June 2018

07Jun

Retirement no longer compulsory for Emiratis after 25 years of service

Abu Dhabi’s Retirement Pensions and Benefits Fund has announced that retirement is no longer compulsory for citizens in the government, semi-government and private sectors who have completed 25 years of work. The announcement comes following the unveiling of a major stimulus package by the emirate’s crown prince on Tuesday, including Dhs50bn ($13.61bn) worth of measures to spur growth in the emirate and make it easier to do business, create jobs and boost tourism. The fund said Emiratis can continue to work...

June 7, 2018
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07Jun

Ireland. Unions and a rising retirement age

Sir, – Cantillon calls on unions, through the Irish Congress of Trade Unions, “to look constructively” at what working beyond traditional retirement age might look like (Business, June 5th). Congress actively contributed to the Workplace Relations Commission’s code of practice on longer working and welcomed the Irish Human Rights and Equality Commission’s retirement and fixed-term contract guidelines, seeing both as positive developments for those workers willing and able to work into their late 60s. However, Congress has strong concerns for workers...

June 7, 2018
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07Jun

Pension funds join Ottawa in bid to further G7’s diversity, climate risk efforts

Some of Canada’s largest pension funds have joined forces with the federal government and other investors in a bid to advance the G7’s objectives of developing global infrastructure expertise, promoting women in finance in emerging economies, and increasing the disclosure of climate risks by corporations. “As long-term investors, we know that our returns are affected by the health and strength of countries where we invest,” said Michael Sabia, chief executive of the Caisse de dépôt et placement du Quebec, one...

June 7, 2018
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06Jun

Australia. How to manage the challenges of an ageing workforce

The effects of Australia's ageing workforce are expected to be so pronounced that the government has budgeted for retraining, but what can human resources do? Between the tax cuts and promises to return to surplus, one of the centrepieces of the 2018 Budget was increased funding to assist Australia's so-called 'greying' population. The measures include budgeting: A$17.4 million over four years to establish the Skills Checkpoint for Older Workers Programme; and A$189.7 million over five years to support mature-age workers adapting...

June 6, 2018
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06Jun

New Zealand. KiwiSavers miss out on $270 million – employers may be to blame

More than half a million KiwiSaver members left $270 million of government contributions unclaimed last year, and employers may be partly to blame. David Boyle, Education Manager at the Commission for Financial Capability, says some employers may not be fulfilling their legal obligation to pay the required 3% employer contribution to KiwiSaver on top of their employees’ wages. A CFFC survey in May of 500 companies showed only 55% of employers paid the 3% on top of wages, 10% paid it...

June 6, 2018
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06Jun

US. Why We Need To Keep Politics Out Of Public Pensions

Public pensions are a vital part of American workers’ long-term financial health. Whether they are police officers, firefighters, teachers, or the public servants of our states, counties, and cities, they depend on the 6,276 public pensions across the U.S. to safeguard their hard-earned money. Together, these funds are tasked with managing trillions of public workers’ retirement savings. Public pension funds are incredibly underfunded. Today, less than one third of public pensions are adequately funded using optimistic actuarial assumptions; no state...

June 6, 2018
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05Jun

India. Delhi bankers to be trained to resolve pension issues

Addressing the 91st State Level Bankers Committee meeting of Delhi here on Monday, Gautam also raised other issues including the hurdles cropping up on account of Aadhar linking and seeding. "This is a very peculiar yet profound problem which is affecting senior citizens and disabled persons badly because of techinicalities of Aadhar seeding on NPCI portal. "Pension beneficiaries are forced to visit either banks or social welfare offices just to claim their increased amount of pensions, leading them to blame the...

June 5, 2018
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05Jun

A Template for Fixing America’s Public Pensions

Kentucky, home to arguably the most famous annual horse race on the planet, has produced a lot of remarkable turnaround stories over the years. In May 2009, when the world was mired in a recession, a little-known contender called Mine That Bird had 50-1 odds to win the Kentucky Derby. In a competition that’s earned its reputation as “the greatest two minutes in sports,” the horse weaved past 18 other thoroughbreds to cross the finish line first. A lesser-known dark-horse...

June 5, 2018
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05Jun

US. The federal government should fix the pension coverage gap

The coverage gap is the most serious problem in the private sector retirement system. At any moment in time, less than half of private sector workers are offered any type of retirement plan by their employer. Since people rarely save outside of organized savings mechanisms, those without coverage do not accumulate retirement assets. Right now, I am worried about Massachusetts. Like the rest of the nation, about half of the state’s private sector workers have no plan. The state’s response to...

June 5, 2018
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04Jun

UK. MPs call for UK companies to disclose climate risks

The UK government should bring in rules within the next four years that require pension funds and UK-listed companies including banks to disclose climate-related risks, a committee of MPs has said. The Environmental Audit Committee also said the government should immediately clarify existing rules around corporate risk disclosure to include material climate risks. “We want to see mandatory climate risk reporting and a clarification in law that pension trustees have a duty to consider long-term sustainability, not just short-term returns,” said...

June 4, 2018
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