fund Archives - KnuRich

May232023 by adminNo Comments

EU parliament proposes to halve payouts from MEP pension fund

Finance

The European parliament is proposing to halve payouts from a gold-plated pension scheme utilized by nearly 1,000 former and present members, together with Brexiter Nigel Farage and Marine Le Pen, the French far-right chief.Senior MEPs on Monday opted to cut back a €310mn deficit by rising the retirement age from 65 to 67 and ending the automated uprating of advantages with inflation, which might reduce nominal pensions by half, stated parliamentary authorities.The measures — which nonetheless must be adopted formally — ought to shrink the deficit to €86mn.The particular voluntary scheme for European parliamentarians supplies beneficiaries with a pension pot value about €375,000 per particular person on common. Members reminiscent of Farage, UK Northern Eire secretary Chris Heaton...

Labour prepared to pressure pension plans to put money into £50bn ‘development fund’

Finance

Labour is ready to pressure pension funds to put money into a proposed £50bn “future development fund”, because the celebration goals to spice up the quantity of capital out there for fast-growing UK firms.Rachel Reeves, shadow chancellor, mentioned she didn't imagine Labour would wish to mandate retirement schemes to put money into the brand new fund due to the goodwill within the sector, however added: “Nothing is off the desk.”Chatting with the Monetary Occasions on a three-day go to to the US, she mentioned she additionally needed to speed up the merger of smaller UK pension funds in order to consolidate a fragmented market.Reeves, who visited the New York Inventory Change on Monday, mentioned she needed to vary the tradition of Britain’s financial savings trade, unleashing h...

Sweden’s top pension fund fires chief Magnus Billing after US bank losses

Finance

Sweden’s biggest pension fund has fired its chief executive after a bet on failed US lenders Silicon Valley Bank and Signature Bank left it with losses of almost $2bn. Alecta, which has $110bn of assets under management, said on Tuesday that Magnus Billing had left as chief executive with immediate effect as the losses had “seriously damaged confidence” in its investment strategy.“We are in the business of providing comfort to our customers and that their money is safe with us. In the past few weeks it became evident there is a need to rebuilt trust,” chair Ingrid Bonde told the Financial Times. Alecta has emerged as one of the biggest losers from the recent banking turmoil in the US, where the Swedish pension fund was a large shareholder in SVB and Signature. It was also a share...