FRAUD NOTICE:

A new report from the World Economic Forum (WEF) titled “Investing in (and for) Our Future”, has outlined concerns that many of the world’s retirement savers will outlive their savings by more than a decade.*

The WEF warns that overburdened state and private employee retirement plans are ill-equipped to deal with the pressures of ageing populations and new economic concerns, and says that retirees in six of the world’s major economies – Japan, the United Kingdom, the United States, Germany, Australia, Canada and the Netherlands – risk outliving their retirement plans by, on average,8 to 20 years.

It also sought to highlight the plight of female retirement savers in particular, who, as well as living longer than their male counterparts, tend to draw on smaller pension pots.

We recently reported on why it is likely that the Foreign Account Tax Compliance Act (FATCA) is likely to remain in place in the US in favour of the Common Reporting Standard, but pressure is mounting in a number of foreign jurisdictions for governments to act.

In France, a group of so-called ‘accidental Americans’, who are being asked by the IRS to pay tax on global income based on their citizenship alone, have already lobbied US Democrats and have now taken a discrimination lawsuit to the French court because they have been denied access to loans and banking services as a result of FATCA.