January 2020

02Jan

US. Estate Planning: What Does the SECURE Act Mean for You and Your Retirement?

The SECURE Act signed into law in December is the most important retirement legislation in over a decade. The overall goal of the SECURE Act was to make saving for retirement easier and more affordable. Read also Japan’s GPIF is right — short selling is downright irresponsible What’s New? One major change is that the age that individuals must start taking their minimum distributions from retirement accounts has been raised from 70 ½ to 72. This is important because it...

January 2, 2020
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December 2019

27Dec

Nigeria. Micro-pension contributors hit 30,000 in 7 months

Contributors for the Micro Pension plan are now 30,000 seven months after it was launched, the National Pension Commission (PenCom) has said. The Acting Director General of PenCom, Aisha Umar-Dahir said this in an exclusive interview with Daily Trust. The Micro Pension plan was launched by President Muhammadu Buhari in March 2019. It is aimed at extending pension coverage to the self-employed and persons working in the informal sector to drive financial inclusion and allow the target population to...

December 27, 2019
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20Dec

Ghana. Government Staff Association Against Extension of Tier 2 Pension Implementation Date

The Civil and Local Government Staff Association, Ghana (CLOGSAG) says it will not compromise on the January 1, 2020 implementation of the TIER 2 Pension Scheme. Executive Secretary of CLOGSAG, Isaac Bampoe-Addo, said, the continuous extension of implementation of the Scheme, empowers the Social Security and National Insurance Trust (SSNIT) to monopolise pension administration in the country, thereby rendering workers worse off. Addressing a press conference in Accra yesterday, he stated that, none of the public sector occupational pension...

December 20, 2019
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19Dec

French unions meet government as pension strikes continue

The French government and unions are to face-off over controversial pension reforms, 14 days into a crippling transport strike that has damaged businesses, frustrated commuters and cast a shadow over holiday plans. After hundreds of thousands of people took to the streets on Tuesday, both sides stood firm prior to a series of meetings. Government officials have previously said they were ready to negotiate. Union leaders have vowed to continue their action into the new year as the government...

December 19, 2019
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17Dec

Estonia: use robust growth to improve income equality and well-being

Estonia’s economy is performing well, and public finances are in excellent shape, yet growth is softening and spending pressures from infrastructure needs and an ageing population are mounting. Efforts should now focus on improving income equality and well-being, greening growth and accelerating the country’s digital transformation, according to a new OECD report. The latest OECD Economic Survey of Estonia notes Estonia’s expertise in information technology and its global head start in digitalising government services. Estonia now needs to accelerate...

December 17, 2019
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12Dec

Puerto Rico government launches defined contribution program for 110,000 employees

The government of Puerto Rico announced Tuesday the launching this month of a new defined contribution savings plan for 110,000 public employees, who will be allowed to determine how their pretax contributions will be invested for their retirement. The new retirement plan, similar to a 401(k) program, will include government employees covered by Act 106 of 2017, the Act to Guarantee Payments to Our Pensioners and Establish a New Defined Benefit Plan for Public Servants. Starting Dec. 19, these...

December 12, 2019
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12Dec

US. New e-delivery rules for ERISA pension plans on the Horizon

By McBrayer McGinnis Leslie & Kirkland PLLC In October, the U.S. Department of Labor (DOL) published a proposed rule that encourages electronic delivery of ERISA-required plan disclosures. It allows plan administrators to post disclosures online to cut costs of paper delivery and is a voluntary safe harbor that plans can use to make documents accessible on a website instead of mailing paper documents. Adopting a so-called “notice and access” e-delivery structure, the DOL allows plans to save paper by emailing disclosures....

December 12, 2019
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10Dec

UK. What does 2020 hold for pensions?

By Andrew Tully Many changes will be taking place in the world of pensions as we move towards the end of 2019 and into 2020. Ongoing regulatory developments seem inevitable, but nonetheless it is important for firms to be aware of what changes are due and what they will mean to clients. Wake-up packs New requirements to provide wake-up packs to clients were introduced on 1 November. Traditionally, these packs were issued between four and six months before the selected...

December 10, 2019
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November 2019

07Nov

Estonia. Second pillar pension reform continues to divide politicians

Isamaa party leader Helir-Valdor Seeder says that getting rid of the second pillar of the Estonian pension system, what he called the "worst product in the world", would bring far more benefits than losses. Opposition Reform Party MP Andres Sutt said that it would change very little in a positive way, and affect the most vulnerable in society most. Read also Estonia. Social affairs minister: Limit second pillar voluntary withdrawals Appearing on political discussion show Esimene stuudio Tuesday evening, moderated...

November 7, 2019
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05Nov

Ireland. ‘700,000 to miss out’ on auto-enrol pension plan

Thousands of people are set to lose out on the State's new auto-enrolment pension scheme, which is already being heavily criticised for being years behind schedule. Read also Ireland. Quarter of people ‘can’t afford’ to save for retirement Pension consultants Mercer said around 700,000 people who should be opted into the new system look set to be excluded. Read also Ireland. Plans to auto-enrol workers in pension schemes announced The scheme is not due to be launched for another two...

November 5, 2019
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