February 2020

27Feb

France shows slow progress of pension reform in parliament, raising concerns of Macron imposing it by decree

Discussions in France's National Assembly on the pension reform bill are continuing this Wednesday amid tensions delaying the progress of debates, marked by the opposition's rejection of the bill. Since February 17, the government initiative to establish a universal points-based system is on the daily agenda of the National Assembly. The mechanism used in the sessions by France Insoumise members and communists has been to introduce over 30,000 amendments in order to obstruct the bill, which is one of...

February 27, 2020
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27Feb

The Netherlands: Pensions funds will change risk-free rate – Rabobank

The Dutch newspaper Telegraaf reported this morning that all parties involved in the pension reform discussion agreed on changing the risk-free rate term structure for Dutch pension funds. The pension agreement has been redefined and only one new pension contract remains. Bas van Zanden, Senior Pension Analyst at Rabobank, expects a decrease in demand for hedging by Dutch pension funds. Key quotes “The pension contract will split up all pension funds into an: Accrual phase – Every...

February 27, 2020
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26Feb

Greece. Parliament opens debate on new social security bill

Greek lawmakers started debating on Tuesday evening a social security bill, which Labor Minister Yiannis Vroutsis describing it as a "watershed" law that will affect current and future generations. Earlier, the minister tabled an accompanying actuarial report which he said "proves the [draft] law's viability until 2070." "The law has come to restore injustices of the past and to align with constitutional order and restore SYRIZA's Katrougalos law, which contravenes the constitution," Vroutsis said, adding that during the...

February 26, 2020
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26Feb

UK. The rising cost of care

What does the chart show? The disposable incomes of pensioners aged 65 to 74 after direct taxes are likely to increase by 1.9 per cent a year over the next 10 years — to give an average annual income of £41,500. However, with the average weekly cost of nursing care for self-funders at £1,035, the majority of retired households requiring these services cannot afford to pay the annual fees of £53,820 out of their income, according to research by Irwin...

February 26, 2020
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25Feb

UK pensions: New plan to auto enrol teen workers

The Government will outline plans to allow employees to join workplace pension schemes from 18 instead of 22 this week, to build on the success of auto-enrolment. Work and Pensions Secretary Therese Coffey will applaud the scheme for boosting the number of people in retirement savings schemes and reversing years of falling participation rates.  She will add that in order to build on its success, the Government will lower the eligibility age for joining a workplace scheme.  The lower earnings...

February 25, 2020
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25Feb

R3 To Provide Blockchain Identity Solutions To Help Recover $48B In Unclaimed Pensions

Blockchain technology provider, R3 has revealed that it is working on offering pension companies with the requisite technology to develop fresh identity solutions built on blockchain which could enable savers to recoup part or all of $48 billion worth of lost pension pots in the UK, CoinDesk reports. The head of R3’s digital identity unit, Abbas Ali, pension services providers are set to debut their solo solutions that will use R3 tech within this year. According to a study...

February 25, 2020
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24Feb

‘Massive Risk’ Drives ESG Bets at $108 Billion Finnish Funds

Two of Finland’s biggest pension funds, with combined assets of $108 billion, are determined to make their portfolios carbon neutral over the next decade and a half, in a race to dodge the fallout of global warming before it’s too late. “Climate change is such a massive risk factor for companies in the future,” Anna Hyrske, head of responsible investments at Ilmarinen Mutual Pension Insurance Co., said in an interview. Climate change has been on the agenda for years,...

February 24, 2020
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21Feb

Staff in 74 UK universities start 2-week strike over pensions

Up to 50,000 staff members in 74 universities across Britain started a 14-day strike on Thursday over disputes on pension, pay and working conditions. Members of the University and College Union (UCU), including lecturers, technicians, librarians and other academic and support staff, are joining the industrial action between Feb. 20 and March 13, potentially affecting 1.2 million students. The UCU said 50,000 of its members will take the action over workloads, pay, a 15 percent gender pay gap,...

February 21, 2020
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21Feb

Will Collective Defined Contribution Schemes take off?

Collective defined contribution (CDC) schemes are now on the horizon, with Royal Mail lining up to be the first UK employer to launch this type of scheme, later this year. Already well-established in countries such as the Netherlands and Denmark, the schemes were given the green light by the then Work and Pensions Secretary, Amber Rudd, in March 2019. The new schemes aim to bridge the gap between DB and DC schemes. They may be attractive to companies...

February 21, 2020
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20Feb

UK. Pension schemes to share scams intelligence online

The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control. The project will allow network members to post concerns about companies and advisers they believe may be acting inappropriately or fraudulently, collecting details on arrangements including names, telephone numbers and addresses. Not-for-profit Cifas has already completed similar work in the banking sector,...

February 20, 2020
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