CHILE - The domestic stock market tumbled by over 3% yesterday as it was announced pension funds' international investment limits may be raised from 30% to 45% as early as July.
President Michelle Bachelet announced the plan in her state of the nation address causing the Chilean stock market's 3.4% fall, the largest since worldwide fluctuations in February.
Bachelet said Chile’s pension fund investment universe needed expansion to ensure a good balance between financial flows to and from the country. This would then ensure Chilean exporters could be more competitive in international markets.
Bachelet also unveiled plans to lower the country’s surplus target, taken from copper sales, to 0.5% of GDP next year, down from the 1 % target installed in 2000.
This target was initially intended to finance the country’s pension scheme and secure future payments of the government's foreign debt and debt owed by the central bank.
By lowering the target, the government would be able to spend more on education and healthcare, the President told the nation.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.