January 2018

15Jan

Strong opposition to French Polynesia pension reform

There is strong opposition in French Polynesia to the government's pension reform which would raise the retirement age from 60 to 62. The consultative body, the Economic and Social Council, almost unanimously rejected the reform plan at its meeting in Papeete. The plan also requires those seeking to have a full pension to contribute to social security for 38 years and not for 35 as now. The adjustments are being proposed because of the poor financial state of the pension fund, with...

January 15, 2018
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12Jan

19 reasons why India’s biometrics project ought to be scrapped

The Indian government has been pushing through the world’s largest biometric identification program, Aadhaar, with Indians being forced to use it to avail themselves of basic services. From getting mobile phone connections to paying income tax, accessing subsidized food, health services and pensions, virtually everything now needs to be linked to an Aadhaar number, and verified and authenticated by biometrics. The Supreme Court of India has been hearing a clutch of petitions against Aadhaar but the federal government is pushing...

January 12, 2018
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12Jan

Brazil Pays Credit-Rating Price on Pension Overhaul Failure

Brazil paid the price for failing to approve President Michel Temer’s flagship pension overhaul as S&P Global Ratings downgraded Latin America’s largest economy further into junk territory. S&P cut Brazil’s debt rating to BB-, three notches below investment grade and the same as Bangladesh, Macedonia and the Dominican Republic. The outlook is stable, S&P said. The decision marks a defeat for Finance Minister Henrique Meirelles, who late last year met officials from the three major rating companies to fend off a...

January 12, 2018
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12Jan

Dutch ABP pension fund to pull investments in tobacco, nuclear arms makers

ABP, the largest Dutch pension fund, plans to sell its remaining holdings in tobacco companies and nuclear arms manufacturers, worth roughly 3.3 billion euros ($4 billion), it said on Thursday. ABP said in a statement it aimed to divest the holdings, which were not named, within a year. "ABP is taking the next step in its sustainable and responsible investment policy," it said. "Participants, employers and other stakeholders have growing concerns about investments in tobacco and nuclear arms." Read more HERE: Nasdaq

January 12, 2018
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11Jan

The Pensions That Ate Latin America

Long hailed for its youth and vigor, Latin America is graying fast, raising the specter of fiscal crisis as retirees outnumber the able-bodied workers required to support them. Yet even as a new generation of national leaders seeks to shore up a shaky pillar of the social contract, a rebellion against pension reform is in full cry. Chileans poured into the streets ahead of this year’s election to roll back free-market-inspired reforms conceived under former dictator Augusto Pinochet. Thousands of...

January 11, 2018
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10Jan

UK. Millions of workers face £120 hike in National Insurance bills to help fund the state pension

Millions of workers face higher National Insurance bills to fund state pensions, the government's own analysts have warned. The Government Actuary Department (GAD) said NI rates may have to go up by as much as 5 per cent to maintain the stability of the pension fund. This would mean an annual increase of £120 on the average worker's tax bill – and a £138 increase for their employer. Last night experts said the shocking projections underlined the depth of Britain's pensions...

January 10, 2018
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10Jan

Nigeria. Balogun now Chairman as Legacy Pension Managers Reorganises Board

Following the acquisition of majority share 60 per cent of the Legacy Pensions by the FCMB Group recently, the new owners have reorganized the board of the pension fund administration. This has witnessed the appointment of Mr Ladi Balogun as the chairman of the company’s board and Mr. James Ilori as non-executive director . A statement from the PFA, said this has received the approval of the National Pension Commission. Balogun, was until March last year the Chief Executive Officer of First...

January 10, 2018
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09Jan

EU Lawmakers Mull State Variances For Blocwide Pensions

The European Parliament has published proposals for a new regulation on a blocwide personal pensions regime aimed at promoting competition and allowing customers to move their retirement investments across the EU. The European Council and the European Parliament's committee on economic and monetary affairs delivered their recommendations for a proposed pan-European pension product in a working paper on Monday. The voluntary retirement product, known as PEPP, is intended to broaden consumer choice and offer a pension solution for EU citizens...

January 9, 2018
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09Jan

China. THEKEY: A New Ecosystem Of Identity Verification For The Future

The blockchain has ushered in the third generation of the internet and with it, an entirely new set of requirements to participate and function in a worldwide economy and distributed online ecosystem. One of the most promising new technologies in the blockchain space is a Chinese company called THEKEY (www.THEKEY.vip) who have situated themselves as a leader in bringing your personal verifiable identity onto the internet. A decentralized app, THEKEY is built on the Neo blockchain and will provide...

January 9, 2018
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09Jan

UK. 140,000 carers miss out on £240-a-year boost to state pension

More than 140,000 carers could be missing out on hundreds of pounds a year in retirement as they have failed to take advantage of a government scheme to protect their state pension. Those who spend more than 35 hours a week caring for someone, even a relative, are automatically given National Insurance credits that preserve their right to a full state pension. Those who spend fewer hours as a carer must apply for credits, and it appears many are missing out. When the...

January 9, 2018
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