February 2018

22Feb

Florida workers’ pension fund invested in gun manufacturers

Florida's main pension fund for state workers and teachers has a half-million-dollar stake in the company that makes the rifle used in the shooting at Marjory Stoneman Douglas High School. The Florida Retirement System had more than 41,000 shares in American Outdoor Brands Co. with a market value of $528,000, according to a Dec. 31 securities filing posted on its website. American Outdoor Brands is the Massachusetts-based parent company of Smith & Wesson. Federal law enforcement officials say Nikolas Cruz used...

February 22, 2018
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22Feb

UK. University lecturers begin strike action over pensions

Tens of thousands of university lecturers in dispute over changes to their pensions have walked out on strike in the first of 14 days of industrial action that threatens to bring widespread disruption to campuses across the UK. The University and College Union (UC), which represents the striking lecturers, estimates that more than a million students in 64 universities will be affected by the walkouts, which are spread over a month, with the loss of of more than half a...

February 22, 2018
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21Feb

Pensions In Spain: A Bleak Outlook

Why does the State not allow future pensioners who save and invest on their own behalf to have the same tax advantages as funds? I had the feeling they were ripping me off. And now I am certain. In the period from December 2002–December 2017, the Ibex 35 provided a return of 226% (annual average of 8.19%). The return on the 15-year goverment bond was 97% (annual average of 4.61%). The average return on pension funds was 60% (annual average of...

February 21, 2018
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21Feb

Principal Completes the Purchase of MetLife Afore in Mexico

Today, Principal Financial Group® (“Principal”) announced it has completed its acquisition of MetLife Afore, S.A. de C.V. (“MetLife Afore”), MetLife, Inc.’s pension fund management business in Mexico, attaining full regulatory approval for the deal. The purchase and integration will position its Principal Afore, S.A. de C.V. (“Principal Afore”) as the fifth largest Afore in Mexico with more than 7 percent market share*. “Mexico is a growing and important market for Principal,” said Luis Valdes, president of Principal International, the global...

February 21, 2018
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21Feb

Temer’s failure on Brazil pension reform leaves tricky task to successor

President Michel Temer’s decision to throw in the towel on reforming Brazil’s loss-making pension system leaves the unpopular measure as a campaign issue for October’s elections and a major headache for his successor. Monday’s announcement that Temer was abandoning an overhaul of the social security system - billed as the centerpiece of his efforts at fiscal reform - sparked immediate concern from credit rating agencies that Latin America’s largest economy was failing to put its financial house in order. Brazil’s generous...

February 21, 2018
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20Feb

UK. Britain’s pensions regulator ignored trustee requests on Carillion: lawmakers

Britain’s pensions regulator twice ignored requests from trustees of collapsed outsourcing firm Carillion (CLLN.L) to force the company to plug its pension deficit, lawmakers said on Tuesday. The Pensions Regulator has come under fire for taking insufficient steps to protect pension scheme members of troubled companies, following the collapse of department store chain BHS in 2016. Carillion collapsed on Jan. 15, with only 29 million pounds ($41 million) of cash left. It had pension liabilities of around 2.5 billion pounds, two...

February 20, 2018
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20Feb

UK. What Were the Outcomes of the Work and Pensions Committee Report?

“The outcome of the report comes as no real surprise. It concluded that the process for members to decide whether to move to the new British Steel Pension Scheme (BSPS2) was hurried and the communication far too complex with not enough bespoke information. These factors contributed to many members transferring out of the scheme to a defined contribution arrangement, which was not in their best interest. “Nearly all members would be better off moving to the BSPS2, but as formal...

February 20, 2018
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20Feb

Ghana. Private pension funds hit GH¢9.7bn; expert wants funds used for prudent investments

Private pension funds have maintained their strong growth over the years, reaching a record high of GH¢9.7billion in 2017, from the previous year’s GH¢6.8billion. Data from the sector regulator, the National Pensions Regulatory Authority (NPRA), show that 9.2 billion of the 9.7 billion was accrued from Assets Under Management (AUM) managed by licenced trustees, while some GH¢0.5billion came from the Temporary Pension Fund Account (TPFA). Last year’s figure, which is over 4.5 percent of the country’s Gross Domestic Product (GDP), represents...

February 20, 2018
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19Feb

How To Save More For Retirement And Deal With Volatility

The past few weeks have given stock investors around the world a bitter taste of the volatility dragon that comes out of its cave every once and a while. It hasn't been pleasant. After years of steady returns, we seem to be in a new market phase. Interest rates are climbing. Stock prices are getting pummeled. And the U.S. will be pitching global investors on trillions of dollars in new debt. There are some easy ways to deal with volatility while...

February 19, 2018
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19Feb

The pensions gender gap

AS you may remember, we recently looked at a report from the pensions company Aegon which highlighted the pensions saving gap between men and women. It revealed that by age 50, women have on average saved half as much as men into their pension: just £56,000 compared to £112,000 for their male colleagues. Well, now there have been some studies done down south, that show this is not just an exclusively UK or Northern Ireland problem, it goes right across the...

February 19, 2018
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