| How tax leakage sank Canada
Ned Goodman blasted the Tories for their ignorant economic policies, and took aim at Canada's pension funds, too, while he was at it. "Income trusts were a competitive advantage for Canadian companies in terms of lower capital cost," he said in a recent interview in his Toronto office. "Now all the income trusts are going to be taken over by pension funds or private equity, neither of which will pay any taxes." That's what is so disappointing today. .
Ramsaran: National Insurance reform coming
A CONGRESS of the People Government will seek to reform the system of national insurance to modernize its operations and increase benefits to become more in line with today's cost of living, Chaguanas MP, Manohar Ramsaran has said. Speaking at a political meeting of the Congress of the People Tuesday in Chaguanas, Ramsaran said: "After 36 years of national insurance in Trinidad and Tobago, it is time for a complete overhaul of the system to make it more relevant to the needs of people today and to make it more meaningful and useful to our development." "National Insurance has over $15 billion in assets and can support, without increases in contributions, the present rates of benefits for the next 40 years. This is not me talking; this is the 2005 annual report of the NIB." The former Youth, Sports and Social Development Minister also told supporters of plans his party will take into Government for quick implementation.
Pension Plans Contribute Bigger Share to Private Equity, Survey Shows
NEW YORK — Public and corporate pension plans are providing a growing share of private equity capital, a new survey from Dow Jones Private Equity Analyst shows.In 2006, public pension funds contributed 26.6 percent of the equity raised, an increase from 22 percent in 2005.Corporate pension funds and corporations added another 12.5 percent, up from 10 percent the year before."With private equity firms raising larger and larger funds, they are seeking investors with enough capital to fill them up quickly," said Jennifer Rossa, managing editor of the Private Equity Analyst. "The big public and corporate pension plans are fitting the bill as they seek out high-return investments."The survey, which is done annually, included more than 110 funds that raised more than $44 billion in capital. .
Charlotte's RolloverSystem's appoints new CEO
CHARLOTTE, N.C. - RolloverSystems, a developer of a platform that allows workers to select a new 401k plan when changing jobs, announced that it has appointed J. Spencer Williams as President and Chief Executive Officer, effective in mid-April. Williams most recently served as Senior Vice President of the Income Management Group at MassMutual. Williams succeeds Lisa Pickrum, Chief Operating Officer of The RLJ Companies, one of the investors of RolloverSystems, and a member of the RolloverSystems Board of Directors. "The members of the board are looking for a CEO who understands the need for the company to drive towards an industry standard that takes into account the complexities of the rollover services market, including the varied stakeholders who touch the end participant in the process," said Robert Johnson, CEO and Chairman of The RLJ Companies and majority owner of the NBA Charlotte Bobcats.
Left opposed to pension fund reform
The pension fund regulator is worried that the pension bill, which would reform the sector and allow pension funds to invest in equities, might not see the light of the day.
The Left parties have seen red and have kept up their opposition to the reforms. But the regulator is not giving up, it is putting an administrative structure in place.
On Monday the NSDL was appointed to keep records for government employees who have joined the New Pension Scheme.
The PFRDA will now appoint three public sector fund managers by June to handle the Rs 1,700 crore worth of money of civil servants, which has been lying idle for the last three years. UTI, LIC and SBI are the front-runners for this.
But the real test lies in, will the government be able to bring the bill to Parliament and what happens if it cannot.
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