March 2021
04Mar

UK. Women retirees win £2.7bn for underpaid pensions

About 200,000 women could be in line for payouts averaging £13,500 to top-up the underpayment of their state pension for up to two decades. The Department for Work and Pensions (DWP) revealed details of the underpayments on Wednesday. The errors focus on automatic cash increases for certain married women, widows and over-80s dating back to 1992 with "enhanced" pensions. The DWP estimated the bill for tackling the shortfalls to be about £2.7bn. The underpayment relates to the "old" state pension system - affecting...

March 4, 2021
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03Mar

Chile. Tercer retiro del 10% es declarado admisible por la Cámara de Diputados

La Cámara de Diputadas y Diputados declaró admisible un proyecto de tercer retiro del 10% del fondo de pensiones. La iniciativa fue ingresada por los diputados de oposición René Alinco (IND), Jaime Mulet (FRVS), Alejandra Sepúlveda (FRVS) y Esteban Velásquez (FRVS). Leer también  Chile. El 40% de los afiliados quedaría con $0 de saldo en su AFP con el tercer retiro El proyecto de reforma constitucional faculta a los afiliados y pensionados de las AFP a efectuar un retiro de hasta...

March 3, 2021
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03Mar

South Africa. The battle for pension savings: Between secure retirement and survival

The retirement savings industry keenly follows Finance Minister Tito Mboweni's speech every year, if not for anything else, to advise savers how to maximise their tax benefits when tax rates and bracket adjustments are announced. The 2021 Budget speech, however, had a lot of game changers for the industry. The automatic enrolment of workers into retirement plans that the sector has long been advocating for, and the annuitisation of provident fund benefits – which has been delayed over and over...

March 3, 2021
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03Mar

US. Pandemic Prompts Many to Take More Notice of Retirement Plan

Major retirement plan recordkeepers have found that the COVID-19 pandemic prompted many Americans to take better stock of their retirement and emergency savings. Many even increased their 401(k) contributions, and only a small percentage took out a coronavirus-related distribution (CRD). TIAA found that more than three-quarters of participants in the plans it recordkeeps checked their account balance last year and 61% visited a provider website. This engagement, TIAA says, was likely driven by the dramatic volatility of the year. TIAA...

March 3, 2021
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02Mar

Chile. Ganancias de las AFP caen dos dígitos el año de la pandemia por la menor rentabilidad de los fondos de pensiones

Un retroceso de 24% marcaron las utilidades de las AFP durante 2020, pues registraron ganancias por $332.818 millones al considerar todas las administradoras menos Modelo, ya que aún no reporta sus resultados a la Comisión para el Mercado Financiero (CMF) ni a la Superintendencia de Pensiones. La baja se explicó, principalmente, por una menor rentabilidad del encaje (parte del patrimonio propio que por ley deben invertir igual que los fondos previsionales), ya que este ítem registró una disminución de 58%,...

March 2, 2021
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02Mar

Fitch Ratings rebajó calificaciones de Sura Asset Management

Fitch Ratings rebajó las calificaciones IDR en moneda local y extranjera de largo y corto plazo de Sura Asset Management (Sura AM) a ‘BBB’ y ‘F3’ desde ‘BBB+’ y ‘F2’, respectivamente. La perspectiva de la calificación, por su parte, es negativa. La agencia destacó que la rebaja para Sura AM sigue la evaluación de los entornos operativos en los que opera la compañía, ponderado por la generación de Ebitda de cada país y el volumen de activos bajo administración (AUM),...

March 2, 2021
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02Mar

US. Pension Relief Plan in COVID-19 Stimulus Bill That Passes House

On Saturday, a measure to give troubled multiemployer pension plans assistance from the Pension Benefit Guaranty Corporation (PBGC) passed the House of Representatives, as part of a larger $1.9 trillion coronavirus relief package from President Joe Biden. Read also US. Stimulus Bill Freezes Retirement Plan Contribution Limits The federal stimulus package, which includes $1,400 checks for many Americans and increased funding for vaccines, also holds the Emergency Pension Plan Relief Act of 2021 (EPPRA), an update to the Butch Lewis Act....

March 2, 2021
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02Mar

Covid-19 Is Most Certainly A Retirement Story

By Teresa Ghilarducci The Covid-19 recession, like all recessions, threatens the wealth and retirement security of millions of workers. Job loss prompts people to stop saving, raid their nest eggs or go into debt by falling behind on their rent and mortgage payments. Most workers nearing retirement had insufficient retirement savings even before the recession, and many planned to delay retirement and work longer to save more. But the Covid-19 pandemic and recession made that hopeful plan to work longer...

March 2, 2021
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02Mar

Canada. Pensions seek clear strategies, lower costs through in-house management

Canadian pension funds are shifting asset management in-house, new research from CIBC Mellon says, and managers want lower fees and greater transparency on funds managed externally. The survey of 50 pension managers last year found an average of 22% of assets managed in-house; that figure is expected to rise to 28% this year. Almost two-thirds of pensions said bringing asset management in-house allows for a clearer alignment of strategies with long-term objectives. More than half cited advantages such as having a...

March 2, 2021
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01Mar

Chile. El 40% de los afiliados quedaría con $0 de saldo en su AFP con el tercer retiro

El primero comenzó a regir a fines de julio del año pasado. Y el segundo, a partir del 10 de diciembre de 2020. Los sendos retiros del 10% desde los fondos de capitalización individual de los trabajadores que son administrados por las AFP han implicado salidas de dinero desde el sistema por casi US$ 34 mil millones, dejando de paso a 2,8 millones de afiliados con $0 en sus cuentas, según el balance de la Superintendencia de Pensiones. Actualmente, la...

March 1, 2021
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