INCLUDING: GLOBAL - SWFs consider disclosure; US - Study reveals 60% of retirees could run out of money; MOZAMBIQUE - Minimum pension raised in Mozambique; AUSTRALIA - Super commissions revealed
The UK's Sunday Telegraph said the world's biggest sovereign wealth funds (SWF) are considering disclosing their holdings in a range of sensitive companies and individual countries to appease concerns about their power and influence among Western governments. It said the proposals were discussed at a meeting of the International Working Group of Sovereign Wealth Funds in Singapore last week. The group, organised by the International Monetary Fund, was formed in May and given the task of producing a set of self-regulating industry guidelines, dubbed the Generally Accepted Accounting Principles (GAAP).
US - Study reveals 60% of retirees could run out of money
Nearly three out of five middle-class retirees will probably run out of money if they maintain their pre-retirement lifestyles, the Washington Post has said. The paper was citing a new study from Ernst & Young, set to be released today, which found Americans will have to drastically reduce their standard of living before retirement to live comfortably, or even avoid destitution, later in life.
MOZAMBIQUE - Minimum pension raised in Mozambique
AllAfrica.com has reported the announcement by Mozambican labour minister Helena Taipo that the minimum pension paid by the National Social Security Institute (INSS) would be increased by 31%. In absolute terms this means the pension rises from 987 to 1,284 meticais a month, according to AllAfrica.com. At current exchange rate, that means the pension is still worth just US$53 a month. The increase is backdated to 1 April.
AUSTRALIA - Super commissions revealed
In the past three years, investors have paid an estimated $5.9bn in superannuation related commission, the Australian Financial Review (AFR) has reported. AFR, citing research from Rainmaker, said almost half was paid in 2007 with the rush to take advantage of legislative changes.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.