A Florida lawmaker is proposing the state’s retirement fund stop investing in gun makers following a deadly high-school shooting last month. The officials who manage those investments say that would be a mistake. Read More: Wall Street Journal
The UK’s biggest pension funds are being asked how they are protecting people’s savings from the risks of climate change. The chairwoman of the parliamentary Environmental Audit Committee (EAC), Mary Creagh, has written to the top 25 pension funds in the UK to ask how they manage the risks that global warming poses to pension savings. It comes after an admission from the Government that “a lack of attention and outright misunderstanding remain widespread” among fund trustees on their duty to...
The board of Carillion dismissed a proposal that could have poured £218m into the government contractor’s ailing pension scheme, believing a month before the company’s collapse that they could still revive its fortunes. Details of a plan drawn up by accountancy firm EY, but rejected by directors, emerged as MPs conducting an inquiry into Carillion’s failure released evidence they said proved “pervasive institutional failings” at the company. They published extracts from a presentation made by EY to the board in August...
As the number of elderly people rises, demand for places in public nursing facilities is soaring. When Peter Lam arrived home one morning in October after a brief breakfast outing, he realized something was wrong. He knocked on the door of his mother's room, but there was no response. He knocked again, but she still didn't answer. The 40-something graphic designer pushed the door open, only to discover that what he had dreaded was true; his 80-year-old mother had had a...
The Trade Union Congress (TUC) has raised the alarm that number of states owing workers has grown to 35 as the 2019 general election closes up. Speaking after its National Executive Council (NEC) meeting in Lagos, TUC said only Lagos State was up to date with salary payment and other benefits, warning state government against diverting money meant for payment of workers salaries and other benefits into electioneering processes. President of TUC, Bobboi Kaigama said with the exception of...
After years of working, many people face the challenge of converting their savings into a sustainable flow of income in retirement. Some researchers think they have a practical solution: Workers should take steps to “pensionize” their nest eggs. The transition from saving to spending was once relatively simple, at least for retirees with traditional pensions offering predictable payments. But such plans are dwindling — in 2017, only 16 percent of Fortune 500 companies offered a defined benefit plan (traditional or...
President of the Senate, Dr. Abubakar Bukola Saraki, on Wednesday, called on other State House of Assemblies to take a cue from Kwara state and pass their own versions of the Bill to suspend the payment of pensions to former governors and deputy governors who have held public office in the state. Saraki, in posts on his official social media pages, commended Kwara state Speaker, Rt. Hon. Ali Ahmad and the State House of Assembly for passing the bill, following...
We are now seven weeks from the first hike in the “minimum” requirements for auto-enrolment compliance (6 April 2018). In practical terms, for employers currently applying those statutory minimums this means that your employees will see an increase in their pension contributions from one per cent of their annual earnings between £6,032 and £46,350 (based on the 2018 figures) to three per cent. This could come as something of a shock for employees who didn’t read the fine print on...
If the personal finances of every household could be ranked, the period following the 2008 financial crisis puts the baby boomer on top. There is a counterpoint to this, say campaigners for older savers, which is the level of interest rates over the period. Surely a decade of ultra-low rates favours borrowers and most of them are young. Likewise, final salary pension schemes, dominated as they are by the older generation, have struggled to bring down their deficits as low...
Old-age pensions of people over 85 will be increased by 1,000 crowns a month as of January 2019 based on an amendment to the pension law approved by the Czech cabinet on Tuesday. The bill is yet to go through the parliament. The bill brings a change to the fixed part of the pensions which is the same for everyone. It should be increased to 10 percent of the average salary from the current 9 percent. The national average pay is currently...
