February 2020

21Feb

Staff in 74 UK universities start 2-week strike over pensions

Up to 50,000 staff members in 74 universities across Britain started a 14-day strike on Thursday over disputes on pension, pay and working conditions. Members of the University and College Union (UCU), including lecturers, technicians, librarians and other academic and support staff, are joining the industrial action between Feb. 20 and March 13, potentially affecting 1.2 million students. The UCU said 50,000 of its members will take the action over workloads, pay, a 15 percent gender pay gap,...

February 21, 2020
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21Feb

Will Collective Defined Contribution Schemes take off?

Collective defined contribution (CDC) schemes are now on the horizon, with Royal Mail lining up to be the first UK employer to launch this type of scheme, later this year. Already well-established in countries such as the Netherlands and Denmark, the schemes were given the green light by the then Work and Pensions Secretary, Amber Rudd, in March 2019. The new schemes aim to bridge the gap between DB and DC schemes. They may be attractive to companies...

February 21, 2020
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20Feb

UK. Pension schemes to share scams intelligence online

The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control. The project will allow network members to post concerns about companies and advisers they believe may be acting inappropriately or fraudulently, collecting details on arrangements including names, telephone numbers and addresses. Not-for-profit Cifas has already completed similar work in the banking sector,...

February 20, 2020
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19Feb

Athens Gridlocked as Transport Workers Strike Over Pension Bill

Traffic in parts of the Greek capital came to a standstill on Tuesday as Greek transport workers joined a 24-hour public sector strike over pension reforms. Buses, trolleys, trams and metro transportation will be out of operation for the day. Also Read Greece. Pension hikes to come in June Workers from the Athens suburban railway Proastiakos and intercity trains announced late on Monday that they will also participate in the strikes. Public hospitals will operate on skeleton staffs, as the...

February 19, 2020
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18Feb

French MPs begin debating controversial pensions bill

The battle over the French government's pension reforms moved from the street to parliament on Monday, with the opposition vowing to torpedo an overhaul that sparked weeks of strikes and protests. Leftist unions are up in arms over President Emmanuel Macron's bid to fuse France's 42 different retirement schemes into a single points-based system. Also Read A low birth rate and a rapidly ageing population: Europe’s demographic crisis explained Public transport workers walked off the job for a month...

February 18, 2020
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18Feb

Greece. Pension hikes to come in June

The new bill by the Labor Ministry that was tabled on Monday in Parliament creates a new landscape for pensions and social security contributions. The interventions promoted have led to a strong reaction by many unions, which have decided to call a 24-hour strike for Tuesday. Among the many changes it includes, in line with the recent decisions by the Council of State, are increases in the replacement rates for workers with more than 30 years of insured labor,...

February 18, 2020
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18Feb

UK. Legal & General completes first pension risk transfer deal for housing

Legal & General (L&G) has invested £100m of long term debt financing in its affordable housing business – opening the door for UK pension money to back the provision of such homes. Secured against the income stream of a UK-wide portfolio of operational affordable housing, this represents its first deal to generate attractive matching-adjustment, compliant direct investments from affordable housing for its growing annuity portfolio. A further £175m of development finance is being provided by a consortium of external investors...

February 18, 2020
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17Feb

Ireland. Community employment workers strike over pensions

Hundreds of community employment scheme supervisors staged a strike over pensions in Dublin yesterday. So-called section 39 workers, whose pay was cut during the recession and was never restored, also joined the protest. Also Read Staff in 74 UK universities start 2-week strike over pensions These are people who work for organisations providing health and social services which are known as section 39 bodies. Community employment (CE) scheme employees and supervisors marched from the Custom House in Dublin to the...

February 17, 2020
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15Feb

Ageing, Productivity and Employment Status

By Brindusa Anghel, Aitor Lacuesta The article analyses how labour market participation and the type of work performed change with age. Drawing on data from the OECD’s Programme for the International Assessment of Adult Competencies (PIAAC), it is documented that as people age they gradually lose certain skills relating to their ability to do physical work or use new technologies, or their literacy and numeracy skills. By contrast, as they build up experience, older workers develop better planning skills...

February 15, 2020
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14Feb

Denmark’s Largest Pension Fund to Launch Sustainable Vehicle

By Michael Katz PFA, Denmark’s largest pension fund with DKK560 billion ($82 billion) in assets, is launching a pension product that allows participants to invest their retirement savings in climate-focused investments that it says will be carbon neutral in five years at the latest. Beginning this summer, PFA Climate Plus will be available to the fund’s customers to allow them the opportunity to “significantly step up” how much their pensions contribute to cutting carbon dioxide emissions, the fund said. “As Denmark’s...

February 14, 2020
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