May 2018

15May

UK. Pension rules risk sending more schemes into PPF

New legislation expected to come into force from the government's defined benefit (DB) white paper has the potential to increase company insolvencies and send their schemes into the pensions lifeboat, a lawyer has warned. The Department for Work & Pensions (DWP) published in March its 76-page defined benefit white paper, which besides creating new legislation to introduce a criminal offence to punish those found to have committed wilful or grossly reckless behaviour in relation to a pension scheme, also gives...

May 15, 2018
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15May

Hawaii state pension fund commits to impact investing

Hawaii’s state pension fund joined the United Nations-supported Principles for Responsible Investment, an international network of institutional investors committed to incorporating environmental, social and governance factors in their investment decision making. PRI, which was created in 2006, currently has over 1,900 signatories with around $73 trillion in assets under management. “By adhering to the Principles for Responsible Investment, the ERS is helping to transition to a more sustainable future while keeping the promises made to our state workers in the past,”...

May 15, 2018
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15May

China raises minimum standard of basic pensions

China has raised the minimum standard of basic pensions for rural residents and unemployed urbanites, according to the Ministry of Human Resources and Social Security. The standard was increased to 88 yuan (about 14 U.S. dollars) per person per month from the previous level of 70 yuan, effective on Jan. 1, 2018, the ministry said in a statement. The adjustment was made in line with income growth, inflation and changes of basic pensions for urban employees, the statement said, quoting a...

May 15, 2018
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14May

Kenya. Civil servants’ Oct pay cut 7.5pc for pension

Civil servants will from October be deducted 7.5 per cent of their salaries for their pension contribution, lowering benefits of the pay increase that took effect last July. Treasury secretary Henry Rotich has informed Parliament that the delayed civil service pension scheme will start in October as Kenya struggles to meet rising public servants retirement costs. Public servants do not contribute to their retirement upkeep, a move that will increase taxpayers’ pension burden to Sh86.2 billion in the year starting July...

May 14, 2018
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14May

Nicaragua under pressure, as violence continues

Nicaragua was rocked again by protests in 10 different cities on Saturday and Sunday. Two people died during a day-long struggle between security forces and protesters, bringing the total death toll in month-long anti-government demonstrations to 51. Mass mobilizations in Nicaragua began on April 17, as students took to the streets to reject a planned pension system reform that would have increased taxes and reduce pensions. The response that followed left dozens dead and hundreds injured. The backlash forced President...

May 14, 2018
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14May

Battle to Survive in Congo Republic as Wages, Pensions Stop

If it wasn’t for two sons in France sending money, pensioner George Kimbembe says he’d have joined the ranks of the dead in the Republic of Congo’s capital, Brazzaville. That foreign cash is a lifeline for the 76-year-old former civil servant who hasn’t received his pension for 13 months. It’s a shortfall emblematic of a fiscal crisis engulfing the oil-producing central African country that was battered by lower crude prices, owes creditors more than $9 billion and is seeking an...

May 14, 2018
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11May

Study: Workers are now focusing on retirement benefits over health-care plans

If you’ve been budgeting for a better employee health-care plan for your company, you may want to change your tactics. A new study says that employees are now more focused on retirement benefits than on health-care benefits. According to a survey of almost 5,000 U.S. employees released this week by the consulting firm Willis Towers Watson, 66 percent of respondents were willing to have more taken from their paychecks each month to support larger and more generous retirement benefits. Only...

May 11, 2018
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11May

New Zealand. Strong opposition to changing retirement system

New survey reveals strong opposition to changing retirement system, despite rising costs. A new survey has revealed New Zealanders don’t want further changes to the retirement system, despite an acceptance of growing costs to support our ageing population. The results expose the difficult position politicians are in when it comes to addressing retirement issues. Read More: Scoop

May 11, 2018
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10May

UK’s Retired Sun Seekers Risk Losing Pensions After Brexit

As a long-term resident of Spain, British ex-pat John Barlow had no hand in his country’s decision to leave the European Union. That doesn’t mean he’ll escape the consequences. Like thousands of British retirees living in European Union countries, Barlow, 72, could lose access to his private pension unless UK and European negotiators reach a deal that allows the payments to continue after Brexit. With less than a year before the official exit date, the two sides haven’t even started...

May 10, 2018
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10May

US. Increase In Number Of Teenagers Exploring Labor Market Offers Exciting Retirement Benefits

With a historically low unemployment rate, more and more businesses across the country are turning to teenagers to help fill the gap. According to The Wall Street Journal, "The 12-month average unemployment rate for teens in March was 13.9%, the lowest year-round average since 2001 and about half that in 2010." A competitive job market is drawing a growing number of workers who have been out of the workforce back in, including teenagers. Some companies are even dropping age...

May 10, 2018
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