November 2018

07Nov

Nigeria. Understanding the Contributory Pension Scheme

The Contributory Pension Scheme, CPS, which commenced in July 2004, seeks to, amongst others, ensure that every worker receives his retirement benets asand when due. Hence, pension contributions is the total contributions of both employer and employee from July, 2004 to the month of retirement based on applicable grade level/step, salary structure and income earned on the contributions. Features of the CPS Contributory in nature: The CPS is contributory in nature. This means that the employer will contribute 10 percent, while...

November 7, 2018
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06Nov

China. Equity group to improve pension investment environment

China Jianyin Investment Ltd, or JIC, an investment group focused on equity, will develop pension finance and pension service systems, aiming to improve the environment of the pension investment industry according to the company's top management. "With people's growing reliance on the third pillar of the pension system, individual pension investment will become a crucial process for personal wealth management," said Zhou Xiangyong, managing director of Guotai Asset Management, a key member of JIC. "As a result, the company will...

November 6, 2018
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06Nov

Mexico tightens pay cap, eliminates presidential pensions

Mexico has tightened laws dictating that public servants can't earn more than the president and eliminated so-called golden parachutes for elected officials. Lawmakers decreed via the official gazette Monday that there will be some exceptions for salaries of employees with high levels of specialization and technical expertise, but even those salaries will be capped at 50 percent more than the president's salary. President-elect Andres Manuel Lopez Obrador takes office Dec. 1 and has said he will pay himself 108,000 pesos ($5,400)...

November 6, 2018
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06Nov

UK. Quarter of over-55s unaware that pension savings can be taxed

One in four people approaching retirement in the UK are unaware that they have to pay tax on pension savings if they take more than 25% out as cash, a survey has found. It was also found that one in five over-55s would be “shocked” if they were forced to pay tax on their pension savings. Of those that believe they can get some or all of their pension pot tax-free, more than a third think they won’t pay any tax...

November 6, 2018
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06Nov

France. Aviva creates a first pension fund “à la française”

A first supplementary occupational pension fund (FRPS) has just been created in France. Aviva France has obtained the approval of the French Prudential Supervisory Authority (ACPR) to create a FRPS. According to a decision published on Tuesday in the "Official Journal", the insurer will be able to transfer into this new entity called "Aviva Retirement Professional" pension portfolios. Sometimes presented in a rather swift way like "pension funds à la française", the FRPS - wanted by Emmanuel Macron when he...

November 6, 2018
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05Nov

UK. Third of pension schemes in surplus but have not agreed long-term targets

According to a new study, 37% of pension schemes are currently enjoying a funding surplus. At the same time, however, a similar number are yet to agree on a long-term target for their funds, suggesting they could be doing more to capitalise on their current momentum. In recent years challenging market conditions and an ageing population have seen some schemes run increasingly large deficits. However, in 2018, reporting into the segment has found that most pension schemes are relatively well-positioned...

November 5, 2018
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05Nov

Bangladesh. Govt launches national social security strategy action plan

The Cabinet Division of the government with support from the United Nations Development Programme (UNDP) and Australian Aid, launched the National Social Security Strategy (NSSS) Action Plan on Sunday. The action plan was launched at the national conference on Social Security Programme held at Bangabandhu International Conference Centre (BICC). The launching event was followed by a three-day a Social Security fair on social protection where recent issues and achievements of different social protection implementing agencies of the government and NGOs are...

November 5, 2018
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05Nov

The fight to close pension gender gap starts here

For too long, women have been denied the retirement they deserve. Today we launch a campaign to end this injustice When Susan Way celebrates her 65th birthday on Tuesday, she will become a pioneer of sorts: she will qualify for her state pension at the same time as a man born on the same day as her. The state pension age for women and men will be equalised for the first time since 1940, and from Tuesday it will increase...

November 5, 2018
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02Nov

Fintech for Financial Inclusion: A Framework for Digital Financial Transformation

By Douglas W. Arner (The University of Hong Kong - Faculty of Law), Ross P. Buckley (University of New South Wales (UNSW) - Faculty of Law), Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC)) Access to finance, financial inclusion and financial sector development have long been major policy objectives. A series of initiatives have aimed to increase access to finance and financial inclusion,...

November 2, 2018
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02Nov

Retirement Savings of the Hip Generation: A Study of Retirement Preparation among Individuals in Their Fifties

By M. Kabir Hassan (University of New Orleans - College of Business Administration - Department of Economics and Finance), Shari Lawrence (University of New Orleans - College of Business Administration - Department of Economics and Finance) Longer retirement periods coupled with the inadequacy of the Social Security system, low personal savings rates, and a decreasing trend in the prevalence of defined benefit retirement plans threaten to put a financial strain on individuals approaching retirement. To that end, we investigate retirement...

November 2, 2018
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