March 2021
05Mar

OECD proposes revision of its DC ‘good design’ roadmap

The Organization for Economic Cooperation and Development wants public input on a new roadmap for good design in defined contribution plans. Read also E.U. Pushes Companies to Close Gender Pay Gap The OECD and its Working Party on Private Pensions updated the OECD Roadmap for the Good Design of Defined Contribution Retirement Savings Plans to incorporate recent revisions. The roadmap identifies good design and public policy to help countries to strengthen retirement income adequacy. The initial guidelines were agreed on in...

March 5, 2021
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05Mar

US. Stimulus Bill Freezes Retirement Plan Contribution Limits

What You Need to Know The freeze would take effect in 2031. It is intended to reduce a tax deferment that favors the highest earners, Democrats say. Retirement plan lobbyists are working to get the provision stripped from the Senate version of the bill. The $1.9 trillion economic stimulus package, which passed the House on Feb. 27, freezes retirement plan contribution limits starting in 2031. The bill, H.R. 1319, the American Rescue Plan Act of 2021, would freeze the annual cost-of-living...

March 5, 2021
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05Mar

E.U. Pushes Companies to Close Gender Pay Gap

Pushing member states to address salary disparities between men and women, the European Union revealed details on Thursday of a proposed law that would require companies to divulge gender pay gaps and give job candidates access to salary information in employment interviews. It also would provide women with better tools to fight for equal pay. The move comes as female workers across the world have been disproportionately affected by the economic repercussions of the coronavirus crisis, and it could lead...

March 5, 2021
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05Mar

Chile pension reform: The big bone of contention hampering progress

The Chilean government has amended its pension reform proposals. The administration’s bill was originally submitted in 2018 and has since undergone modifications amid pressure from the opposition. Read also Financial wellness can foster pension system in China It remains stuck in the senate after being greenlighted by the lower house in December 2019. Read also Canada. Pensions seek clear strategies, lower costs through in-house management Against this backdrop, Chileans are due to elect a new president to replace Sebastián Piñera. Under the center-right leader’s latest...

March 5, 2021
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05Mar

Vietnam gets its first private defined contribution plan

Dragon Capital VietFund Management, a Ho Chi Minh-based money management firm, has launched Vietnam's first private sector retirement savings vehicle. The defined contribution plan, with government tax incentives for employees and employers alike, offers savers three fund options — a relatively high-risk 50-50 split between equities and bonds, a 65% bond-35% stock mix and a conservative 80% bond-20% stock mix. Savings can be withdrawn tax-free upon reaching retirement age, currently 62 for men and 60 for woman. Life insurers in Vietnam have...

March 5, 2021
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04Mar

México. Proponen no descontar semanas de cotización por retiro de desempleo

El diputado del Partido Encuentro Social (PES), Manuel de Jesús Baldenebro, propuso que a los trabajadores que hayan realizado retiro por desempleo de su cuenta de Afore a causa de la pandemia de Covid-19 no se les descuenten semanas cotizadas, a fin de disminuir el impacto en su pensión. “Para nuestro grupo parlamentario, es necesario estar a la altura de las necesidades que se presentan hoy en día a causa de la crisis laboral y económica producida por la pandemia...

March 4, 2021
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04Mar

Perú. Proyectos de retiro de fondos AFP no llegan a personas de bajos ingresos

El Banco Central de Reserva (BCR) indicó que los proyectos de ley que buscan el retiro de fondos de las AFP no llegan a las personas de bajos ingresos. La institución remarcó que estas iniciativas no están bien focalizadas, pues a inicios de la pandemia solo un pequeño porcentaje de la Población Económicamente Activa (PEA) en los deciles más bajos de ingresos, estaba afiliado a alguna AFP. En ese sentido, el gerente central de Estudios Económicos del BCR, Adrián Armas, manifestó...

March 4, 2021
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04Mar

Chile. CEO habla sobre el cierre de plataforma FyF

Esta jornada, Felices y Forrados, el portal especializado en recomendar cambios de los multifondos en las AFP, informó que entre mayo y agosto de este año dejará de ofrecer sus servicios. Esto ocurre tras la aprobación de la ley que regula y restringe las labores de asesores del mercado financiero. Gino Lorenzini, fundador de FyF, confirmó la noticia asegurando que esta es “una ley mordaza” que busca atacar a la ciudadanía. “Cuando uno como ciudadano trata de participar para devolver el...

March 4, 2021
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04Mar

How Covid-19 revealed under-appreciated risks

“Only when the tide goes out do you discover who’s been swimming naked,” legendary investor Warren Buffett once said. While few portfolio managers anticipated the sheer speed and force with which the waters receded during Covid-19 – or the swiftness of their return, the impact of the pandemic made clear that potential risks exist that may not have been seriously appreciated before. Read also Covid-19 Is Most Certainly A Retirement Story The coronavirus crisis sparked a “huge realisation of how risks in...

March 4, 2021
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04Mar

UK Budget: Sunak freezes lifetime allowance for pensions contributions

By Jenna Brown, Christopher Copper-Ind Britain's finance minister, Rishi Sunak, has frozen the lifetime allowance (LTA) for pension contributions at just over £1m for the remainder of this Parliament, and will be keeping IHT at the current level for a further five years. Read also UK. Women retirees win £2.7bn for underpaid pensions The Chancellor said the LTA would remain at its current level of £1,073,100 for 2020/21 rather than increasing in line with inflation. It had been expected to rise by...

March 4, 2021
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