January 2018

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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09Jan

UK. Esther McVey appointed Work and Pensions Secretary

Former television presenter and Member of Parliament for Tatton, Esther McVey, has been appointed as Secretary of State for Work and Pensions in the latest Cabinet reshuffle. McVey landed the role after Justine Greening turned it down and resigned from the cabinet yesterday evening. She replaces David Gauke who was given the role as part of the last cabinet reshuffle in June 2017. Gauke will become Secretary of State for Justice, replacing David Lidington. CEO of financial advisory firm deVere Group,...

January 9, 2018
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08Jan

Thailand. Ageing population gives rise to worries over pensions

Amid concerns about the sustainability of the Social Security Fund (SSF) due to an ageing population, the Social Security Office (SSO), which oversees the SSF, continues to lock horns with labour networks over how best to address the issue. The SSO's approach is to raise the cap of base salary for payroll deductions from 15,000 baht to 20,000 baht a month. This means the maximum deduction, which would be funnelled to the SSF, would rise from 750 baht to 1,000...

January 8, 2018
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08Jan

New Zealand. Pensions paid to thousands after death

The Ministry of Social Development has released figures which show it overpaid almost 7000 deceased people for a month or more over the past five years. In a statement, a spokeperson said the Ministry was formally notified of a person's death by the Department of Internal Affairs. "In some circumstances, this can be some time after the actual date of death." The Ministry also double-checked the information was correct before stopping any payments which also contributed to a slight lag. Read more...

January 8, 2018
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08Jan

Pension risk as US watchdog warns savers of bitcoin ‘scammers’ and ‘bogus investments’

The US-based Utah Division of Securities has released information warning savers that cryptocurrency schemes may target individuals' retirement savings. The Division of Securities works to protect the investing public and promote confidence in the capital markets. And the warning comes after Merrill Lynch, the investment arm of The Bank of America, decided to block access to all funds connected to bitcoin after concerns were raised by bank chiefs over the "suitability and eligibility standards of this product”. Keith Woodwell, director of...

January 8, 2018
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