July 2017

07Jul

Kenya. Push for new rules to protect retirees

The pension industry says the Retirement Benefits Authority (RBA) should set minimum qualifications for trustees. The industry has assets close to Sh1 trillion with over 1,400 registered retirement benefits schemes, 30 licensed administrators, 19 fund managers, 11 custodians and 10 actuaries. “Just like there is clamour in the political sphere for minimum qualifications for certain offices, it makes a lot of sense for us to request our regulator to pursue a point whereby trustees will have minimum qualifications and if we...

July 7, 2017
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07Jul

Sweden Opens $155 Billion in Pension Cash to Greater Risks

Sweden’s $155 billion AP pension system was given the go ahead to cut its bond holdings and invest more in private equity in a bid to boost returns and safeguard retirement funds. The new rules for AP1, AP2, AP3 and AP4 will require the funds to hold 20 percent of their assets in the safest bonds, down from 30 percent, the Finance Ministry said in a statement Friday. The proposal also does away with a 5 percent limit for non-listed...

July 7, 2017
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07Jul

Ambassadors of G7 countries urge Ukrainian parliament to adopt pension reform next week

Ambassadors of the G7 countries strongly support the pension reform proposed by the Ukrainian government and urge the Verkhovna Rada of Ukraine to adopt the corresponding legislation during its plenary session next week. This is said in a statement made by the ambassadors of the G7 in support of the pension reform in Ukraine. "We, the G7 Ambassadors, wish to express our strong support for the pension reform plan proposed by the Ukrainian government, and we call on the Rada to...

July 7, 2017
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07Jul

Japan. World’s Biggest Pension Fund Has Best Performance in 2 Years

The world’s biggest pension fund posted its best annual gain in two years, as Japanese and overseas stocks rose while government bonds slid. The Government Pension Investment Fund returned 5.9 percent, or 7.9 trillion yen ($70 billion), in the year ended March 31, increasing assets to a record 144.9 trillion yen, it said in Tokyo on Friday. That’s the biggest advance since the fiscal year ended March 31, 2015, when it had its best annual performance on record. Domestic equities...

July 7, 2017
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07Jul

UK. Anti-smoking council has £85m invested in tobacco companies

Millions of pounds is invested in tobacco companies by the councils responsible for public health, the Post can reveal. The pension fund, which is administered by Nottinghamshire County Council and used by several other organisations throughout the county, has £85,728,471 currently invested in tobacco companies. It has £18,270,051 worth of shares in Imperial Tobacco, £57,062,838 in British American Tobacco, £4,731,484 in Philip Morris, £1,671,729 in Japan Tobacco and £3,992,369 in Altria, the parent company of Philip Morris according to the latest...

July 7, 2017
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06Jul

UK. Thousands of savers to unlock smallest pensions without paying fees

Thousands of pensioners with the smallest pots will no longer have to pay for advice to transfer out of their scheme, the Government has announced. New rules which will be laid out in Parliament today will exempt thousands of people from rip-off advice fees which can reach more than £1,000. Savers with "guaranteed annuity rate" pensions worth less than £30,000 will be given a simple valuation of their pension and will be able to transfer out without receiving advice. Around 1.5m savers...

July 6, 2017
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06Jul

Ghana. Government should address Tier Two Pension issues – Forum

The forum for Public Sector Registered Pension Schemes has given the Government up to the end of July to resolve outstanding issues regarding the Tier Two Pension Scheme. Mr Isaac Bampoe Addo, the Chairman of the forum, at a news conference in Accra, said since 2010 when the scheme commenced, goverment had about 80 months' arrears of their five per cent monthly deductions to be paid to their respective custodian fund managers. The forum the Government should transfer all contributions deducted...

July 6, 2017
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06Jul

Canada. Executive shakeup at CPPIB reveals apparent change of heart about risk management

The Canada Pension Plan Investment Board, which stood apart from other major pension plans and Canadian financial institutions because it didn’t have a chief risk officer, appears to have had a change of heart. Neil Beaumont, who was most recently vice-president of Finance Minerals America for BHP Billiton, will become chief financial and risk officer at CPPIB on July 24. Beaumont will take over some functions from Benita Warmbold, who is retiring, but adds duties to reflect the pension fund’s “continued...

July 6, 2017
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06Jul

Why Uganda should continue with pension sector reform

  The roadmap for reform of Uganda’s pension sector was drawn more than a decade ago. In 2003, the Minister of Gender, Labour and Social Development constituted the Stakeholders Transition Group (STG) to assist the Government with the development of a comprehensive legal, regulatory and financing framework for social security reforms. Following the STG recommendations another taskforce was established, the Pension Sector Reform Task Force, Chaired by Ministry of Finance, Planning and Economic Development (MOFPED). The main role of this task...

July 6, 2017
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06Jul

UK’s Ageing population ‘as big an issue as climate change’

The UK’s ageing population is ‘as big an issue as climate change’ according to John Cridland. Former CBI director general Cridland was appointed to review the state pension age (SPA) by the government. He published his report earlier this year. It made a number of recommendations to help the UK deal with the UK's growing pensioner population, including increasing the SPA to 68 quicker than planned. Speaking at an insurance industry conference, Cridland warned more needed to be done to address problems...

July 6, 2017
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