August 2018

29Aug

South African expats get access to international living annuity

South Africans living abroad and invested in South African retirement annuities (RAs) will be able to transfer their investment to a living annuity with full offshore exposure through investment group Sable International. On retirement, South Africans with RAs can take out a third as a lump sum and transfer the balance to a living annuity where they can draw down 2.5% to 17.5% per year. Their RAs were invested in portfolios with a maximum of 30% offshore exposure in terms of Regulation 28, and while this threshold does not apply to living annuities, most providers keep...

August 29, 2018
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29Aug

Theresa May In Africa: The Future Of Fintech In South Africa, Nigeria And Kenya

A delegation of UK fintech specialists joined Prime Minister Theresa May on her first official trip to Africa and will visit South Africa, Nigeria and Kenya to meet with entrepreneurs to establish trading and export ties in these emerging markets. Representatives from Azimo, the Financial Conduct Authority, Standard Chartered, Farm.ink, the London Stock Exchange Group and the Prime Minister’s Ambassador for Fintech were just some of the 29 leaders that accompanied May on the trip in order to forge connections...

August 29, 2018
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29Aug

The longevity dividend: how ageing populations could boost economic productivity

People are generally living longer than previous generations across most parts of the world. Rising life expectancy is a result of advances in medicine as well as improving living standards and healthier lifestyles. But while this should be celebrated for social reasons, is it beneficial in economic terms? Does the increase in the older population create an economic burden on society or can older people be mobilised to enhance the productivity of communities in which they work and live? New...

August 29, 2018
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29Aug

UK. ‘Give savers a bonus’ to prevent pension poverty

Millions of people have been put off saving for their retirement by the “incomprehensible” pension tax relief system, the think tank argues. It urges Chancellor Philip Hammond to scrap pension tax relief and replace it with a bonus system which would reward savers for building up funds for old age. Former pensions minister Baroness Altmann, a campaigner on retirement issues, last night warned that millions face poverty in old age unless the report’s warnings are heeded. “If we do not incentivise people...

August 29, 2018
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29Aug

The Kremlin pushes pension reform, but the Russian public pushes back

That was the year that the government's plans to reform the Soviet-era system of social benefits were derailed by mass disobedience from veterans and pensioners. It is probably the memory of those protests that has kept Russia from considering raising its pension ages for more than a dozen years. But now, the long-taboo issue of pension reform is back on the table. A law working its way through the State Duma, the lower house of parliament, would significantly raise the...

August 29, 2018
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29Aug

Poland announces new contribution plan for pensions

Under the program, employees, employers and the government will regularly contribute small amounts into individual accounts. The program, which is aimed at some 11.5 million people on job contracts who have little or no savings and is due to be launched next year, is intended to ease the pressure on the state-run retirement system, which is considered to be insufficient to meet future requirements. The program is the latest social policy change by the ruling Law and Justice Party that has...

August 29, 2018
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28Aug

UK. Councillor slams ‘inappropriate’ investment in tobacco industry to fund local authority pension schemes

This is despite the efforts of council chiefs all over the region to cut the number of smokers - and their cost to health services and local authorities. The pension fund covers retirement schemes for employees of Sunderland City Council, South Tyneside Council, Gateshead Council, Newcastle City Council and North Tyneside Council, as well as other organisations, and - as of March 31 - was worth £8.24billion. The choice of investments was originally revealed by a series of freedom of information...

August 28, 2018
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28Aug

The UN Pension Board Rejects an Audit of Its Work

The United Nations Pension Board’s recent meeting in Rome ended with a record number of disagreements and much acrimony. The chief cause of distress was the results of the internal governance audit requested last December by the General Assembly. At the meeting, held July 29 to Aug. 3, board members directed much of their angst against recommendations to adjust the makeup of the board of the $65 billion fund to comply with General Assembly resolutions. The resolutions called for fairer...

August 28, 2018
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28Aug

Germany: Merkel’s government argues about future pensions

German Chancellor Angela Merkel’s government is arguing about pensions, with Merkel’s center-left coalition partners pressing for a guarantee that they will remain stable until 2040. The coalition of Merkel’s conservative Union bloc and the center-left Social Democrats agreed when it took office earlier this year to ensure pensions remain at the current level of 48 percent of average wages through 2025. The Social Democrats are struggling in polls and looking to woo left-leaning voters. Finance Minister Olaf Scholz, a Social Democrat,...

August 28, 2018
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27Aug

Australia’s Victoria state in $2 bln land title register deal with pension fund

Australia’s Victoria state has agreed to sell a four-decade concession to run its land and property registries to pension fund First State Super for A$2.86 billion ($2.09 billion), the government said in a statement on Monday. The deal allows First State Super to levy fees for property ownership registrations in Australia’s fastest growing state for 40 years, while the government plans to spend the proceeds on schools, hospitals and transport projects, the statement said. This will give “a major boost to...

August 27, 2018
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