Discover and read the best of Twitter Threads about #pension

Most recents (24)

NEW: Striking UK university staff have called for the reversal of cuts to their #USS pensions after new data showed the retirement scheme had moved to a £5 billion funding surplus.

More follows:
#UCU, the union representing higher eduction sector workers, said #pension cuts which came into force in April will see a typical lecturer lose 35% of their future guaranteed retirement income with losses steepest for those at the earliest stages of their careers.
UCU: "USS pension cuts were predicated on a valuation of the scheme conducted in March 2020 as markets collapsed. After recording a deficit of £14.1bn, the scheme has since recovered and according to this week’s monitoring report now holds a surplus of £5.6bn"
Read 4 tweets
NEW: The #USS pension scheme, at the centre of an industrial disupte involving thousands of higher education sector workers, showed a £5.6bn surplus at the end of August, according to the latest scheme monitoring update.
NEW: The #USS said that a deficit (£14bn) identified in the 2020 valuation, had been "eliminated" as of the end of August with the scheme showing a £5.6bn surplus.

The controversial 2020 scheme valuation led to a range of benefit cuts for tens of thousands of #USS members.
However, the #USS said market conditions had remained highly volatile since 31 March this year & as a result, the exact position of the Scheme at the end of September "cannot be established with any
certainty" with the most recent figures to be
viewed with a "degree of caution".
Read 4 tweets
BREAKING: #BNNCanada Reports.

The Ontario Teachers' Pension Plan (@OTPPinfo) revealed that it is writing off its US$95 million investment in FTX (the cryptocurrency exchange that collapsed last week) to zero. #Ontario #Teachers #Pension #Canada #Cryptocurrency
The Ontario pension fund made investments in FTX International and its US subsidiary FTX.US totaling US$75 million in October 2021 and another US$20 million in January of this year.
Through Teachers' Venture Growth, the investments were made in order to gain exposure to a developing area of the financial technology industry.
Read 5 tweets
#TrussFails #Serco injected £60m to prop up #pension fund after market meltdown
£1bn scheme is latest to scramble to raise cash after chancellor’s tax-cutting mini-budget sparks turmoil
theguardian.com/business/2022/… #KamiKwasiEconomics #FudgeIt #budget
/2 Serco’s £1bn pensions scheme is the latest to scramble to raise cash after a plunge in the pound and a meltdown in UK bond prices triggered calls on fund managers to provide collateral for niche financial products they had taken out to hedge against swings in the value
/3 of their investments.
Those products – known as liability-driven investments, or LDIs – have been widely adopted and used by mostly final-salary pension funds managing more than £1.5tn in savings.
However, the recent drop in sterling and in the value of UK government bonds,
Read 6 tweets
Thanks to @GeoffCutmore & @cnbcKaren for this morning's chat on #SquawkBox.

I did TRY to find something positive to say - honest, folks!

Following are the notes I sent the team before the show:-
🧵1/x
Ok. So here goes...

2/x
Something I've mentioned on here: the enormous scale of Europe's energy problem runs into the €trillions. The #AmpelDesGrauens "Doppel-Wums" -'bazooka' - relief package is €200bln & doubts are *already* being voiced whether will suffice.
3/x
Read 14 tweets
Numbers don’t lie, but they can be deceiving.

A good salesperson can sell you a poor product by using numbers🔢to his advantage.

And you really won’t notice unless you ask the right questions.

A 🧵 on how you can be fooled with data when buying #insurance policies.👇
▪️ Number Game In #Annuity or #Pension Plans

The sales pitch goes like this:

If you invest Rs 10 lakh now, you will start getting around Rs 1 lakh a year after a decade--a 10% assured return on your #investment.

But there’s a catch.👇
It’s not 10% #returns. Here’s why.👇

For the first 10 years, there will be no payout. During this time, your #money will earn interest and grow.📈

Even if you invest in FD and earn a 5.5% #InterestRate , your money will grow to Rs 17 lakh in a decade.
Read 11 tweets
📊 Hemos analizado todas las intervenciones de los candidatos durante la #campaña de las #EleccionesAndalucía2022 y estas son las veces que han dicho #Jóvenes y #Pensionistas por cada 10.000 palabras.

🧵 Os explicamos algunas conclusiones a continuación.

#19J #Andalucia #Datos ImageImage
Un ejercicio muy interesante es cruzar estos datos con los de la encuesta de voto por edad realizada por @deimos_es para @voz_populi vozpopuli.com/espana/vox-lid…
Una primera conclusión es que durante esta campaña de #EleccionesAndalucia2022 , los candidatos han mencionado mucho más a los #Jovenes que a las personas #jubiladas.
Read 8 tweets
71,000 UK university sector staff will lose £100k-£200k each from their pensions due to the impact of the latest pension cuts, according to a global academic analysis.

More follows:
196,000 active members of the #USS #pension scheme will see their future pensions cut by 30%-35% if Consumer Price Inflation (CPI) remains at its historic average of 2.5%, according to the first global analysis of the impact of the April 2022 #USS pension cuts, published in May.
But the impact of the April 2022 cuts is harshest on the under 40s, according to the academic analysis. Losses to their future pension range between £100-000 to £200,000. Image
Read 3 tweets
Mutual Funds - The Future of Investing

A decade of pension fund growth in Nigeria has prepared the ground for a boom in the country’s mutual fund sector.

Investments in carefully constructed higher performing risk-managed funds now outperform interest on bank deposits and... Image
...even land.

In 2020 alone, for example, assets under management in Nigeria’s Mutual Funds grew by 50% - topping N1.6 trillion.

Mutual funds are investment funds that pool money from many investors to purchase securities, like stocks, bonds, money market instruments,....
....and other assets.

Mutual funds are operated by professional money managers who seek to assemble the right mix of funds, balancing risk with growth according to investors’ risk appetite, growth needs and investment horizons.

It is in the management of these funds that...
Read 4 tweets
✍️❗️#NuevoInforme del @ofiscalpuj: <<¿Cuáles son las #PropuestasPensionales de los candidatos?>>

Actualmente, solo uno de cada cuatro adultos mayores cuenta con #pensión en Colombia. Además, un grupo reducido hace parte de los prog. Colombia Mayor y Beneficios Económicos (#BEPS)
(2/N) La desprotección económica en la vejez tiene mayor incidencia en contra de las #mujeres. Paralelamente, el 31% de la población mayor de 65 años se encuentra en #PobrezaMonetaria, con una mayor incidencia en la ruralidad (37%).
(3/N) La próxima Presidencia de la República se va a enfrentar al reto de aumentar la #CoberturaPensional y la #protección a la vejez. Para esto es necesario aumentar la tributación nacional, siguiendo con los principios constitucionales de #equidad, #progresividad y #eficiencia.
Read 11 tweets
BREAKING: 68 universities in the UK face a further 5 days of strike action this month over #pension cuts and pay.
Staff at the 68 universities this week finished taking up to 10 days of strike action.

UCU, the union, said further strike action was called after employers "forced through pension cuts and refused to negotiate meaningfully over pay and working conditions.
UCU, the union, says preparations are also underway for for a marking and assessment boycott

All universities across the UK to be reballoted for potential action next term, the union added.
Read 17 tweets
BREAKING: The #USS trustee board today agreed to proceed with controversial #pension cuts for tens of thousands of #university sector members, effective from April 2022.
#USS said: “The Valuation was signed off in September 2021. At the meeting today, the Trustee board agreed to the deed giving effect to the changes to the member benefits from April 2022 in the form recommended by the Joint Negotiating Committee.”
The USS trustee approved the #pension cuts today as a High Court judge in London gave the go-ahead for a legal challenge to the 2020 #USS valuation.

"The Trustee’s view remains that this claim is without merit," said USS, adding it had not yet puts its case to the Court yet.
Read 5 tweets
BREAKING: An industrial dispute over #pension cuts impacting thousands of university sector workers is set to escalate as employer-backed proposals to reduce guaranteed #pension benefits were ratified today.
BREAKING: The University and College Union (UCU) has told #USS university employers to expect more industrial action, including a marking and assessment boycott, after controversial cuts to guaranteed pension benefits were ratified.
NEW: UCU general secretary Jo Grady said University vice chancellors had today chosen to "steal tens of thousands from the retirement income of staff".

"This is a deplorable attack which our members won’t take lying down."
Read 4 tweets
BREAKING: The Universities Superannuation Scheme Joint Negotiating Committee has today formally voted to implement cuts to future #pension benefits for tens of thousands of UK university sector staff.
The JNC - a body which represents #USS employers and members - passed a controversial package of employer proposals which will see members build smaller pensions in future. The cuts are the focus of current industrial action across dozens of university campuses.
I am awaiting confirmation of the JNC vote, and whether the chair cast her vote. #USS
Read 12 tweets
NEW: The deficit at the UK's largest private-sector pension scheme, the #USS, has been slashed from £14bn in March 2020, to £2.9bn at the end of January this year, as the schemne's assets recovered to pre-pandemic levels. #UUK #UCU

More follows.
A funding update released by the #USS showed the scheme's funding ratio - or plan's assets as a percentage of liabilities - had grown to 97% at the end of January this year from 83% in March 2020 - the timing of the scheme's last formal health check.
#USS published this update on February 16, the day before a Feb 17 deadline for hundreds of employers to respond to a consultation on cuts to #pension benefits, which were based on the scheme's position in March 2020, when its finances were less rosy.

uss.co.uk/news-and-views…
Read 6 tweets
Quick summary of today's key development in the #USS #pension dispute.

#USS said the #UCU compromise proposal - to avert strike action - was 'operationally' viable

BUT

...contributions for members and employers would need to rise, over time, to 13.9% and 29.1% respectively.
#UUK has today launched a consultation with all #USS employers on #UCU’s formal proposal, after receiving costings from #USS.

Under UCU’s proposal, eer contributions wd gradually rise from 21.4% of salary to 29.1% by April 2024. Members rise from 9.8% to 13.9% over same period
In its consultation #UUK will ask employers if they will pay an additional c£200 million annually from April 2022, and an extra £330 million from this Oct and ultimately c£700 million more each year from April 2024 – on top of the current USS pensions cost of around £2bn per year
Read 4 tweets
BREAKING: A potentially significant development today in the UK university #pension disupte.

#UCU says compromise pension proposals - put forward by the union to avert strike action - have been deemed "both viable and implementable" by the #USS pension plan.

More follows:
#UCU submitted alternative #pension proposals to #UUK employers on Wednesday 26 January in a bid to avert industrial action over #pension cuts they had proposed.

Industrial action was due to begin at 44 universities on Monday 14 February.
#UCU said, that after working together with UCU, the #USS Trustee had confirmed the union’s compromise #pension proposals "are both viable and implementable."

Jo Grady, #UCU gen sec, has written to Alistair Jarvis, chief exec of #UUK, urging him to urgently consult employers.
Read 13 tweets
NEW: UK government confirms the £10,000 earnings' threshold for workers to be automatically enrolled into a #pension "remains the correct level" and will not change for 2022/23.
Govt says the decision to keep the earnings' trigger at £10K reflects the "key balance" that needs to be struck btwn affordability for employers & individuals & the policy objective of giving those most able to save the opportunity to accrue a "meaningful level of savings".
DWP: The Secretary of State remains of the view that voluntary opt-in provides the most appropriate option for those earning less than the earnings trigger who wish to save.
Read 5 tweets
The @OECD Economic Survey of 🇸🇰 #Slovakia has been released!

Preparing for rapid population ageing, boosting productivity & greening the #recovery from #COVID19 represent key policy priorities going forward.

oe.cd/slovakia
@MathiasCormann
@LauBooneEco
1/11
After a deep economic contraction in 2020, #Slovakia’s economy is recovering.

oe.cd/slovakia
2/11
Risks surrounding the outlook remain high. Supply disruptions are leading to volatile production and surging #inflation in #Slovakia.

oe.cd/slovakia
3/11
Read 11 tweets
BREAKING: The #USS pension scheme has today agreed to take forward proposals that will lead to #pension cuts for hundreds of thousands of university sector workers.

Statement from the #USS trustee to follow:
The USS trustee today confirmed that subject to a two-week consultation with UUK – #USS members will contribute 9.8% of salary from 1 October 2021 and employers will pay 21.4%.

That is an increase of 0.2% and 0.3% respectively on current rates.
From 1 April 2022, the way future #USS benefits are built up is also set to change said the #USS.
Under the JNC’s resolution, DB pensions promised to members in future will build at a slower rate. DC benefits will be offered in respect of salary over £40,000 (currently £59,883)
Read 13 tweets
A mass meeting of UK university sector workers is to be held today to discuss industrial action over #pension reforms.

This week, the University and College Union (UCU) warned industrial action was "inevitable" over cuts to retirement benefits for members of the #USS scheme.
The UCU claims proposed reforms to #USS pensions, put forward by university employers, will see a typical lecturer receieve abot a third less in retirement income. ft.com/content/19eb45…
On Tuesday, university employers, represented by Universities UK (UUK), voted to implement a set of #USS proposals that will reduce member benefits, but they say will help avoid steep increases in contributions required to fill a scheme deficit of £14bn-£18bn.
Read 8 tweets
NEW:University employers say they will still consider "alternative benefit structures and formulations", provided they are "viable, affordable & implementable".

The statement comes after the UK university sector union warned industrial action over pension cuts was "inevitable" Image
NEW: Proposed cuts to pension benefits for hundreds of thousands of UK university sector staff will see a worker earning under £40k p/a with 12% less retirement income, according to UUK, the university employer body.

This estimate assumed inflation does not rise above 2.5%.
UUK says the alternative to its pension proposal may see members subjected to steep increases in their #pension contribution rates from 13.6% and 18.6% of salary (compared with 9.6% now) – which would hit take-home pay and may price many out of the scheme.
Read 6 tweets
"Co-hosted by Richard Curtis & Mark #Carney – & featuring senior leaders from the financial world – the summit discussed how the $50 trillion invested by #pension funds globally can help tackle the #climate #emergency."

#COP26 #SavingCapitalism

"...with 47 trillion dollars in #pension funds globally this sector plays a major role we need to get our savings for the future shaping the future."



#TheyMeanBusiness #EmergingMarkets #COP26
If recent history serves as a barometer for public embrace of corporate "solutions" (marketed via #storytelling & #NGOs), it is not difficult to envision whole societies soon demanding their #pensions be "unlocked" by those attempting to save the faltering #capitalist system.
Read 4 tweets
As part of the Financial Literacy Programs, all individuals must learn how to manage their retirement investment proceeds and personal wealth.
Many people misconstrue that such planning is not important and should be solely left to either the employer or the govt!
How wrong!
In most of the developing countries where old-age financial benefits are not sponsored or guaranteed by the government, via social safety nets, the vulnerable people are left at the mercy of the market, extended family network or the philanthropist to help them.
Even private sector firms, which provide access to #provident and #pension fund designed retirement investment planning schemes, are no guarantee, of a safe and smooth exit out of the workforce due to #Systemic Risk which can destabilize the economy or the society in the long run
Read 4 tweets

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