March 2020

26Mar

UK. PFS pushes for grace period on PI amid ‘evidence of serious impact’

The Personal Finance Society has called for a four-month grace period for advisers whose professional indemnity insurance is due for renewal during the coronavirus lockdown. In a letter sent to the Financial Conduct Authority and HM Treasury this week the professional body asked for regulatory concessions to help advisers at at time when "demand for their help has never been greater, yet pressure on their own resources are stretched". This included a call for advisers to be granted...

March 26, 2020
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17Mar

France. Macron Suspended Pension Reform and Delayed Second Round of Elections

France will be quarantined by noon on Tuesday, French President Emmanuel Macron said in a statement to the nation broadcast by the Elysee Palace. All residents are ordered to stay home and will only be able to leave their homes for substantial reasons. People's movement will be very restricted, Macron said. "We are at war," the French president repeatedly said. Macron announced a number of measures that put France in a martial law to combat the virus. Here are...

March 17, 2020
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13Mar

Inquiry Alleges ‘Substantial Impropriety’ at South Africa’s Public Investment Corp.

A judicial inquiry in South Africa recommended sweeping changes to laws governing Africa’s biggest fund manager after it found senior management, including former Chief Executive Officer Dan Matjila, flouted internal procedures. The investigation, led by retired Judge Lex Mpati, concluded there had been “substantial impropriety” at the state-owned Public Investment Corp., which manages 2.13 trilllion rand ($130 billion) of state-employee pension funds. It found that the board had acted as a “rubber stamp” for Matjila, who failed to disclose...

March 13, 2020
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February 2020

25Feb

Kenya. RBA in fresh bid to protect early retirees from spending their pension savings before the age of 55

Pensions regulator RBA has embarked on a fresh bid to block employees retiring early from accessing half of their employer’s pension contribution. The Retirement Benefits Authority wants the law allowing employers to keep pensioner’s contributions until they are 55-years-old to be implemented. Read also Nigeria. Investing pension funds: Worries, prospects by stakeholders Through Legal Notice No88 of 2019, the National Treasury sought to amend the Retirement Benefits (Occupational Retirement Benefits Schemes) Regulations 2000, to effect the changes. Read...

February 25, 2020
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13Feb

U.K. Moves to Require Pensions to Disclose Climate Change Plans

British pension funds may soon need to explain how they are fighting climate change under a global framework as the U.K. aims to reach carbon neutrality by 2050. The U.K.’s Department for Work and Pensions said Wednesday that it proposed an amendment to the Pension Schemes Bill that would require pensions to disclose their climate change strategies under the Taskforce on Climate-Related Financial Disclosures, a voluntary framework that is widely used by companies. Also Read UK. Government mulls tax...

February 13, 2020
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11Feb

US. The Impact of the SECURE Act on Tax Qualified Retirement Plans

On December 20, President Trump signed into law the “Setting Every Community Up for Retirement Enhancement Act of 2019,”[1] known and referred to colloquially as the “SECURE Act.” The law’s stated purpose, among other things, is to increase the coverage of American workers in employer-sponsored savings arrangements. The new law generally affects retirement plans and programs that include employer-sponsored and Individual Retirement Accounts (IRAs), among others. Many of the SECURE Act’s provisions that impact employer-sponsored plans took effect...

February 11, 2020
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07Feb

International Handbook on Ageing and Public Policy (Handbooks of Research on Public Policy)

By Sarah Harper, kate Hamblin With the collective knowledge of expert contributors in the field, The International Handbook on Ageing and Public Policy explores the challenges arising from the ageing of populations across the globe. With an expansive look at the topic, this comprehensive Handbook examines various national state approaches to welfare provisions for older people and highlights alternatives based around the voluntary and third-party sector, families and private initiatives. Each of these issues are broken down further and...

February 7, 2020
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January 2020

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. FCA fined over pension scheme failures

The Pensions Regulator has fined the FCA £2,000 due to insufficient detail in its 2018 DC governance statement. This is the maximum fine The Pensions Regulator can issue for poor statements. Firms must submit an annual chair's statement which sets out how the scheme meets certain standards and obligations including information on the scheme’s default fund and its governance, the costs and charges applied, and the assessment of value for members. The fine was issued during Q3 2019, however...

January 27, 2020
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24Jan

OECD Reviews of Pension Systems: Portugal

By OECD This review provides policy recommendations on how to improve the Portuguese pension system, building on the OECD’s best practices in pension design. It details the Portuguese pension system and identifies its strengths and weaknesses based on cross-country comparisons. The Portuguese pension system consists of an old-age safety net, a pay-as-you-go defined benefit scheme and voluntary private savings. The safety net includes an old-age social pension and a complement (the so-called Complemento Solidário para Idosos or CSI), both...

January 24, 2020
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