The difficulties of funding state pension schemes and the need to encourage people to save is a global phenomenon with no one size fits all answer, says Maltese prime minister Dr Lawrence Gonzi.Speaking at a seminar hos- ted by Aberdeen Asset Management in Malta last week, Gonzi said the country had consulted the World Bank, the IMF and a host of independent experts in building its proposals, which it hopes to push through this year. The main problem is cutting costs. Malta has a net debt equivalent to 75 per cent of its GDP and needs to cut this to 65 per cent to meet the Maastricht requirements for entry into the euro, which the country hopes to achieve in 2008. Mirroring the situation in the UK, Malta is the latest European country to undergo root and branch pension reform. The country is looking to open up its pension system to allow private companies to compete after admitting that its state-run final-salary scheme is becoming too expensive. Gonzi says: “Our existing pension system is very expensive and we are looking at how to use fiscal incentives to encourage people to save.” He also told delegates that Malta’s positioning makes it an excellent gateway for product providers into both Europe and North Africa. Aberdeen Asset Management is raising its stake in local financial services firm Global Group. Global distributes Aberdeen’s funds and the company counts Libya leader Colonel Gaddafi’s son Seif al Islam among its clients. Aberdeen head of sales & marketing Gary Marshall says: “Global distributes Aberdeen funds and Aberdeen holds shares in Global. We are also looking at opportunities in the Maltese pension market.”
Bupa Individual Protection will be looking at an early December launch of its protection proposition with online capabilities to 26 soft partners. A full launch follows in the first week of January. Phase one will concentrate on critical illness and life while phase two will introduce the expert underwriting system with further protection products.
Sesame has picked Assureweb to power its multi-tie, four months after the network broke ties with the portal after a provider buyout. The deal comes as the portal battle for new multi-tie contracts intensifies with The Exchange announcing it will supply all the technology behind Lord Leitch’s Intrinsic project. Sesame commercial director Charles Bryant says […]
Money Marketing’s investment reporter has learned better than to “give it the big lobster” over lunch. In J Sheeky’s last week, he boldly ordered one of the luxury sea-beasts, grilled in a sauce of garlic butter. But the sauce proved to be proved a good lubricant. The claw crackers slipped and a the intrepid reporter […]
Furness Building Society is moving into the non-conforming mortgage market with a distribution agreement with Mortgages plc. Furness will market the entire Mortgages plc product range to intermediaries using jointly branded marketing and promotional material.
The remarkable performance of the TOPIX over the past year has caused many sceptical equity investors to look again at the Japanese market. These returns have come despite very significant problems facing the Japanese economy. Chris Taylor, manager of the Neptune Japan Opportunities Fund, discusses these problems and whether Abenomics will be able to overcome them, enabling the market to continue to rise.
In the video, Taylor addresses the following:
• The size and speed of Japan’s unprecedented monetary policy
• Abenomics and the implications should it fail
• Corporate Japan and beneficiaries of government policy
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Scotland has introduced a new set of income tax bands, but pensions experts warn that the changes could cause issues with pension tax relief calculations. In the Scottish Budget today, the Government announced a new starter rate of 19p and then a 21p rate for those earning over £24,000. The higher rate of tax is […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
The FCA working group tasked with setting a template for fund charge disclosure is considering whether one or multiple templates would be more suitable. The institutional disclosure working group, chaired by transparency champion Chris Sier, has been tasked with creating a new template for fund costs and charges following the package of remedies outlined in […]