July 2017

17Jul

Jamaica. Prime Minister stresses urgency of pension reform

Prime Minister Andrew Holness has said that urgency must be placed on settling the issue of public sector pension reform. Acknowledging concerns expressed by trade unions relating to the five per cent increase in contributions by workers, Holness noted that failure to reform pensions will result in a “major crisis on our hands. “I cannot overemphasise that point. In 1990 the pension bill of the Government was 0.4 per cent of the Gross Domestic Product (GDP). Today it has more than...

July 17, 2017
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14Jul

Women’s participation rate will reduce pensioners’ risk of poverty by 2060

This is the main indication of the annual report of the Research Committee on Aging (CEV), published on Wednesday. With more than 8% in 2015, the pensioners' risk of poverty rate is expected to fall below 6% in 2060, with an acceleration of the decline from 2030, according to the VEC outlook. The projected decline in the risk of poverty is explained initially by a revaluation of social benefits. The increase in minimums and the GRAPA (Old Age Income Guarantee) have...

July 14, 2017
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14Jul

UK. CII to launch pension transfers qualification

The Chartered Insurance Institute is launching a new pension transfers qualification following the FCA’s proposals to change the rules relating to pension transfer advice. The level four certificate in pension transfers advice includes a new level six unit, pension transfers, which will open in August. It also includes three existing level four units: financial services regulation and ethics, investment principles and risk, and pensions and retirement planning. Seven thousand CII members with statements of professional standing are qualified to give pension transfer...

July 14, 2017
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13Jul

How will evolving employment models impact retirement savings: The case of Singapore

Freedom, flexibility, being your own boss—the proposition of the gig economy certainly caters to these stereotypical desires of millennials, as well as enabling individuals to supplement their income. Technology has led to the rise of the gig economy, with the likes of Foodpanda, Grab, and Airbnb among others ostensibly providing a win-win situation for both service providers and consumers. For individuals, the gig economy enables easy access to paid work, freedom to schedule working hours, and helps avoid the misery of...

July 13, 2017
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13Jul

Malaysia. ANZ Bank nears deal to sell Malaysian banking stake to pension fund: sources

Australia and New Zealand Banking Group (ANZ.AX) is near a deal to sell its Malaysian banking stake to a pension fund and exit the Southeast Asian nation, sources familiar with the matter said, in a transaction that could be worth around $900 million. ANZ has been pursuing a sale of its 24 percent stake in its Malaysian affiliate AMMB Holdings (AmBank) (AMMB.KL) since early last year as part of a strategy to divest minority stakes in Asia and as AmBank...

July 13, 2017
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13Jul

UK. Gay man wins Supreme Court case on equal pension rights

A gay man has won a landmark ruling which will give his husband the same pension rights as a wife would receive. The Supreme Court unanimously ruled that if John Walker, 66, dies, his husband is entitled to a spouse's pension, provided they remain married. The ex-chemical company worker said it would "drag" the government "into the 21st Century", while human rights group Liberty said "thousands" could benefit. A government spokesman said it would review the implications of the ruling. BBC legal affairs...

July 13, 2017
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12Jul

Netherlands. CEO of pension fund manager PGGM heads to Dutch central bank

The outgoing CEO of Dutch pension fund manager PGGM, Else Bos, will take up a key position at the Dutch central bank next year, leading oversight of insurers and pension funds. Bos, who previously worked at Dutch banks ABN Amro and NIBC, will begin her role at the central bank (DNB) on July 1, 2018, the Dutch finance ministry and DNB said on Tuesday. PGGM said in May that Bos, 57, would leave in November to take an unspecified position elsewhere....

July 12, 2017
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12Jul

US. Pensions prove popular: Auto-enrolment take-up has smashed government expectations

The workplace pension has proved more popular than the government imagined, according to statistics revealed today by the Pensions Regulator (TPR). More than 8m people have signed up for a workplace pension since auto-enrolment was launched in 2012. With hundreds of thousands more employees set to enrol in the coming months, the total number will ultimately beat the expectation of 8m people in total set out five years ago. This ambitious agenda of helping workers save for retirement would not have...

July 12, 2017
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12Jul

Canada Pension Plan Investment Board and Vermilion Energy Inc. Announce Strategic Partnership in Corrib

Canada Pension Plan Investment Board ("CPPIB") and Vermilion Energy Inc. ("Vermilion") (TSX:VET)(NYSE:VET) are pleased to announce a strategic partnership in the Corrib Natural Gas Field in Ireland ("Corrib"), whereby CPPIB will acquire Shell Exploration Company B.V.'s ("Shell") 45% interest in the project, with Vermilion operating the assets after completion of the acquisition. Through its wholly owned subsidiary, CPP Investment Board Europe S.a.r.l., CPPIB has entered into a definitive purchase and sale agreement with Shell, to acquire 100% of Shell...

July 12, 2017
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12Jul

UK financial watchdog concerned about what people are doing with their pension savings

The UK’s Financial Conduct Authority has flagged concerns about the way in which people are using their pensions since the introduction of landmark rules around retirement savings in 2015. The FCA on Wednesday said that it had identified several issues, particularly relating to advice and competition. A more extensive report is due next year. Under rules introduced in 2015, savers are able to access their retirement savings without having to buy an annuity, or income for life. The FCA said that...

July 12, 2017
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