March 2023
21Mar

Bolivia acelera la captación de fondos de pensión, ¿en qué consiste el proceso?

Durante la semana el Gobierno de Bolivia, encabezado por el presidente Luis Arce, aceleró la nacionalización de los fondos de pensiones de ese país. Entre mayo y junio la gestión tomará el control de los fondos y la potestad para administrarlos. “En Bolivia operan dos Administradoras de Fondos de Pensiones (AFP). Desde que inició la transición hubo dificultades técnicas para el traslado, pero también falencias en la política del Gobierno. Hoy hay un laudo arbitral a favor de BBVA Previsión,...

March 21, 2023
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21Mar

France’s government survives no-confidence votes as pension reforms move ahead

Parliament adopted a divisive pension bill Monday raising the retirement age in France from 62 to 64, after lawmakers in the lower chamber rejected two no-confidence votes against the government. But the bill pushed through by President Emmanuel Macron without lawmakers' approval still faces a review by the Constitutional Council before it can be signed into law. The council has the power to reject articles within bills but usually approves them. The first no-confidence motion, proposed by a small centrist group...

March 21, 2023
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21Mar

US. Biden uses first veto to defend rule on ESG investing

U.S. President Joe Biden on Monday rejected a Republican proposal to prevent pension fund managers from basing investment decisions on factors like climate change, in the first veto of his presidency. "I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country," Biden said in a video posted on Twitter. The bill cleared Congress on March 1, when the Senate voted 50-46 to adopt a measure to overturn...

March 21, 2023
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21Mar

European pensions increase ESG pressure on Asia property funds

Adoption of a real estate benchmark in Asia is increasing as leading European pension funds place reporting at the heart of their emissions reduction efforts. Pressure from investors outside Asia is increasing the quality and range of ESG data reported by Asian property funds, according to the leading global ESG benchmark for real estate. “There is increased pressure from asset owners who require their managers to participate in the annual benchmark, although this pressure mostly comes from non-Asian asset owners,”...

March 21, 2023
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21Mar

US. Some Public Pension Funds Are Pulling Back on Private Equity

Some U.S. public pension and investment funds are pulling back on private equity after a decade of state and local retirement systems aggressively pursuing the expensive, risky and hard-to-trade asset class. Maryland’s $65 billion retirement system is investing less new money in private equity. At Alaska’s $77 billion state fund, the investment chief wants to cancel a planned ramp-up. And the $615 million pension fund of Mendocino County, Calif., last month opted against introducing private equity to its investment mix. “We...

March 21, 2023
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17Mar

Pension Tax Limits

By Gov.UK Individual members of registered pension schemes who make annual pension contributions over the standard annual allowance (AA), money purchase annual allowance (MPAA), or tapered annual allowance (tapered AA), and who therefore expect to become subject to an AA charge. Individual members of registered pension schemes who already have or expect to have pension savings exceeding either the standard lifetime allowance (LTA) or their protected LTA, and who therefore expect to become subject to an LTA charge. Scheme administrators of registered pension schemes who will need to...

March 17, 2023
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17Mar

Pension Funds and Sustainable Investment: Challenges and Opportunities

By P. Brett Hammond, Raimond Maurer, and Olivia S. Mitchell Pension Funds and Sustainable Investment: Challenges and Opportunities responds to rising global interest in environmental, social, governance (ESG), and impact investing to generate positive impact while generating financial return. Contributors explore the pros and cons of pension ESG investments and discuss case studies from the US and around the world. The findings will interest researchers, management/advisory firms, financial advisors, asset owners, and policymakers Read book here

March 17, 2023
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17Mar

Longevity, Health and Housing Risks Management in Retirement

By Pierre-Carl Michaud & Pascal St-Amour Annuities, long-term care insurance and reverse mortgages remain unpopular to manage longevity, medical and housing price risks after retirement. We analyze low demand using a life-cycle model structurally estimated with a unique stated-preference survey experiment of Canadian households. Low risk aversion, substitution between housing and consumption and low marginal utility when in poor health explain most of the reduced demand. Bequests motives are found to be a luxury good and play a limited role....

March 17, 2023
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17Mar

The Importance of Goals-based (and Values-based) Liability Indices: Applied to Impact and Green Investing

By Arun Muralidhar, Roland van den Brink, Patrick Groenendijk & Ronald van der Wouden Investors are creating portfolios that align with their specific goals and values. We posit that goals and values should be translated into Goals-based Liability Indices (“GLIdes”). GLIdes can be used to achieve goals, benchmark the asset portfolio, and improve governance.They allow Boards to measure progress to their overall (or multiple) goal(s) and also the relative risks of their investment policies and implementation. We first introduce the...

March 17, 2023
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17Mar

The Health-Consumption Effects of Increasing Retirement Age Late in the Game

By Eve Caroli, Catherine Pollak & Muriel Roger Using the differentiated increase in retirement age across cohorts introduced by the 2010 French pension reform, we estimate the health-consumption effects of a 4-month increase in retirement age. We focus on individuals who were close to retirement age but not retired yet by the time the reform was passed. Using administrative data on individual sick-leave claims and non-hospital health-care expenses, we show that the probability of having at least one sickness absence...

March 17, 2023
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