstrung by fiduciary duties...

June 19, 2018
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18Jun

Tackling an Aging Asia: A Report on the Asian Impact Dialogue

Demographic shifts are having tremendous impact on societies around the world, making population pyramids heavier at the top and threatening the stability of societal support systems. In late February 2018, public officials and members of nongovernmental groups from around Asia gathered in Singapore to discuss the graying of society, with the focus on what must be done for the increasing ranks of the elderly in the region’s countries. We report on the discussion that took place. A Response to the...

June 18, 2018
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18Jun

LeapFrog Set to Invest in Nigerian Pension-Fund Manager

LeapFrog Investments Ltd. is investing in one of Nigeria’s largest pension-fund managers to tap rising demand for retirement products among low-income consumers in Africa’s most populous nation. The private-equity investor, which has interests in healthcare and financial-services businesses spanning 149 Asian and African markets, didn’t disclose the terms of the deal with ARM Pension Managers Ltd. in a statement on Friday. ARM Pensions has $1.8 billion in funds under management reaching about 700,000 people through 57 locations across the country,...

June 18, 2018
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18Jun

US. Wealth gap, financial longevity major issues facing women, Merrill Lynch study finds

Women have worked hard to gain great strides with their finances in recent decades, but while their earning power has increased, their staying power once they reach retirement age has not kept up. It is clear that the journey women take throughout their lifetime impacts their financial health as they age. Investing is the single best way to ensure money will be available for a comfortable retirement that will cover health care costs, as well as daily living expenses. However,...

June 18, 2018
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15Jun

Puerto Rico pensioners are facing devastating effects of bankruptcy

Puerto Rico is facing a dire fiscal and economic crisis. It is one that many have called the largest and most complex bankruptcy in U.S. history. Amid the range of issues facing the island, from disaster recovery efforts to financial woes, lies an often overlooked human tragedy. Despite being a key piece in the island’s economic recovery, thousands of pensioners in Puerto Rico are facing the devastating consequences of an economic calamity. They are American citizens who devoted their...

June 15, 2018
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15Jun

KPMG reveals clear link between Malta pension fund and Swedish suspect

A new light has been shone on the way a Maltese pensions fund sold to Swedish savers was used by dubious financial services practitioners to siphon money into an energy company. A report drawn up by auditors KPMG, appointed by the financial regulator to take control of Falcon Funds, shows that millions in Swedish savers’ money were invested in financial instruments to benefit particular individuals – without any guaranteed return to the savers. Read More: Malta Today

June 15, 2018
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15Jun

US. More than 1 million workers, retirees at risk of losing pensions, businesses tell Congress

The pension crisis that threatens the retirement savings of 1.5 million Americans also poses the risk of driving the U.S. economy into a tailspin, a panel of witnesses told a congressional panel. Witnesses from the U.S. Chamber of Commerce and businesses, including UPS, told the Joint Select Committee on the Solvency of Multi-employer Pension Plans that should the estimated 150 to 200 multi-employer pension plans that are in danger become insolvent, the companies that paid into those plans would be...

June 15, 2018
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14Jun

US. These 7 states are most at risk from rising health-care costs

High and growing health-care costs are a problem for everyone — but especially so for state and local governments. And states with lower credit ratings are especially susceptible because they have less financial flexibility, according to a new report from credit ratings and research firm Fitch Ratings. Those states include California, Connecticut, Illinois, Kentucky, Louisiana, New Jersey and Pennsylvania, all of which are rated AA- and below by Fitch. (California, Kentucky, Louisiana and Pennsylvania is rated AA-, while Connecticut is rated...

June 14, 2018
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14Jun

Spain’s new government agrees to raise pensions in line with inflation

Spain’s government has reached a preliminary deal to raise retirement pensions in line with inflation, suggesting its new Socialist leaders may take a less restrictive approach to spending after years of austerity under their predecessors. The multi-party commission that controls social spending had agreed to the raise, though full details were still to be decided, the Socialist party said in a tweet late on Tuesday. “Now the right must allow that all pensions rise with inflation, also in times of crisis,”...

June 14, 2018
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