August 2018

20Aug

Taiwan’s PSPF grants US$1 billion funding for two global mandates

Taiwan’s Public Service Pension Fund (PSPF), a mandatory defined-benefit scheme for civil servants, teachers and military personnel, has granted US$1 billion of funding to seven foreign asset managers for its two most recent global mandates. JP Morgan Asset Management, AllianceBernstein LP and Schroders plc, which were selected a year ago to oversee the fund’s $600 million global multi-asset mandate, each received $200 million, according to the PSPF’s latest monthly report posted on its website. The pension fund also awarded $100 million...

August 20, 2018
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August 2017

15Aug

Taiwan. Presidential Office: There will be no place for protests against unfair-pension reform at Taipei Universiade

The Office of the President, ROC (Taiwan) said on Sunday that there will be no place for people who intend to express their political views by causing disturbances at Taipei 2017 Summer Universiade. According to media reports, President Tsai Ing-wen (蔡英文) will be attending the Taipei Universiade opening ceremony on August 19. However, rumors have spread that several groups opposing the government's policy to reform the country's unfair pension system are planning to stage protests outside the venue of the opening...

August 15, 2017
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June 2017

27Jun

Taiwan. Reviews of pension reform bill drag on

As pension reform proposals are in the final stage of legislative review, draft provisions of the eligibility for death benefits and survivor benefits of civil servants received their second reading yesterday at a review marked by lengthy speeches by Chinese Nationalist Party (KMT) lawmakers. A plenary legislative session reviewed dozens of clauses — 36 as of yesterday, with a total of 79 clauses to be reviewed — of a draft act on civil servant pensions, despite the KMT caucus continuing...

June 27, 2017
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May 2017
08May

Taiwan’s BLF seeks new custodian for pension insurance fund

Taiwan’s Bureau of Labor Funds (BLF), the supervisory body of the island state’s labour pension funds, is looking for a new custodian for the National Pension Insurance Fund (NPIF)’s foreign investments, suggesting the agency isn’t renewing its contract with US financial services company BNY Mellon The NPIF, the fundamental social protection scheme in Taiwan, has lagged other BLF pension funds in its foreign investments because of its relatively small asset size. The BLF has been increasing the NPIF’s overseas exposure...

May 8, 2017
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05May

Principal eyes Taiwan pension business

US asset manager Principal Global Investors (Principal) sees business opportunities in Taiwan’s pension system, where the scope of investment allocations is limited. “Taiwan has pretty good pension coverage, but it needs to think about how to optimise its investment mix,” Jim McCaughan, chief executive officer of Principal, tells Asia Asset Management in an interview. “This provides some opportunities to us as we can provide international solutions that the pension system needs.” He notes that the Bureau of Labor Funds (BLF) and...

May 5, 2017
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April 2017

21Apr

What HK can learn from Taiwan’s pension fund chaos

Taipei Mayor Ko Wen-je was among those assaulted by protesters outside the parliament on Wednesday. The violent protest was triggered by President Tsai Ing-wen’s plan to reform Taiwan’s hemorrhaging pension system, which is expected to go bankrupt within three years due to excessively high benefits. Concerned that their retirement income will be cut, a large number of retired civil servants, teachers and servicemen have tried to stop lawmakers from entering the legislative complex in central Taipei. Ko became a target probably...

April 21, 2017
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