January 2020

29Jan

Japan. Wanted: rational pension reform

The government is required by law to examine the long-term financial health of Japan’s public pension system every five years. In the latest review released last August, it was confirmed that in most of the scenarios considered, the income substitution rate — the ratio of pension payouts to the after-tax income of the working generation — will be maintained at 50 percent or more. Read also The 7 biggest fintech trends to watch in 2020 This means that retirees will...

January 29, 2020
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29Jan

New Zealand. Retirement Commissioner backtracks on call to raise pension age because Kiwis can’t afford it

New Zealanders are approaching retirement in poorer shape than their parents' generation did – and that means we cannot afford to raise the pension age, the Retirement Commissioner says. The commission has long argued that an increase in the age of eligibility for superannuation is needed because of the cost of providing it to an increasing number of older people. But now acting commissioner Peter Cordtz has issued recommendations that backtrack on that. In the commission's latest three-yearly Review...

January 29, 2020
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29Jan

Measly Returns Spark $5 Billion Raid on Estonian Pension Savings

Cracking open a 4.85 billion-euro ($5.3 billion) piggy bank of pension savings may be a vote-winner. But Estonia’s plan to allow early access to retirement cash is facing a tide of criticism for being short-sighted. The government is meeting an election pledge by a junior coalition member to let more than half the Baltic nation’s 1.3 million residents reinvest or spend mandatory pension savings taken from tax contributions and gross salaries since 2002. The money would be released from...

January 29, 2020
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29Jan

How the Longevity Project Is Reimagining Our Longer Lives

As life expectancies are growing and the 100-year-life is becoming more common, how can Americans, the U.S. government and employers best prepare for the challenges and opportunities of longevity? Meet the Longevity Project, the new initiative designed to come up with some answers. The Longevity Project, developed in collaboration with the Stanford Center on Longevity (its lead content creator), is generating research and engaging in public conversation on the many impacts of longer lives. It just released a poll...

January 29, 2020
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29Jan

Nigeria to borrow N2tn to fund infrastructure development

Nigeria’s National Economic Council (NEC) says the federal government has resolved to borrow two trillion from the current 10 trillion naira pension funds to finance the development of infrastructure. Niyi Falade, CEO of Crusader Sterling Pensions joins CNBC Africa to discuss this story. Watch de video in @CNBC Africa

January 29, 2020
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28Jan

UK. DWP publishes expat pension guidance ahead of Brexit

The Department for Work and Pensions (DWP) has confirmed that the UK state pension will be protected by the Withdrawal Agreement in new guidance examining the rights for UK nationals after the UK has left the EU. The guidance confirmed that UK nationals living in an EEA state or Switzerland by 31 December 2020 will be covered by the Withdrawal Agreement. The UK state pension will be uprated every year that an individual continues to live there, regardless of...

January 28, 2020
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28Jan

US. What Are The Solo 401(k) Contributions Limits For 2020?

For those of you who are working as independent contractors or small business owners, you may benefit from contributing to a small business retirement plan. One plan that allows for the largest pre-tax contribution is the Solo 401(k). Tax planning for your business may be the difference between turning a nice profit and barely keeping the doors open. Similarly, making smart tax moves may free up more money to save for a secure retirement. Using a Solo 401(k)...

January 28, 2020
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27Jan

UK Pension Fund Brunel to Firms, Asset Managers: Tackle Climate or We’ll Drop You

Companies and asset managers must show progress towards climate goals by 2022, Brunel Pension Partnership, one of Britain's biggest pension fund managers, said on Monday, or the fund will withdraw its investment. Policymakers such as outgoing Bank of England Governor Mark Carney are pushing investors to do more to ensure their portfolio choices help to meet the 2015 Paris Agreement to combat climate change, by limiting warming to well below 2 degrees Celsius, preferably to 1.5C. Brunel, which manages...

January 27, 2020
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27Jan

French Unions Warn Macron Pension Strikes Will Drag On for Months

France's hardleft trade unions on Friday threatened industrial action for months to come, as they searched for a way to force President Emmanuel Macron to ditch the biggest overhaul of the country's pension system since World War Two. The unions have been locked in battle with Macron over the fate of France's generous pension benefits since early December. The former investment banker has made some concessions to the unions but refuses to abandon his reform. The unions on Friday...

January 27, 2020
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27Jan

Greek public sector workers set to strike over pension reform

Greek civil servants’ union ADEDY has heralded strike action as soon as a bill with the government’s pension reform is tabled in Parliament, ekathimerini.com reports. ADEDY’s executive committee indicated on Thursday that it would proceed with a 24-hour strike on the day the bill goes to the House, in line with a decision adopted during its session last week. The union's key demands are for the revocation of all pension cuts implemented during Greece’s bailout years and a full state guarantee...

January 27, 2020
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