December 2019

26Dec

Unmerry Christmas as French transport strike enters fourth week

Christmas Day brought no respite for travellers in France as a transport strike entered its fourth week, ruining the plans of thousands to share a traditional meal and quality time with loved ones. Many scrambled at the last minute to make alternative arrangements as the protest against pension reform saw thousands of trains cancelled or delayed -- and taxis, ride-sharing services and car rental agencies unable to make up the shortfall. Only a fraction of high-speed and inter-city trains ran...

December 26, 2019
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24Dec

Macron’s popularity slightly down as pension strikes gather pace

A poll released on Monday showed French President Emmanuel Macron's popularity suffered a slight slowdown in December when anti-pension reform protests and strikes were gathering pace. Figures from Odoxa pollster showed that Macron's dissatisfaction rating rose to 67 percent in December, from 65 percent a month earlier. "This ...is indeed small in view of the (social) anger and the support which the opponents of the pension reform still enjoy," said Gael Sliman, Odoxa's director. Macron proposes to replace the...

December 24, 2019
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23Dec

Japan, European Development Bank Launch Social Bond Initiative

Japan’s $1.48 trillion Government Pension Investment Fund (GPIF) and the Council of Europe Development Bank (CEB) have launched a partnership to promote and develop sustainable capital markets. Their focus will be on social bonds, and the incorporation of ESG assessments in fixed-income investments. “GPIF requires all asset managers to integrate ESG into their investment analysis and decision-making,” Hiro Mizuno, CIO of GPIF, said in a statement. “We regard the purchase of green, social and sustainability bonds as one of...

December 23, 2019
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August 2019

16Aug

Delaying Retirement: Progress and Challenges of Active Ageing in Europe, the United States and Japan

Dirk Hofacker, Moritz Hess, Stefanie Konig To a backdrop of ageing societies, pension crises and labour market reforms, this book investigates how the policy shift from early retirement to active ageing has affected individual retirement behaviour. Focusing on eleven European countries, the United States and Japan, it brings together leading international experts to analyze recent changes in pension systems. Their findings demonstrate that there has been a fundamental transition in pension policies and a steep increase in...

August 16, 2019
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14Aug

European Commission Requests the EIOPA Advise on PEPP Regulation Delegated Acts

On August 5, the Council of the EU published a cover note, which attaches a call for advice from the European Commission to the European Insurance and Occupational Pensions Authority (EIOPA) (dated July 31) on possible delegated acts concerning the Regulation on a Pan-European Personal Pension Product (PEPP Regulation) ((EU) 2019/1238). The Commission requests advice relating to: The criteria and factors to determine when there is a significant PEPP saver protection concern under Article 64(9). The specification of additional...

August 14, 2019
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08Aug

Towards A Single European Market On Private Pensions – The Pan-European Personal Pension Product

Saving for retirement will soon be facilitated by a personal pension product with truly pan-European characteristics. On 25 July 2019, the Regulation on a pan-European Personal Pension Product (PEPP Regulation) was published in the Official Journal of the European Union and will enter into force on 14 August 2019. The PEPP Regulation constitutes an opportunity for Luxembourg players to position themselves on the European private pensions market with this new PEPP product that could be distributed in the entire...

August 8, 2019
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July 2019

17Jul

Europe. Welfare Ministry requests EUR 54 million for welfare priorities in Latvia

Among the ministry’s priorities are different initiatives, including the increase of minimal pensions, improvement of the pension indexation mechanism, state support for the poor who have disabled children, and others. This will require EUR 27.5 million, for which the minister is prepared to fight. According to the minister, there are many different needs, including Latvia’s Castle of Light and the expensive bridge. There is also the need for an acoustic concert hall in Riga. Nevertheless, Petraviča believes a situation...

July 17, 2019
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09Jul

EIOPA establishes Expert Practitioner Panel on the Pan-European Personal Pension Product (PEPP)

The European Insurance and Occupational Pensions Authority (EIOPA) kicks-off its policy work on Level 2 measures for the PEPP Regulation Challenging and diverse scope of deliverables - and tight timeframes - call for innovative and efficient solutions Today, the European Insurance and Occupational Pensions Authority (EIOPA) established its Expert Practitioner Panel on the Pan-European Personal Pension Product (PEPP). To deliver on the forthcoming PEPP Regulation's policy perspective to design a PEPP that exhibits high quality product features around information...

July 9, 2019
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03Jul

Most European DB pensions are cashflow negative

Over 70% of UK defined benefit (DB) pension schemes are cashflow negative, with more benefits being paid out than contributions being received, while in Europe as a whole the figure stands at 64%. In the UK, this marks an increase of cashflow-negative DB plans of 7% since 2018. The key driver behind this year-on-year increase is the maturity of these plans, with many now being closed both to new members and new benefit increases. Throughout Europe, including the UK, 72% of...

July 3, 2019
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01Jul

Europe’s population is aging rapidly. Here’s how to turn that into an opportunity

Ahead of this weekend's G20 summit in Japan, an elderly idol group called Obachaaan released a music video welcoming the new visitors to their city, Osaka.The energetic seniors dance and rap through the port city in the slapstick rap-style video, called "Oba Funk Osaka" -- which charmed at least one world leader."Like Japan, Singapore too has an aging population," Singaporean Prime Minister Lee Hsien Loong wrote in a Facebook post in reference to the demographic issue being on the global agenda at the G20 for...

July 1, 2019
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