February 2021
09Feb

US. AIG to pay New York $12M for unlicensed pension risk transfer business

American International Group (AIG), the multinational finance and insurance corporation, owes the state of New York $12 million in penalties for insurance law violations stemming from its pension risk transfer (PRT) business. Deutsche Bank to pay $150M penalty for suspicious handling of Epstein accounts Linda A. Lacewell, Superintendent of New York’s Department of Financial Services (DFS), announced the penalty on Monday. She said an investigation from her department revealed that a subsidiary of AIG solicited and did insurance business in New...

February 9, 2021
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09Feb

Peru court scraps law allowing withdrawals from state run pension system

Peru's Constitutional Court on Thursday tossed out a law that would have allowed the partial withdraw of savings by citizens enrolled with state pension fund, a measure that had prompted fierce opposition from interim President Francisco Sagasti. The court said in a statement that it had voted unanimously to overturn the law, calling it "unconstitutional." The law passed by opposition members of Congress in December, intended as a lifeline for those in need amid the coronavirus crisis, would have allowed members...

February 9, 2021
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09Feb

FMI por retiro de AFP en Chile: ayudó a recuperación, pero hay mejores formas de usar esos recursos

El Fondo Monetario Internacional (FMI) entró este lunes en el debate sobre el retiro de los fondos de pensiones en Latinoamérica, implementados con el fin de estimular la demanda para combatir la crisis del covid-19, y calificó esta medida de “contraproductiva”. “Creo que seguir socavando los sistemas al permitir retiros significativos en realidad profundiza los problemas de los sistemas en el mediano plazo porque entonces las tasas de reemplazo van a ser más bajas”, dijo en un coloquio virtual...

February 9, 2021
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09Feb

La diferencia de ahorrar de joven o a los 50

Planificar la jubilación es indispensable en un momento como el actual. Mientras que la esperanza de vida sube el número de trabajadores que soportan las pensiones con sus cotizaciones baja paulatinamente. Por este motivo, tener garantizado el mismo nivel de vida tras el retiro únicamente a través de la pensión pública resulta cada día más complicado. En estos casos la previsión ha de ser primordial. Comenzar a ahorrar progresivamente a lo largo de los años con cantidades no demasiado...

February 9, 2021
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09Feb

US. Insurers Have Been Draining Funds from New Jersey’s Pensions for 15 Years

Insurance firms have been siphoning off money from New Jersey’s pension funds for the past 15 years thanks to a policy decision that shifted financial obligations for employee injuries to pension funds, according to an investigation by acting state Comptroller Kevin Walsh. A report on the investigation said that a 2006 policy adopted by the Division of Workers’ Compensation (DWC) encourages injured employees to accept continuing medical monitoring and coverage instead of cash settlements. The report said the approach, which...

February 9, 2021
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09Feb

UK govt pension liabilities surge £1.3trn in 3 years

The UK government's pension liabilities have risen 22 per cent in three years, raising questions about the sustainability of public pension schemes. According to figures from the Office for National Statistics, published yesterday (February 8), the government’s pension liabilities had surged by 22 per cent between 2015 and 2018, to £6.4tn. State pension liabilities amounted to £4.8tn, or 224 per cent of gross domestic product. Unfunded public sector defined benefit scheme liabilities stood at £1.2tn, or 55 per cent of GDP, while...

February 9, 2021
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09Feb

Australia. Retirement Income Review Under Spotlight

The future of retirement income policy – including pensions, superannuation and thee role of housing – will come under the spotlight as the nation’s decision-makers and policy experts canvass the implications of the Retirement Income Review at the Council on the Ageing’s National Policy Forum on 26 February. The full day conference to be held at the National Press Club in Canberra, and streamed virtually, will include: A keynote address by Treasurer John Frydenberg A lunchtime debate between Minister for Superannuation Jane...

February 9, 2021
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09Feb

Canada. Pension plans focusing on streamlining ESG strategies in 2021

Pension plans in Canada now factor environmental, social and governance monitoring in their investment process, and in the absence of national guidance, plan managers are using various tools and methods to analyze ESG risk, noted panelists of a roundtable recently hosted by The Association of Canadian Pension Management. “Considering ESG requires a balance of the investment opportunities with the risks, I think we’re still in an evolving situation right now where lack of data is a challenge to assessing...

February 9, 2021
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09Feb

How do we stop a generation from sleepwalking into retirement?

Five years on from the introduction of Pension Freedoms, new research by The People’s Pension and State Street Global Advisors has shown that mature savers are sleepwalking into retirement. They risk running out of Defined Contribution pension savings and, with a third of their retirement still to come, could spend their later years reliant on the state pension. In-depth research by consultancy Ignition House explores both retirement planning and spending habits following the introduction of freedoms in 2015. The...

February 9, 2021
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08Feb

¿Pueden los millennials tener una pensión digna?

Es frecuente que la preocupación por el retiro se genere cuando ya está cerca y es demasiado tarde para hacer algún cambio significativo en las finanzas. Entre más pronto se tome conciencia de ese requerimiento futuro, será posible tener todo bajo control. Comencemos por delimitar la magnitud del reto. 1.- Como entraste a laborar después del primero de julio de 1997, te jubilarás con lo que ahorres en forma individual a través de tu Afore. 2.- Según los estudios actuariales de...

February 8, 2021
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