La cifra de trabajadores que retiraron el dinero de su Afore por desempleo durante 2016 fue la más alta en la historia del Sistema de Ahorro para el Retiro, con un monto de 8 mil 571 mdp según la Consar. Esta cifra es la más alta en la historia del Sistema de Ahorro para el Retiro (SAR) y 31.8 por ciento más elevada que en 2015. Mientras la cantidad de personas que retiran recursos por desempleo aumenta, el monto de dinero...
The general levy on occupational and personal pension schemes recovers the core funding provided by the Department for Work and Pensions (DWP) for 3 public bodies: The Pensions Regulator The Pensions Advisory Service The Pensions Ombudsman This consultation seeks views on the proposed rates of the levy for the financial year 2017/18 onwards. This consultation is primarily aimed at pension scheme trustees, managers and administrators. We also welcome comments from the wider public. (more…)
Nearly one million working and retired Americans are currently covered by pension plans that are in imminent danger of insolvency, according to an organization trying to help people keep their retirement earnings. The union pension funds have been designated as being in “critical and declining status” — which means trustees are eligible to apply for cuts on their payouts. Reducing the payout load lengthens the life expectancy of the stressed fund — but does little to alleviate the suffering of seniors...
South Korea's National Pension Service (NPS), the world's third-largest pension fund, said on Tuesday it plans to boost the pay of its fund managers through an extra 4.3 billion won ($3.8 million) budget as it fights to staunch a wave of resignations. The NPS said in a statement that it plans to increase the fund managers' pay to the upper quartile range of the private sector, after its move to a remote city caused a spike in staff resignations. Previously, NPS...
UK retail magnate Philip Green agreed to pay as much as 363 million pounds ($450 million) to compensate 19,000 former workers of collapsed department-store chain BHS after months of haggling with the country’s Pensions Regulator. The payment will enable trustees of BHS retirement plans to achieve a “significantly better outcome” than they would have under the UK’s Pension Protection Fund, Green said in a statement Tuesday. Regulators dropped their enforcement actions against the tycoon and his investment vehicles. “The settlement is...
En una semana las cuatro AFP presentes en el país han perdido unos 700 millones de soles tras la caída de las acciones de la empresa Graña y Montero (GyM) en la Bolsa de Valores de Lima, enfatizó Jorge Mogrovejo, Superintendente Adjunto de la SBS. No están expuestos. El funcionario indicó que estas entidades previsionales a fines del 2016 tenían aproximadamente un 1.09% del total del portafolio invertido en acciones de la mayor constructora del Perú. Detalló que la exposición...
Seven of China’s local governments, including Beijing and Shanghai, have agreed to hand over the management of their pension funds to the National Council for Social Security Fund (NCSSF) in an effort to increase investment diversification and improve yields, Wang Zhongmin, vice chairman of NCSSF, confirmed to local media, according to a report on Chinese news site china.org.cn. This means that approximately 360 billion RMB (US$52.37 billion) will be transferred to the NCSSF for centralised asset management from local authorities,...
Workers in their 20s and 30s are changing jobs at a record pace, yet they often view retirement stability as a back-burner issue. A law passed in Maryland last summer could give those without conventional pensions or 401(k) plans a way to save for retirement without the nuisance of setting up individual savings accounts. But despite broad bipartisan support in the state, the application of the law has now stalled with a new Republican Congress and White House. Maryland is one...
By Huang Huaxiong, Moshe A. Milevsky & T. S. Salisbury (York University) Abstract: We solve a retirement lifecycle model in which the consumer's age does not move in lockstep with calendar time. Instead, biological age increases at a stochastic non-linear rate in chronological age, which one can think of as working with a clock that occasionally moves backwards in time. Our paper is inspired by the growing body of medical literature that has identified biomarkers of aging which --...
By Kai Zhao (University of Connecticut) Abstract: In a quantitative model of Social Security with endogenous health, I argue that Social Security increases the aggregate health spending of the economy because it redistributes resources to the elderly whose marginal propensity to spend on health is high. I show by using computational experiments that the expansion of US Social Security can account for over a third of the dramatic rise in US health spending from 1950 to 2000. In addition,...
