August 2017

08Aug

EU expresses worry over Poland reviving different retirement age for men and women

The EU's executive arm, the European Commission, is concerned that reintroducing a different retirement age for men and women in Poland could violate the bloc's equality rules, according to a letter from Brussels to Warsaw seen by Reuters. Poland's ruling Law and Justice (PiS) party and President Andrzej Duda - who comes from the same political grouping - campaigned on promises to undo a 2012 reform that had been gradually raising and equalising the retirement age at 67. The government's change,...

August 8, 2017
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July 2017

31Jul

US. 34% Of Entrepreneurs Have No Retirement Savings Plan

Fully a third of small business owners don’t have a retirement savings plan, according to a recent survey by small business site Manta. Of those who don’t, 37% don’t make enough profit to save for retirement, 21% used their previous retirement savings to invest in the business, and 18% plan to sell their business to fund their retirement. “I find that small business owners, especially successful ones, are typically very driven and optimistic people,” says Kirk Licata, a financial advisor...

July 31, 2017
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28Jul

UK’s Pensions regulator fines for the first time ever a public service scheme

The Pensions Regulator (TPR) slapped the London Borough of Barnet with a £1,000 penalty for failing to submit its 2016 scheme return. TPR has been vocal in recent months over plans to get tough on pension scheme failings. It has promised to "intervene" where companies are treating schemes unfairly. Meanwhile, the government is consulting on plans to give TPR proactive, rather than reactive, powers to step in to prevent BHS-style corporate failings following large pension shortfalls. TPR issued Barnet council with a...

July 28, 2017
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28Jul

Ireland. Strong support for mandatory pension scheme

A large majority of PAYE taxpayers are in favour of a new automatic pension scheme being introduced for those who have no occupational pension. The survey from tax specialists Taxback.com found that 84pc of people would be in favour of an auto-enrolment type scheme. The Government has plans to bring in this type of scheme, with the Taoiseach recently telling the Dáil he intends to bring forward proposals for an auto-enrolment scheme. But he gave no time frame for this. Auto-enrolment involves...

July 28, 2017
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28Jul

Pension companies need to change to engage with millennials

The latest Scottish Widows Adequate Savings index highlights a number of worrying trends regarding attitudes to pension planning amongst young people. Most noticeable is that although the introduction of auto-enrolment means that 80 per cent of under 30-year-olds now make some form of retirement provision, 70 per cent of them are still not investing nearly enough into their pensions to provide for a comfortable retirement. Our data also indicates that far fewer young people have their pension pots reviewed, compared with...

July 28, 2017
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28Jul

US. Black and Latino millennials less likely to have a retirement plan

The financial forecast for Millennials, according to a new study released by the University of Chicago, shows grim times ahead, with few able to afford marriage, retirement or living comfortable lifestyles similar to their parents. The retirement forecast for Black millenials could prove catastrophic if better financial planning, saving and curbing unnecessary spending are not taken seriously. According to the GenForward survey, conducted at the University of Chicago, young White and Asian adults between 18 and 34 across the U.S....

July 28, 2017
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27Jul

Pension crisis looms for UK women

That is according to new research by financial services firm Drewberry, which also shows that 75% of UK women have under £50,000 in their pension, compared with 57% of their male counterparts. In addition, it was found that 24% of all female workers in the UK earn less than £11,000 – almost three times the number of men – while 66% take home under 25,000, compared with 42% of males. This comes after the BBC was criticised last week when a...

July 27, 2017
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27Jul

US. Retirement plan participation higher than previously thought: ICI

More workers than commonly thought participate in retirement plans, according to a study by the Investment Company Institute. But even with the new numbers, there's plenty of room for improvement. The study by the mutual fund industry's trade group found that 63% of all workers aged 26 to 64 participated in an employer-sponsored retirement plan either directly or through a spouse. ICI's study looked at data from the IRS Statistics of Income Division Form W-2 study. The data provide an alternative...

July 27, 2017
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27Jul

EU. Rapid ageing could keep ECB’s hand tied for next decade: ECB paper

The rapid ageing of Europe's population may keep interest rates depressed over the next decade, potentially limiting the European Central Bank's ability to adjust policy, a research paper published by the ECB on Wednesday showed. The expected rise in the share of people not working will hold back growth and limit investment, making it necessary for governments to encourage later retirement, and to promote innovation and investment, the researchers said in a paper that does not necessarily represent the ECB's...

July 27, 2017
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27Jul

Australia’s Biggest Pension Fund Flags Equities, Local Property Risks

Australia's largest pension fund, AustralianSuper, is preparing for the end of the global equities run and looking to infrastructure opportunities in the United States where it believes foreign firms will in time gain greater access. AustralianSuper is a A$120 billion (£73.53 billion) fund that seeks out major positions, chief executive Ian Silk said at a Reuters Newsmaker event on Thursday in Sydney, that can affect its burgeoning book. Silk said an equities rally - Australia's benchmark has gained 43 percent since...

July 27, 2017
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