April 2018

09Apr

US. More US Households Have Credit Card Rewards Than Retirement Accounts

Credit card rewards programs allow you to score free miles, cash back, or points to buy gift cards. Making use of credit card rewards is a smart move, as long as you can do so responsibly -- which means not charging more than you can pay off each month. But while you benefit from participating in a credit card rewards program, the perks you'll get are nowhere near as valuable as the benefits that come from saving for retirement. Despite this...

April 9, 2018
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06Apr

NZ closer to improved Pacific pension portability

New Zealand's Minister for Social Development, Carmel Sepuloni, says better access to Superannuation or the Veteran's Pension for people in the realm countries has moved a step closer. Parliament yesterday heard the first reading of amendments to the Social Assistance (Residency Qualification) bill. Ms Sepuloni said the changes would allow people applying for New Zealand Superannuation or Veteran's Pension in New Zealand, the Cook Islands, Niue or Tokelau, to be able to use residency in any of those places to meet...

April 6, 2018
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06Apr

Sweden’s self-correcting pay-as-you-go pension system

Sweden has a reputation for providing expensive cradle-to-grave social welfare protection, but in 1998 the country put in place a public pension reform more conservative than most of the plans now sponsored throughout the industrialized West. The 1998 reform imposed a budget constraint on pension spending that is enforced automatically, without the need for further approval by the Swedish parliament. As a result, while other countries with advanced economies, including the U.S., are still grappling with large unfunded public...

April 6, 2018
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06Apr

UK. Pension contribution increases a ‘harsh jolt’ for millions

From the start of the new tax year on Friday, workers in auto-enrolment pensions will see minimum contributions rise from 1% of their income to 3%. One accountancy firm is warning that pay packets will suffer as a result. But other experts say the contributions are easily affordable and will mean higher incomes in retirement. "The increase in monthly auto-enrolment pension contributions may result in a decrease in take-home pay for some workers," said Rebecca Goldring, a tax manager at accountancy firm...

April 6, 2018
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05Apr

South Africa. A retirement plan few will tell you about

For those of you who do not know what a tax-free savings account is, it is basically government’s way of giving you money encouraging people to save and invest. Everything you put into a TFSA is, well, tax free. There is no Capital Gains Tax, and you wont be taxed on any interest, income or dividends. In short, TFSAs are pretty awesome. However, there are a few rules. You are not allowed to put more than R33 000 a year into...

April 5, 2018
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05Apr

NZ has one of least generous pensions in OECD

New Zealand has one of the least generous pensions relative to the working wage, according to research by the Organisation for Economic Co-operation and Development (OECD). Retirees in the Netherlands receive more than 100% of their country's average working wage but Kiwi superannuitants get just 43% - ranking it 6th worst equal with Australia. But it could be worse. Pensioners in the United Kingdom get just 29% of the average working wage and those living in South Africa, which is not in...

April 5, 2018
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04Apr

New Zealand. Niue premier changes his mind on pension portability

The premier of Niue has withdrawn his island's support for changes to the New Zealand pension portability scheme. The New Zealand government announced last month it had plans to improve access to pensions for people in the realm countries of Niue, the Cook Islands and Tokelau. Under the current scheme people need to live and work in New Zealand for at least five years past the age of 50 but New Zealand Foreign Minister, Winston Peters, announced the government is looking...

April 4, 2018
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04Apr

Brazil prosecutors sue pension funds over investment losses

Brazilian authorities said on Tuesday they had filed lawsuits against 17 people and two companies over losses suffered when the Petrobras employee pension funds and the Caixa Economica Federal invested in a special fund without due diligence. The lawsuit is seeking 219 million reais ($65.55 million) in compensation, which authorities said is three times the losses caused by the poor investments. Petros did not immediately respond to a request for comment on the lawsuit. Caixa Economica’s pension fund Funcef declined to...

April 4, 2018
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03Apr

US. Deadline nearing for retirement plan decision

Small business owners who are considering starting retirement plans for their employees have a chance to save on their 2017 taxes. If they want to set up the least complex plan, the SEP, or Simplified Employee Pension, they can still do so by the due date for their returns — and that could be as late as Oct. 15 if they get an extension of the upcoming April 17 filing deadline. SEPs require very little paperwork and reporting to the...

April 3, 2018
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