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☆ UK bond turmoil leaves smaller pension schemes with longer-term costs
▼ + stars: | 2022-11-07 | by ( Carolyn Cohn | ) www.reuters.com time to read: +6 min

As pension funds scrambled for cash to meet margin calls, the Bank of England intervened to stabilise the market and avoid the collapse of some LDI-exposed funds. But pension schemes that could not meet margin calls in time - many of them smaller schemes - had their positions liquidated by LDI fund managers. Larger schemes in segregated funds were more likely to have retained their hedges, industry sources said. Large schemes in segregated funds pay lower fees for more volume - a benefit small schemes cannot enjoy. LDI fund managers BlackRock (BLK.N) and Insight Investment did not respond to requests for comment.

☆ Investors will reap billions if Kroger takes over Albertsons. Workers and shoppers may not be as happy.
▼ + stars: | 2022-11-05 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +11 min

Wealthy investors in Safeway’s parent, Albertsons Companies, have done better. And next week, they were slated to reap a $4 billion cash dividend in connection with a proposed $25 billion takeover of Albertsons by rival Kroger. Based on that stake and the amount of the dividend, Cerberus stands to receive roughly $1 billion of the dividend payout. Six of Albertsons’ 14 directors who voted for the dividend are affiliated with the major investors. This is the last, best and final hope for a truly unionized chain.”Nervous about the pensionThe proposed $4 billion cash dividend is large by many measures.

☆ German pensions could rise by up to 4.2% in 2023 - proposal
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 5 (Reuters) - Germany's more than 20 million pensioners will likely see their state benefit rise by up to 4.2% from July 2023, according to a governemt proposal seen by Reuters, lower than the expected inflation rate of 7.0%. The state pension in western Germany will rise by 3.5%, while in former East Germany it will increase by 4.2% according to the draft, as the government continues to narrow the gap between the two regions. The final decision on pension increases will depend on wage growth data released in early 2023. Reporting by Holger Hansen; Writing by Christoph Steitz; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Deaths averted in Ukraine missile strikes after flight from earlier attack
▼ + stars: | 2022-10-23 | by ( Jonathan Landay | ) www.reuters.com time to read: +3 min

A local man throws debris out of a broken window in a residential building heavily damaged by a Russian missile attack in Mykolaiv, Ukraine October 23, 2022. Mykolaiv regional officials identified the missiles as S-300s, anti-aircraft weapons that Russian forces have been firing at ground targets. Sunday's attack was enough to convince Begun, a shipyard worker, to send his wife and two children to stay with his parents in western Ukraine. Choking back tears, Liudmyla Tuchevska, 48, said her family had fortunately been absent when the missiles struck and that she had learned of the attack from a social media chat. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jonathan Landay Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ UK PM Truss agreed pension commitment with finance minister - spokesman
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 19 (Reuters) - British Prime Minister Liz Truss agreed with finance minister Jeremy Hunt a commitment to maintaining the so-called "triple lock" on pensions that guarantees they rise at least in line with inflation, her spokesman said. Truss said in parliament that she was completely committed to the triple lock. They are in a unique position," the spokesman told reporters. "She and the Chancellor have discussed and agreed the position the prime minister set out... she wanted to provide that reassurance." Asked if benefits would also rise by inflation, the spokesman declined to comment.

☆ After UK turmoil, Dutch central bank urges pension funds to review liquidity
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

AMSTERDAM, Oct 19 (Reuters) - The Dutch central bank (DNB) said on Wednesday it had called on pension funds in the Netherlands to review their readiness to weather a sudden spike in interest rates, following turmoil among British funds. A spokesperson for the bank confirmed a Financial Times report that said the funds had been asked to review their holdings of liquid assets. Dutch pension funds make less use of interest rate hedges than their British peers and benefit from the larger and more liquid eurozone government bond market. "When a rise in interest rates happens gradually, there is no liquidity risk" it said, though it noted that a liquidity crisis was still possible. Jan Mark van Mill, head of Treasury and Trading at fund manager APG, says his organization conducts monthly liquidity stress tests.

☆ Strikes, possible blackouts and a plunging currency: Brits are being hit by a wave of bad news
▼ + stars: | 2022-10-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

'The recession has begun' The U.K. is the only G-7 economy not to have re-attained its pre-pandemic GDP level by the second quarter of 2022, Citibank Chief U.K. The ONS said GDP was only just returning to its pre-pandemic level, highlighting the challenge facing Prime Minister Liz Truss' "growth, growth, growth" agenda. "We now believe the recession in the U.K. has begun in the third quarter of 2022 and will likely last for three quarters. "The cost of living crisis is having a detrimental effect on individuals, not only financially, but physically and mentally too." Members of the CWU (Communication Workers Union) also continue to strike, including 115,000 postal employees of former state monopoly Royal Mail.

☆ Asian economies may have to brace for rising debt and capital flight, IMF warns
▼ + stars: | 2022-10-13 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

watch nowAsia's biggest economic challenges will be rising debt and capital flight as interest rates continue to rise, the International Monetary Fund has warned. The warnings come as the IMF trimmed its global growth predictions in its latest economic outlook this week and warned the new year would feel like a recession for many parts of the world. "Debt has gone up in Asia," IMF Deputy Director of Asia and Pacific Department Anne-Marie Gulde told CNBC's "Squawk Box Asia" on Wednesday. "First, private sector debt has gone up since the global financial crisis but afterwards since Covid, public sector debt has gone up. The crisis in the U.K stemmed from rising yields and plunging bond prices, which sparked collateral calls for pension funds to cover their LDI-related derivatives.

☆ How Equifax used employment records it collects from 2.5 million companies to fire dozens of its own employees for working second jobs
▼ + stars: | 2022-10-13 | by ( Kate Taylor | Jack Newsham | ) www.businessinsider.com time to read: +9 min

The crackdown was the result of an investigation that unfolded in recent months conducted by Equifax employees, including HR and cybersecurity, according to a document seen by Insider. The product has employment records, including weekly pay, of 105 million US workers, according to the company's last annual report. At one point, 25 employees were interviewed on the investigation's findings, and 24 were terminated, resulting in savings of $3.2 million, according to a document. In one author's case, this included all salaried positions since graduating college in 2013, as well as a job working in the college library as a student. "With predictions of more than 36 million employees working remotely by the year 2025, the need to monitor an employee's employment status will continue to grow," the company says in marketing material.

☆ Britain warns of tighter rules for crisis-hit LDI funds
▼ + stars: | 2022-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The FCA regulates asset managers who sell and run LDI strategies, while TPR regulates pension funds. The BoE oversees banks, some of which are part of the LDI chain. LDI is a popular product sold by asset managers to pension funds, using derivatives to help them match assets with liabilities so there is no risk of a shortfall in money to pay pensioners. Pension funds struggled to come up with higher collateral calls to back the derivatives used in the strategy, forcing the BoE to intervene in the gilts market. Given many LDI funds are listed in Dublin or Luxembourg, the European Union would also need to make reforms to implement such requirements.

☆ Explainer: Why are Britain's pension schemes dumping gilts?
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +4 min

WHAT ARE DEFINED BENEFIT PENSION SCHEMES? Defined benefit (DB) pension schemes pay pensioners a fixed annual amount, often a proportion of the final salary they earned as employees. Register now for FREE unlimited access to Reuters.com RegisterThe pension schemes invest typically more than half of their assets in bonds, in order to pay pension liabilities decades into the future. To avoid being exposed to market volatility, the schemes typically hedge their positions through gilt derivatives managed by so-called liability-driven investment (LDI) funds. LDI funds also sold index-linked gilts to shore up the cash in their funds.

☆ Factbox: Government measures to ease inflation pain
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +5 min

In August, the government offered debt relief to former students and unveiled the $430 billion "Inflation Reduction Act". * Canada on Sept. 13 announced a C$4.5 billion ($3.29 billion) relief package. * Poland will spend over 30 billion zlotys ($6.07 billion) to freeze power prices and support companies. * The Czech Republic will cap electricity and gas prices next year. * Croatia will cap electricity prices from Oct. 1 until March.

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☆ Britain pursues 'trickle-down economics' despite scorn from Biden. And the stakes are sky-high
▼ + stars: | 2022-09-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

British Prime Minister Liz Truss and U.S. President Joe Biden formally met for the first time at the United Nations General Assembly in New York City, following clashes in economic policy between the two leaders. Biden, in a tweet Tuesday, said he was "sick and tired of trickle-down economics," adding "it has never worked." Liz Truss U.K. prime ministerCritics, including Britain's opposition Labour party, have argued that such measures disproportionately benefit the wealthy. Questions have also been raised over how the policies will be funded, with tax cuts expected to lead to higher borrowing. Truss has argued that resultant growth will bring in more revenue which will cover those borrowing costs.

☆ AMP handed $9.7 mln penalty for charging pensioners 'fees for no service'
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray/File PhotoSept 20 (Reuters) - Wealth manager AMP Ltd (AMP.AX) was handed a penalty of A$14.5 million ($9.74 million) on Tuesday by Australia's Federal court for charging customers with 'fees for no service' on their corporate pension accounts. Between July 2015 and September 2018, AMP entities deducted A$356,188 in fees even though they were aware that the members had ceased their employment and could no longer receive advice services, the court found. The penalty received on Tuesday has already been provisioned in the 2022 half-yearly financial statement, AMP said. ($1 = 1.4890 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan in Bengaluru; Editing by Dhanya Ann Thoppil and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ AMP handed $9.7 million penalty for charging pensioners 'fees for no service'
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray/File PhotoSept 20 (Reuters) - Wealth manager AMP Ltd (AMP.AX) was handed a penalty of A$14.5 million ($9.74 million) on Tuesday by Australia's Federal court for charging customers with 'fees for no service' on their corporate pension accounts. Between July 2015 and September 2018, AMP entities deducted A$356,188 in fees even though they were aware that the members had ceased their employment and could no longer receive advice services, the court found. "Although AMP has remediated A$691,032 to affected customers, the court found AMP failed to investigate whether or not there was a systemic issue, despite many complaints over a lengthy period of time," ASIC said. The penalty received on Tuesday has already been provisioned in the 2022 half-yearly financial statement, AMP said.

☆ Putin is facing pressure from Russia's hawkish nationalists who want all-out war in Ukraine
▼ + stars: | 2022-09-07 | by ( Jason Corcoran | ) www.businessinsider.com time to read: +16 min

As the nationalists' most prominent figurehead, Igor Girkin has been among the most searing in his criticism of Russia's military strategy. Addressing his followers last week, Girkin said: "The war in Ukraine will continue until the complete defeat of Russia. The Smolninskoye District Court ruled that the municipal council should be dissolved and subsequently charged the deputies with "discrediting" Russia's military. The widespread purging of liberals and journalists that occurred in the early days of the Ukraine war is relatively straightforward in Russia. But cracking down on ultra- nationalists is more dangerous and may have dire consequences – especially if Russia loses the war.

☆ Factbox: Europe's efforts to shield households from soaring energy costs
▼ + stars: | 2022-09-02 | by ( Susanna Twidale | ) www.reuters.com time to read: +9 min

Without the measure, average home energy bills were tipped to reach over 3,500 pounds a year in October with forecasts of much higher bills to come. CZECH REPUBLICThe Czech government has agreed to cap electricity and gas prices next year to shield households from soaring prices. ITALYItaly approved an aid package worth some 14 billion euros ($14 billion) in September to shield firms and families from surging energy costs. The measures came on top of some 52 billion euros already budgeted since January to soften the energy crisis in Italy. NORWAYNorway has been subsidising household electricity bills since December and now covers 80% of the portion of power bills above a certain rate.

☆ Over 22,570 persons had old-age pensions reexamined
▼ + stars: | 2020-11-13 | by ( ) www.ipn.md time to read: +1 min

Over 22,570 persons had old-age pensions reexaminedAs many as 22,571 persons benefited from the reexamination of the old-age pension in 2020, when two reassessment stages were conducted, covering pensioners who worked after retiring, IPN reports, quoting the Ministry of Health, Labor and Social Protection. Also, 19,429 persons benefitted from an average increase of 2,881 lei in pensions as of July 1, 2020. The average pension of those who had the pension reexamined is 5,559 lei. As of January 1, 2022, the recipients of pensions set after January 1, 1999, who worked for five to seven years after retiring, can also have their pensions recalculated. Of the 690,200 recipients of pensions, 168,600 continued work after reaching retirement.

Organizations: of Health, Labor, Social

☆ Professionals’ Movement “Speranța” seeks annulment of registration of both candidates for President
▼ + stars: | 2020-11-13 | by ( ) www.ipn.md time to read: +2 min

Professionals’ Movement “Speranța” seeks annulment of registration of both candidates for PresidentThe Professionals’ Movement “Speranța” will file an application to the Central Election Commission for this to annul the registration of both of the candidates for President, Maia Sandu and Igor Dodon, because it has evidence that not all the printed electoral materials were declared by the two. Monitoring all the candidates and parties during the election campaign and seeing how they conducted the campaign, we reached a clear conclusion – that they are all the same,” he stated. The head of the Professionals’ Movement “Speranța” noted there are hundreds of thousands of people who already do not believe in anyone, in any of the parties. Igor Dodon distorts the number of copies of printed electoral materials, while Maia Sandu says nothing about the number of printed flyers and newspapers, the publishing house or the costs incurred. “For us, they are both bad as nothing has been done for this country during many years and they remember the pensioners and invalids only in an election campaign.

Persons: Speranța ”, Maia Sandu, Igor Dodon, Andrei Donică, ”, ” Andrei Donică, Donică Organizations: Commission, IPN, didn’t, Professionals

☆ Electoral contender had unemployed persons and pensioners among donors
▼ + stars: | 2020-11-07 | by ( ) www.ipn.md time to read: +2 min

Electoral contender had unemployed persons and pensioners among donorsAlmost all the electoral competitors involved in the November 1 presidential elections benefitted from donations from private individuals who didn’t declare incomes or declared incomes lower than the made donations to the State Tax Service. In the case of an electoral contender, the list of donors includes pensioners and unemployed persons. The reports on the incomes and costs of electoral contenders were examined by the Central Election Commission, IPN reports. However, the CEC asked for information about the incomes declared by donors during the last three years from the State Tax Service. He noted that electoral contender Violeta Ivanov in the presented reports indicated donations made by 168 pensioners and unemployed persons, to the total value of 870,000 lei.

Persons: Andrei Volentir, Chirtoacă, Renato Usatyi, Andrei Năstase, Tudor Deliu, Igor Dodon, Violeta Ivanov, Maia Sandu, Octavian Țîcu, ”, haven’t Organizations: State Tax Service, Central, Commission, CEC, National House of Social Insurance

☆ Paris commuters face 300 miles of traffic jams in fifth day of French strikes
▼ + stars: | 2019-12-09 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

TOPSHOT - Vehicles run on the Paris' ring road, the "Peripherique", on December 9, 2019 in Porte de Vincennes in Paris, during a strike of Paris public transports over French government's plan to overhaul the country's retirement system, as part of a national strike. French commuters experienced a chaotic journey getting to work on Monday as public sector workers entered a fifth consecutive day of nationwide strikes. Nationwide, public sector workers have protested against government plans to update the pension system since Thursday. Tweet 1Monday starts a make-it-or-break-it week for the French government, according to different French media. President Emmanuel Macron vowed in 2017 to change France's pension system, which is one of the most expensive across the world, according to data from the OECD.

☆ France hit by nationwide strike as workers protest over pension reforms
▼ + stars: | 2019-12-05 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

watch nowFrance is experiencing one of its biggest strikes in decades as public sector workers protest against changes to the pension system. According to the French newspaper, Le Monde, more than 180 000 people are taking to the streets in 30 different parts of France. Prior to his election in 2017, President Emmanuel Macron vowed to reform France's pension system. watch nowPrevious attempts to change the pension system have also been met with strong opposition from public sector workers. However, transport workers argue that the new system would mean they would have to work longer into old age or see their pension reduced.

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