October 2018

11Oct

IMF on Greece: 3.5 pct Primary Surplus, No Pension Cuts Postponement

The International Monetary Fund (IMF) released its renewed Fiscal Monitor for October. There, the fund revised Greece’s 2019 growth rate upwards and accepted that it made a mistake regarding the last year’s Greek primary surplus. The IMF had predicted that Greece would achieve a 3.7 percent primary surplus, while now it acknowledges that the country’s surplus reached 4.2 percent. In addition to this, the IMF agrees with the official projections of the Greek authorities and says that Greece will be able to...

October 11, 2018
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11Oct

France. Macron’s pensions shake-up to take effect in 2025

A promised pensions overhaul by French President Emmanuel Macron will be introduced in 2025, but workers will retain benefits already accrued under the existing system, said the man liaising between government and unions over the reform. A trade union leader and business lobby group representative said they understood it would take 40 years for the new system to be fully phased in. The government wants to align the retirement systems in the public and private sectors as well as the variety...

October 11, 2018
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11Oct

Trillions in US net worth vulnerable to recession: IMF

A severe recession would slash US public wealth by about $5 trillion, causing vastly more damage to Washington's finances than just an increase in debt and deficits, the IMF warned Tuesday. Yet governments around the world, many of which face similar dangers, do not clearly publicize their overall net worths, the International Monetary Fund said in a new report. This creates a potential blind spot for policymakers who could use this knowledge to head off economic risks, it said. The global crisis...

October 11, 2018
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10Oct

A shocking number of Americans think saving for retirement ‘can wait’—here’s why money experts disagree

Nearly one in three Americans have less than $5,000 saved for retirement. Experts generally recommend trying to accumulate at least $1 million, which gets more and more difficult the longer you put off getting started. And still, an alarming number of adults think saving for retirement can wait. Student-loan provider Navient conducted a national Money Under 35 study of more than 3,000 adults, aged 22 to 35. It reports that only three in 10 respondents are saving for retirement, and...

October 10, 2018
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10Oct

Bahrain. Finance Minister stresses pension fund sustainability

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has hailed the parliamentary approval of law decree 45 of 2018 on setting pension of ministers and fixing the pension bonuses allocated for members of the Shura Council, the Council of Representatives and the municipal councils. “The move is part of the measures which aim at consolidating the sustainability of the pension funds for the sake of citizens”, he said, stressing the importance of preserving the stability, efficiency, and durability of the...

October 10, 2018
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09Oct

UK. Pensions rules leave women shortchanged

Women born in the 1950s are on the march about cuts to their state pensions, says Pamela Judge, while Judith Abbs is underwhelmed by the increase she’ll get for being 80 Letters On 10 October, 1950s-born women and their supporters will travel from all over the UK to Parliament Square in London to stand shoulder to shoulder and protest about the loss of up to six years’ state pension, for many a sum of over £40,000. We received little or no...

October 9, 2018
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09Oct

US. This Chart Shows How Much Health Care Will Cost in Retirement – at Every Age

Here’s some good news about medical expenses in retirement: health care inflation has slowed over the past year, lowering your projected lifetime tab, according to a new report. And here’s the bad news: even at this lower growth rate, health care expenses are a runaway train that can plow a hole into the most carefully constructed budget. Retirement health care expenses are projected to rise at an average annual rate of 4.2%, versus an estimated 5.5% last year, according to...

October 9, 2018
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08Oct

UK. Many workers mistrust pensions industry, survey finds

Many people still mistrust the pensions industry, according to a report which found a strong appetite among workers for their money to be saved with ethics in mind. Nearly three-quarters (73%) of people think it is important their pension scheme considers the environment, society and corporate behaviour when investing their money, a survey of members of workplace pension scheme Nest found. But general levels of trust in pensions are low and seem unchanging, according to its report. Nest also carried out a...

October 8, 2018
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08Oct

Kenya. Pension burden as State to spend Sh104bn on retirees in two years

Kenya will spend Sh104 billion in the next two years to pay retired civil servants, raising the red flag on the government’s ability to support its retiring workers. The dilemma, however, remains how much State workers should set aside for their sunset days in an environment of increasing cost of living thanks to the tax burden. And the increasing number of pensioners and government’s struggles to support them in their old age is a major cause for concern, according to Enwealth...

October 8, 2018
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08Oct

UK. Legal & General strikes 2.4 billion pounds pension de-risking deal

Legal & General (LGEN.L) said on Monday it had agreed a deal to insure 2.4 billion pounds in pension risk with the Nortel Networks UK Pension Plan, adding its deal pipeline was at a record high. L&G is at the forefront of demand from some insurers to take on pension-related risk from companies, so-called ‘bulk annuities’, and said at the half-year stage that it expected sales to drive earnings into the end of the year. The deal with Nortel allows the...

October 8, 2018
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