A report last week from the Office for National Statistics projected that by 2066 a quarter of the UK population would be aged 65 or over. Whereas in 2016 there were 1.6 million people (or 2 per cent of the population) aged 85 or over, by 2066 the number is projected to rise to more than five million (or 7 per cent). The ageing of society is happening in every region of the world. Both in Britain and globally, it...
Taiwan’s Public Service Pension Fund (PSPF), a mandatory defined-benefit scheme for civil servants, teachers and military personnel, has granted US$1 billion of funding to seven foreign asset managers for its two most recent global mandates. JP Morgan Asset Management, AllianceBernstein LP and Schroders plc, which were selected a year ago to oversee the fund’s $600 million global multi-asset mandate, each received $200 million, according to the PSPF’s latest monthly report posted on its website. The pension fund also awarded $100 million...
The Pensions Regulator (TPR) admitted in an update published this month that the penalties were revoked between April and June this year. The sanctions were slapped on trustees for producing inadequate reports for members setting out how they are governing savers’ money, including explaining costs and charges. TPR admitted in its report that it revoked the 74 fines in the period “due to a time delay on our part in explaining to schemes why their statement was not compliant with the...
Former Uruguayan leader José Mujica, who was dubbed "the world's poorest president" for his modest lifestyle, says he does not want any pension from his time as a senator. Mr Mujica resigned on Tuesday from the post of senator, which he had held since 2015, when his five-year-term as president had ended. He said he would not serve out his term until 2020 because as he was "tired after a long journey". The former left-wing rebel is 83 Read more bbc
The disclosures are the latest blow to the once-venerable firm which could face criminal charges over misconduct earlier uncovered by the inquiry. AMP has lost almost 30 percent of its market value since the inquiry began in February. Richard Allert, chairman of AMP Super, which by law must manage retirement savings in the best interests of customers, said under questioning that he was surprised to see internal company documents tabled at the inquiry saying the transfers were not legally documented. Michael...
China's younger generation are largely unprepared for retirement and have limited understanding of pensions, a recent study shows. That's according to a joint online survey taken earlier this year by Ant Financial and Fidelity International. About 28,400 people took part in the survey, 75 percent of whom were aged between 18 and 34. As many as 54 percent of respondents said they have made no investment or saving plans for retirement. The respondents expect an average retirement age of 58 years, yet...
There’s one area where the traditional pension plan is getting new life -- as a tax dodge for wealthy business owners. Pensions, also known as defined-benefit plans, can be used by doctors, law partners and wealth managers to stash hundreds of thousands of dollars in income a year. By doing so, they’ll get around the income limits Congress created to bar them from a generous new tax break for owners of pass-through entities, who report the firms’ income on their...
First Canadian dollar fixed income issuance by a major bank in Canada testing blockchain technology TORONTO, Aug. 15, 2018 /CNW/ - BMO Capital Markets today announced that it has successfully launched a pilot fixed income issuance transaction, mirrored on a blockchain platform alongside leading pension fund investor Ontario Teachers' Pension Plan (Ontario Teachers'). The transaction included Bank of Montreal as the issuer and Ontario Teachers' as the buyer of a CDN$250MM 1-year floating rate Deposit Note, making it the first Canadian...
There’s a debate going on about public employee pensions. One study finds that government pensions have become more generous over the years. But a prominent academic replies that public sector retirement benefits have remained steady in generosity and taxpayer costs have actually fallen because public employees are paying more for their pensions. Who’s right? Me, that’s who. It’s an important debate: retirement benefits are needed to attract public employees but excessive benefits can squeeze out other important parts of state and...
Pension scam victims lost £91,000 each on average last year, according to new figures from the City watchdog and the pensions regulator. The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have teamed up to launch the ScamSmart advertising campaign, which is aimed at pension holders aged between 45 and 65 as they are most at risk of losing their cash. According to the regulators, highly sophisticated scammers lure people into transferring their pensions into fraudulent schemes. Victims of pension...
