October 2017

04Oct

‘Shame on you’ chant Greek pensioners over bailout cutbacks

Several hundred elderly Greeks shouting “shame” marched through Athens on Tuesday protesting against deep cutbacks to pension payments ordered by the indebted country’s creditors. In weak autumn sun and a city teeming with tourists, pensioners took to the streets angered by more than a dozen rounds of cuts since Greece toppled deep into crisis in 2010. More cuts will be on the way in 2019, under further reform to pension regulations. Creditors including the EU and the IMF took some of...

October 4, 2017
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04Oct

UK. Royal Mail staff vote to strike over pensions

The Communication Workers Union (CWU) said 73.7% of its 110,000 members cast their votes, with 89% backing a strike. It is the first major vote since the introduction of the Trade Union Act, which requires strike votes to have a 50% turnout. The CWU said the postal executive will meet later this week to determine any potential strike dates. Earlier this year, the Royal Mail announced that it would close its current defined benefit scheme in March 2018. Although the pension...

October 4, 2017
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04Oct

US. Here’s how many millennials are actually saving for retirement

When you're young, retirement can seem too far off to think about. And if you're putting off saving for it, you're not alone: Just 31 percent of millennials are contributing to a retirement account, a new survey from Earnest, Amino and Ipsos finds. Some experts say that if millennials don't change their habits they'll miss the boat completely. The longer you wait to start saving, the farther behind you'll fall and the more you'll miss out on compound interest, which...

October 4, 2017
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03Oct

UK. May’s Brexit Budget Offer Is Conditional on Trade, Officials Say

The U.K. will leave a 20 billion euro ($23 billion) hole in the European Union’s budget unless the bloc agrees to give Theresa May the sweeping Brexit trade deal she wants, according to senior British officials. Britain won’t fulfill May’s offer to cover the U.K.’s share of the EU budget through 2020 without a broader Brexit deal, said the officials, speaking on condition of anonymity. The U.K. also hasn’t accepted that it’s liable for a share of the pensions of...

October 3, 2017
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03Oct

Singapore. More may be able to transfer CPF savings to parents and grandparents

Proposed changes to the Central Provident Fund (CPF) Act will lower barriers for members to transfer funds to their parents and grandparents for their retirement. The CPF Amendment Bill 2017 was introduced for its first reading in Parliament on Monday (Oct 2). After amendments to the CPF Act are passed, members will have to set aside a lower sum before they can transfer CPF savings in their accounts to their parents and grandparents, the Ministry of Manpower (MOM) said in...

October 3, 2017
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03Oct

UK. Savers who transfer pensions are ill-advised in 53pc of cases, says watchdog

Savers trying to swap their "final salary" pensions for cash face a crackdown from the City watchdog following a damning report into the quality of financial advice they are receiving. Growing numbers of people are swapping final salary pensions for "defined contribution" plans. This involves giving up guaranteed, inflation-proofed income for life, in return for often highly attractive cash offers and greater flexibility over how pensions can be spent. It is thought about 80,000 transfers have taken place this year...

October 3, 2017
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02Oct

US. Prudential Entrusted with Pension Promises to Approximately 45,000 International Paper Retirees

International Paper (NYSE:IP) will settle approximately $1.3 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America (NYSE: PRU), a leader in retirement benefits. The agreement transfers to Prudential the responsibility for paying pension benefits to roughly 45,000 of International Paper’s retirees and their beneficiaries. International Paper’s decision to transfer a portion of its pension obligations to Prudential is consistent with a strong trend among U.S. companies that are seeking solutions to...

October 2, 2017
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02Oct

India. Should NPS managers invest in mutual funds?

The National Pension System (NPS) has dedicated fund managers, called pension fund managers (PFMs), to manage the money you invest in it. But did you know, when you choose to let your NPS money be invested in equity, they are allowed to invest it in mutual funds? For you, as an NPS subscriber, this means added costs because you pay an investment fee to the pension fund managers apart from bearing the underlying expenses of mutual funds. Among the...

October 2, 2017
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02Oct

UK. Millions to miss out on self-employed pensions revolution

Government plans to solve the self-employed savings crisis are in danger of being derailed as new research reveals as many as three million workers are set to miss out. Last year this newspaper revealed the Department for Work and Pensions was to bring the self-employed into an existing system that means all employers must provide pensions for their staff. The set of rules, known as "automatic enrolment", was introduced in 2012 and have meant an extra eight million are now saving for a...

October 2, 2017
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September 2017

29Sep

Japan reappoints giant pension fund GPIF chief Takahashi

Japan’s government on Friday said it has reappointed Norihiro Takahashi as chief of the world’s largest pension fund, Government Pension Investment Fund (GPIF). Takahashi, 59, was first appointed as the head of the $1.3 trillion fund in April last year. He is a former executive at Norinchukin Bank, a major Japanese global institutional investor, and has expertise in fixed income management. His new term begins on Oct. 1 and runs through March 2020. In 2014, GPIF made a historic shift by...

September 29, 2017
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