By Li Wei We examine what happens to financial markets and how generations share risk when defined benefit (DB) pension plans are incorporated into an asset pricing model with imperfect markets. We look at how important it is for pension fund growth, changes in asset demand, and return-driven volatility channels to use an adjusted macroeconomic […]

By Jules SADEFO KAMDEM Population ageing and climate change jointly threaten the functional capacity that sustains autonomy, labour supply, productivity, and fiscal resilience. This paper develops a continuous- time, age-structured model in which healthy longevity is a regenerative form of human capital. Cohort health is exposed to biological depreciation, a standardised heat-stress state, diffusion risk, […]

By Luke Servat & Antoon Pelsser Countries have demonstrated a tendency to switch their second pillar toward defined contribution plans, increasing the market-sensitivity of pensions. This can lead to large differences across generations within a pension fund, as otherwise similar cohorts may experience different market conditions during accumulation. In this paper, we investigate how each […]

People putting off their state pension to earn a little extra are likely to see it taxed under new rules, according to analysis. The state pension is set to grow larger than your personal allowance from next year, meaning some of it will be subject to income tax. The government has promised an exemption for […]

Hong Kong’s financial regulators have selected the first batch of projects for an expanded generative artificial-intelligence (GenAI) testing programme spanning banking, securities, insurance and pensions, as the city explores the use of more autonomous AI agents in financial services. A total of 36 use cases were selected for the first cohort of the expanded GenAI […]

Ghana is increasingly being recognised as one of Africa’s most credible examples of how domestic pension savings can be invested in more diverse alternatives and channelled into assets such as private equity, venture capital and SME growth financing. Ghana has spearheaded notable pension industry initiatives focused on shifting domestic capital pools towards the real economy, […]

As affordability pressures squeeze household budgets, Americans increasingly fear they will not be financially secure in retirement, while also expressing caution about artificial intelligence and cryptocurrency in retirement planning, according to new research from the National Institute on Retirement Security (NIRS). The new report, Retirement Insecurity 2026: Americans’ Views of Retirement, finds that 80 percent […]