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.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.