August 2017

15Aug

Danish Government raises retirement age as benefits system continues to prosper

Africa Infrastructure Fund I focus on investments in infrastructure, especially in the area of transportation and energy, in Africa. The fund will facilitate investments to support sustainable economic growth and prosperity in Africa and at the same time deliver an attractive return to its investors. The fund will be open for Danish as well as international investors for the next 12 months. It has a targeted lifetime of 10 years and has an initial target of 10 to 15 investments...

August 15, 2017
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15Aug

Taiwan. Presidential Office: There will be no place for protests against unfair-pension reform at Taipei Universiade

The Office of the President, ROC (Taiwan) said on Sunday that there will be no place for people who intend to express their political views by causing disturbances at Taipei 2017 Summer Universiade. According to media reports, President Tsai Ing-wen (蔡英文) will be attending the Taipei Universiade opening ceremony on August 19. However, rumors have spread that several groups opposing the government's policy to reform the country's unfair pension system are planning to stage protests outside the venue of the opening...

August 15, 2017
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14Aug

UK. Eye on the fees: State pension funds are getting better management

It’s a start. Keep going. That was the message that state Auditor General Eugene DePasquale and state Treasurer Joe Torsella last week gave to the State Employees’ Retirement System, which operates the pension fund for retired state workers. While SERS’ efforts to spend less money on managers has borne fruit — it shelled out $167 million last year, compared to $345 million in 2007 — Mr. DePasquale issued an audit urging the system to cut some more. Mr. Torsella issued a...

August 14, 2017
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14Aug

HSBC fund arm eyes mainland China pension market, new Silk Road projects

HSBC Global Asset Management is planning to expand into more Asian markets with a focus on pension fund management and infrastructure investments arising from Beijing’s new Silk Road projects, according to the regional head of the company. “We would like to expand into new markets in Asia where we have achieve double digit year-on-year growth in terms of assets under distribution over the last three years,” said Pedro Bastos, chief executive of Hong Kong and regional head of Asia-Pacific, HSBC...

August 14, 2017
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14Aug

UK. Poverty risk in old age from pension ignorance

People are putting themselves at risk of poverty in old age by failing to properly calculate their pensions, a state watchdog has warned. Ger Deering, the pensions ombudsman, has expressed concern that many workers are finding themselves with inadequate provisions because they do not put enough time and effort into understanding their retirement packages. “In our experience many scheme members are not familiar enough with the terms applying under their pension scheme or the basis of computing benefits,” Mr Deering...

August 14, 2017
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11Aug

UK pension risk transfer to re/insurers to reach £700 billion by 2032

Demand for bulk annuity buy-ins is expected to quadruple over the next 15 years as £700 billion worth of defined benefit pension scheme liabilities are expected to be passed to insurers by 2032, according to a Hymans Robertson report. Around one-third of current defined benefit (DB) pension risk schemes are expected to reach self-sufficiency over the next 15 years as UK firms increasingly look to offload this risk, the report found. James Mullins, Head of risk transfer buy-out solutions at Hymans...

August 11, 2017
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11Aug

Canada. Union takes over aerospace plant in Milton, Ont., to protest pension shortfalls

The union representing workers at an aerospace plant in Milton, Ont., says its members have occupied the facility and stopped production in protest of pension cuts. Scott McIlmoyle, president of Unifor Local 112, says they entered the Northstar Aerospace west of Toronto at about 4 a.m. Thursday. He says the shutdown is in response to Northstar refusing to fund a 24 per cent shortfall in workers’ pensions at the plant. The union says the company has announced the relocation of the Milton...

August 11, 2017
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11Aug

US. How Does Social Security Fit Into Retirement Plans?

Social Security is America's largest retirement plan, by far. Almost nine out of 10 Americans age 65 or older receive Social Security, and for most retirees, Social Security is a crucial source of income that helps provide stability and financial freedom. Here's what Social Security means to your retirement, how much you can expect to get, and whether you should worry about Social Security's future or not. Social Security will likely be a major source of your retirement income Social Security...

August 11, 2017
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10Aug

Jamaica. NCB Insurance wins third consecutive World Finance Pension Award

NCB Insurance Company Limited’s (NCBIC) pension fund management services is among the most financially stable and innovative in the world. So surmises World Finance in a July 6 press release announcing its 2017 Pension Fund Awardees. NCBIC received the 2017 title for the best pension fund manager in the Caribbean. This is the company’s third consecutive win and its fifth in seven years having copped the title in 2011, 2012, 2015 and 2016. “We are truly honoured to have been selected another...

August 10, 2017
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10Aug

UK. Tata Steel Set to Offload £15 Billion Pension Fund

Global steel producer Tata Steel is poised to offload its £15 billion ($19,5 billion) British Steel retirement fund to the U.K.'s Pension Protection Fund, with a formal announcement expected on Friday, according to a trade union spokesman. The news follows the company's confirmation in March that it would close its existing defined benefit scheme. Since April 1, British Steel has been offering employees a defined contribution scheme in its place. The British Steel Pension Fund has around 13,000 members. In its quarterly...

August 10, 2017
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