February 2017

21Feb

Pension funds of seven Chinese regions entrusted for investment

Seven Chinese provincial-level regions, including Beijing and Shanghai, have started entrusting their pension funds to the National Council for Social Security Fund (NCSSF) for investment. A total of 360 billion yuan (52.33 billion U.S. dollars) is being transferred from scattered bank accounts operated by local authorities to the NCSSF for centralized asset management, the Economic Information Daily reported on Tuesday. The move is the latest effort by China to improve returns of its vast locally managed pension funds, which have traditionally...

February 21, 2017
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18Feb

Brexit-bashing Lords receive £500k in EU pensions a year and aren’t allowed to criticise Brussels… but won’t say so in Brexit debate

BREXIT-bashing peers are pocketing generous EU pensions which depend on them flying the flag for their Brussels paymasters. But they will not be required to declare their gold-plated income if they speak in this week’s crucial debate on Britain’s withdrawal. The EU forks out over £500,000 a year in pensions to 30 former MEPs and officials in the Lords. They include seven ex-European Commissioners who swore an oath of loyalty to Brussels that means they risk losing their pension if they attack...

February 18, 2017
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16Feb

The Changes Confronting the Investment Advisory Business

The investment advisory business is undergoing a once-in-a-generation transformation in the delivery of financial advice to individual investors. The changes are moving the industry toward higher standards of professionalism and transparency. But there is still a need for wealth management firms and financial advisers to do more. Many investors face a clear-cut savings shortfall — and a bewildering array of investment alternatives — and are challenged to accumulate sufficient wealth to meet the needs of longer life spans. Precisely when their need...

February 16, 2017
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16Feb

Tata Steel: Union workers back new pension plan

Thousands of Tata steelworkers have overwhelmingly backed a deal on the future of their pensions. They were asked whether they would accept moving from a final salary pension to a less generous scheme. Members of three unions at sites in Wales, Scotland, South Yorkshire and Teesside all supported the new proposals. Tata's offer included a £1bn investment commitment at Port Talbot and no compulsory job losses. The three unions at the Indian company's UK plants had recommended that their members, including 6,300 Tata...

February 16, 2017
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16Feb

Uganda: No Records for Pensioners – Government

Kampala — Government says it does not have records of pensioners due to "lack of data and personal files." According to the ministry of Public Service, many pensioners do not show up for verification thus leading to delays in payment of their monthly dues and the once off gratuity. The State minister for Public Service, Mr David Karubanga told MPs during plenary that the ministry will, carry out a census and biometric validation of pensioners starting February 20. "The ministry of Public...

February 16, 2017
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15Feb

U.S. insurers sense opportunity in unwanted pension plans

U.S. insurers are buying corporate pension plans at a record clip as rising interest rates and all-time high stock-market values give companies the perfect excuse to offload them. Calculating they can make more money from selling companies an annuity to cover the cost of the pension plans and then invest the proceeds in bonds and other securities, insurers are competing to persuade corporate America to sell them their pension risk. These deals, known as pension risk transfers, have been around for...

February 15, 2017
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14Feb

Will driverless cars change retirement? Only if wary seniors embrace them

For a decade and a half, Alex Mihailidis has been studying the junction of technology and aging. After years of examining the benefits of smart-home systems and artificial intelligence, the biomedical engineer has begun researching a new phenomenon: self-driving cars. Senior citizens, especially those with mobility challenges, are among the key demographics being floated to benefit from autonomous vehicles. “There’s been a lot of work on the technical side, in terms of the systems itself and how the car will operate,”...

February 14, 2017
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14Feb

Behavioral Interventions Helping Americans Budget Better and Save More / New report one of the most significant applications of behavioral economics in field of LMI financial decision-making

Common Cents, a financial research lab at Duke University and supported by MetLife Foundation, today unveiled its 2016 Annual Report. The report details findings from seven completed behavioral intervention programs and ongoing research begun in 2016. The work is part of a three-year effort to improve the financial well being of 1.8 million low-to-moderate income (LMI) households in America. Common Cents is one of the first to use social science field experiments within financial organizations for the purpose of gaining...

February 14, 2017
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12Feb

Retirement Advice in the Trump Era

A federal judge in Texas did President Trump a favor last week. It came in a decision in a case filed by the financial industry against the Labor Department to overturn an Obama-era regulation called the “fiduciary rule,” which requires financial advisers to put their clients’ interests first when giving advice and selling investments for retirement accounts. The judge, Barbara Lynn, called the plaintiffs’ objections “without merit,” “unpersuasive” and “at odds with market realities.” If Mr. Trump were smart, he’d see...

February 12, 2017
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