admin, Author at Pension Policy International

28FebFebruary 28, 2023

RSA Group completes one of largest pension risk transfer deals in U.K.

RSA Group insured £6.5 billion ($7.8 billion) in liabilities for two defined benefit funds through a buy-in with Pension Insurance Corp. in one of the largest risk transfer transactions ever in the U.K. market. RSA Group, which is a subsidiary of Intact Financial Corporation, covered liabilities for 40,000 plan participants of Sal Pension Scheme and the Royal Insurance Group Pension Scheme. Intact contributed £500 million to the deal, which was accelerated by an improvement in pension fund funding levels due to...

February 28, 2023

NewsRisk transfer, South Africa, UK

28FebFebruary 28, 2023

Milliman analysis: Competitive pension risk transfer buyout rate drops 90 basis points to 99.3% during January

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI). As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer. During January, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 100.2% of a plan's total liabilities...

February 28, 2023

NewsOccupational Pensions, Risk transfer

28FebFebruary 28, 2023

Social partner model spreads to small, medium-sized firms in Germany

Social partner model spreads to small, medium-sized firms in Germany The social partner model offering pure defined contribution (DC) plans is spreading mostly among small and medium-sized firms in the chemical sector in Germany, attracting employees who did not show interest in occupational pensions in the past. The German Federation of Chemical Employers’ Associations (BAVC), the social partner that started one of the first pure DC schemes in Germany, is currently seeing demand for social partner models for pensions in the...

February 28, 2023

NewsGermany, Pension design

27FebFebruary 27, 2023

Gobierno de Puerto Rico dice que no recortará pensiones ante grave déficit

El director ejecutivo de la Autoridad de Asesoría Financiera y Agencia Fiscal para Puerto Rico, Omar Marrero, aseguró que el gobierno de Pedro Pierluisi “no permitirá recortes en las pensiones de nuestros empleados” ante déficit multimillonario para jubilados. “Este gobierno no permitirá recortes en las pensiones de nuestros empleados. Ese siempre seguirá siendo nuestro norte”, afirmó Marrero en un comunicado de prensa en respuesta a una carta publicada el viernes por el Sistema de Retiro de los Empleados de la...

February 27, 2023

Noticias, NoticiasEconomía Política, Pensiones Públicas, Puerto Rico

27FebFebruary 27, 2023

Nicaragua corta el pago de pensiones por vejez a opositores

Opositores nicaragüenses denunciaron, este sábado 25 de febrero de 2023, que el Gobierno de Nicaragua, a través del Instituto Nicaragüense de Seguridad Social (INSS), dejó de pagar sus pensiones de vejez. Los afectados fueron señalados como "apátridas" el 10 de febrero al ser declarados como "traidores a la patria" a través de la reforma "exprés". Entre los perjudicados se encuentran la legendaria excomandante guerrillera Dora María Téllez, antigua compañera de armas del presidente de Nicaragua, Daniel Ortega, y el exmiembro de...

February 27, 2023

Noticias, NoticiasCoverage, Nicaragua

27FebFebruary 27, 2023

Perú. Los ejes de la nueva reforma previsional

El Gobierno presentará en marzo su propuesta de un nuevo sistema de pensiones, la cual debe considerar los aportes de empleadores, garantizar pensión mínima e incluir a informales e independientes, según especialistas. Los empleadores también deben aportar La Presidencia del Consejo de Ministros (PCM) tiene una comisión encargada de la propuesta —a presentarse el próximo mes— de la reforma del sistema de pensiones. César Abanto Revilla, miembro externo de ese grupo de trabajo, adelantó que en la PCM se estudia la posibilidad...

February 27, 2023

Noticias, NoticiasPerú, Reforma de Pensiones

27FebFebruary 27, 2023

Puerto Rico government says it won’t cut pensions due to severe déficit

The executive director of the Financial Advisory Authority and the Puerto Rico Tax Agency, Omar Marrero, assured this Saturday that the government of Pedro Pierluisi “will not allow the pensions of our employees to be reduced” in the face of a deficit of several million dollars for retirees. “This government will not allow the pensions of our employees to be reduced. This will always continue to be our objective,” Marrero said in a press release in response to a letter...

February 27, 2023

NewsPolitical economy, Puerto Rico

27FebFebruary 27, 2023

Kenya. Private firms to battle NSSF for new billions in pension

Private financial services firms are angling for a share of billions from enhanced pension contributions following the enactment of the National Social Security Fund (NSSF) Act 2013. The implementation of the Act has unlocked billions of shillings under tier II contributions which have been opened to other pension funds apart from NSSF. An employer can choose to send second-tier NSSF contributions to a private scheme after remitting tier-one deductions to the state-owned fund. According to estimates seen by the Business Daily from...

February 27, 2023

NewsInvestment, Kenya, Regulation

27FebFebruary 27, 2023

Pakistan stops salaries, pensions as economic crisis worsens

The cash-strapped Pakistan government has reportedly instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all bills, including salaries and pensions, of federal ministries and attached departments until further notice. According to The News, the move comes as the country is reeling under economic crisis, which is causing difficulties in operational cost-related releases. However, the exact the reason for the same is not known. The report cited, the salaries and pensions of defence-related institutions have been cleared...

February 27, 2023

NewsAdequacy, Coverage, Pakistan

24FebFebruary 24, 2023

The Portability of Pension Rights: General Principles and the Caribbean Case

By Alvaro Forteza The portability of pension rights is an increasingly important issue in the Caribbean. The large and increasing flows of migrant workers, including both permanent and temporary migrants, the small size of the domestic economies and the process of regional integration and economic openness call for effective means to make pensions portable. This document presents a select survey of the literature on pension portability and reviews the progress made by the Caribbean countries as well as some remaining...

February 24, 2023

Articles, Labor Market2023, Operations, Portability, Regulation

February 2023