December 2019

27Dec

The Pan-European Pension Product Regulation: A Huge Opportunity for the Luxembourg Fund Industry

By Sebastiaan Niels Hooghiemstra Currently, there is a dynamic and ongoing improvement in life expectancies that is not accounted for in pension systems designed to provide financial security in retirement. All over Europe, there are currently employment-based (2nd pillar) pension funds and first pillar pay-as-you-go (PAYG) state pensions systems that are facing huge funding deficits as a result of that. Recently both the EU parliament and the EU Council took their stance on the introduction of an European legal...

December 27, 2019
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27Dec

Latvia. Investments in Sustainable Pension Plan Exceed 2 Million Euro

At the end of May, Citadele Bank’s subsidiary, CBL Asset Management, created Latvia’s first pension plan whose pension savings are invested in businesses which are the most sustainable in their respective industries: protecting the environment, taking care of their employees and acting responsibly in the long term. In just over six months, Latvia’s first pension plan based on responsible investments has been able to attract a relatively large amount of attention from the public, and currently, total assets have...

December 27, 2019
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26Dec

Greek government planning pension rises for 450,000 recipients

After reversing itself and approving holiday handouts, Greece’s New Democracy government now said there will be hikes beginning in January 2020 to 450,000 main and auxiliary pension benefits. Who gets them and how much will be determined after a study for the Labor Ministry for the National Actuarial Authority, said Kathimerini in a report in which it said it was told by sources not identified that the hikes will be retroactive to Oct. 6, 2019, for 60,000 beneficiaries whose pensions...

December 26, 2019
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26Dec

Unmerry Christmas as French transport strike enters fourth week

Christmas Day brought no respite for travellers in France as a transport strike entered its fourth week, ruining the plans of thousands to share a traditional meal and quality time with loved ones. Many scrambled at the last minute to make alternative arrangements as the protest against pension reform saw thousands of trains cancelled or delayed -- and taxis, ride-sharing services and car rental agencies unable to make up the shortfall. Only a fraction of high-speed and inter-city trains ran...

December 26, 2019
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24Dec

Macron’s popularity slightly down as pension strikes gather pace

A poll released on Monday showed French President Emmanuel Macron's popularity suffered a slight slowdown in December when anti-pension reform protests and strikes were gathering pace. Figures from Odoxa pollster showed that Macron's dissatisfaction rating rose to 67 percent in December, from 65 percent a month earlier. "This ...is indeed small in view of the (social) anger and the support which the opponents of the pension reform still enjoy," said Gael Sliman, Odoxa's director. Macron proposes to replace the...

December 24, 2019
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23Dec

Japan, European Development Bank Launch Social Bond Initiative

Japan’s $1.48 trillion Government Pension Investment Fund (GPIF) and the Council of Europe Development Bank (CEB) have launched a partnership to promote and develop sustainable capital markets. Their focus will be on social bonds, and the incorporation of ESG assessments in fixed-income investments. “GPIF requires all asset managers to integrate ESG into their investment analysis and decision-making,” Hiro Mizuno, CIO of GPIF, said in a statement. “We regard the purchase of green, social and sustainability bonds as one of...

December 23, 2019
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August 2019

16Aug

Delaying Retirement: Progress and Challenges of Active Ageing in Europe, the United States and Japan

Dirk Hofacker, Moritz Hess, Stefanie Konig To a backdrop of ageing societies, pension crises and labour market reforms, this book investigates how the policy shift from early retirement to active ageing has affected individual retirement behaviour. Focusing on eleven European countries, the United States and Japan, it brings together leading international experts to analyze recent changes in pension systems. Their findings demonstrate that there has been a fundamental transition in pension policies and a steep increase in...

August 16, 2019
Aging, Books, Labor Market, Pension design, , , ,
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14Aug

European Commission Requests the EIOPA Advise on PEPP Regulation Delegated Acts

On August 5, the Council of the EU published a cover note, which attaches a call for advice from the European Commission to the European Insurance and Occupational Pensions Authority (EIOPA) (dated July 31) on possible delegated acts concerning the Regulation on a Pan-European Personal Pension Product (PEPP Regulation) ((EU) 2019/1238). The Commission requests advice relating to: The criteria and factors to determine when there is a significant PEPP saver protection concern under Article 64(9). The specification of additional...

August 14, 2019
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08Aug

Towards A Single European Market On Private Pensions – The Pan-European Personal Pension Product

Saving for retirement will soon be facilitated by a personal pension product with truly pan-European characteristics. On 25 July 2019, the Regulation on a pan-European Personal Pension Product (PEPP Regulation) was published in the Official Journal of the European Union and will enter into force on 14 August 2019. The PEPP Regulation constitutes an opportunity for Luxembourg players to position themselves on the European private pensions market with this new PEPP product that could be distributed in the entire...

August 8, 2019
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July 2019

17Jul

Europe. Welfare Ministry requests EUR 54 million for welfare priorities in Latvia

Among the ministry’s priorities are different initiatives, including the increase of minimal pensions, improvement of the pension indexation mechanism, state support for the poor who have disabled children, and others. This will require EUR 27.5 million, for which the minister is prepared to fight. According to the minister, there are many different needs, including Latvia’s Castle of Light and the expensive bridge. There is also the need for an acoustic concert hall in Riga. Nevertheless, Petraviča believes a situation...

July 17, 2019
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