July 2020

22Jul

COVID-19 Relief Packages Help Fuel Ultra-Low Interest Rates

The European Insurance and Occupational Pensions Authority (EIOPA) has warned that the current ultra-low interest rate environment—which it said is being fueled by the COVID-19 pandemic and the resulting economic relief packages—represents a key source of systemic risk for insurers for the future. EIOPA said in a recent report that the COVID-19 pandemic and central banks’ response measures to alleviate the impact on the economic activity will contribute to the continuation of the low interest rate environment. It also...

July 22, 2020
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22Jul

Covid-19 May Destroy Chile’s Iconic Pension System

If last year’s national convulsion wasn’t enough to break up Chile’s romance with market-friendly technocracy, the spreading civic choler over the miseries brought on by the coronavirus pandemic may finish the job. Yes, President Sebastian Pinera’s speedy measures to combat the outbreak and pump the economy with emergency funds for the most vulnerable households gave the besieged government a breather. Yet the recent 95 to 36 vote by the Lower House to allow Chileans to raid their private pensions...

July 22, 2020
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22Jul

US considers restricting ESG in pensions

The US Department of Labor (DOL) is considering imposing strict rules on how pension funds invest, which could see the scope for ethical and responsible investing limited. The DOL has proposed an amendment to the Employee Retirement Income Security Act 1974 (ERISA) "to confirm that ERISA requires plan fiduciaries to select investments and investment courses of action based solely on financial considerations relevant to the risk adjusted economic value of a particular investment or investment course of action." The...

July 22, 2020
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21Jul

Taiwanese planning for retirement earlier than four years ago: survey

A survey released Monday showed that Taiwanese people are saving money or making investment plans in preparation for life after retirement earlier than four years ago as they have less confidence in the deficit-ridden government pension program. According to the survey, conducted by National Chengchi University's (NCCU's) Department of Risk Management and Insurance and Taiwan Life Insurance Co., respondents said they would start saving money for retirement at an average age of 37.87, compared with 43.29 in the...

July 21, 2020
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21Jul

US. What The Wild Stock Market Means For Public Pensions

As governments deal with paying for Covid-19 expenses amid falling tax revenue and shrinking budgets, there’s another big bill waiting for them: pension debt. And many could lean on taxpayers to help. Pension plans haven’t released their annual earnings yet, but a recent report from Moody’s Investors Service notes that “investment returns...have almost certainly fallen well short of targets.” The ratings agency estimates that when pension plans tally up their total performance between July 1, 2019 and June...

July 21, 2020
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21Jul

UK. Cybercrime and Pensions Administration

In 2019, cybercrime and fraud constituted 42% of all criminal activity. With the advances in technology the whole of society is experiencing, its no surprise that crime is evolving too.. We need to be alive to the fact pension schemes and administration providers are attractive to cybercriminals. Partly because of all the personal data processed but also because of the importance of ensuring pension payments continue uninterrupted, as well as the potential of ransomware attacks. Information released by the...

July 21, 2020
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21Jul

Puerto Rico announces referendum to protect public pensions

Puerto Rico’s governor announced Monday that she plans to hold a referendum on whether public pension payments should be protected by the U.S. territory’s Constitution for the first time in the island’s history. If approved, the measure would prohibit using money from Puerto Rico’s crumbling public pension system to repay creditors — challenging efforts by the federal control board overseeing the island’s finances to make pensioners share the pain with investors in a restructuring of part of the island’s...

July 21, 2020
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21Jul

Germany. Siemens to co-operate with Raisin on pensions

Siemens is cooperating with German fintech Raisin on employee pensions. There has long been a political desire in Germany to provide German residents with an accurate overview of their retirement financing, in order to identify the deficiency in people’s pension in a timely fashion. The pension specialist fairr, part of Berlin-based Raisin, developed a digital “retirement cockpit” along these lines, enabling users to easily track their retirement funds and plan accordingly. Now German manufacturing giant Siemens’ pensions company, Siemens...

July 21, 2020
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20Jul

UN Secretary General proposes Basic Income

On the 18th July the Secretary General of the United Nations gave the annual Nelson Mandela Lecture. People want social and economic systems that work for everyone. They want their human rights and fundamental freedoms to be respected. They want a say in decisions that affect their lives. Read also France delays retirement reform that caused mass strikes The New Social Contract, between Governments, people, civil society, business and more, must integrate employment, sustainable development and social protection, based...

July 20, 2020
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20Jul

France delays retirement reform that caused mass strikes

France''s government is delaying a divisive overhaul of the country''s retirement system until at least the end of the year because of the economic crisis unleashed by the pandemic. Prime Minister Jean Castex announced after meeting with unions Friday that the pension reform “will be maintained.” But he added that the government will extend negotiations on details of the plan over the coming months, instead of pushing to finalise it this summer. The plan would end some specific pension...

July 20, 2020
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