February 2023
24Feb

Fixed and Variable Longevity Annuities in Defined Contribution Plans: Optimal Retirement Portfolios Taking Social Security into Account

By Vanya Horneff, Raimond Maurer & Olivia S. Mitchell This paper investigates retirees’ optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected Social Security benefits. As an alternative, we also evaluate using plan assets to boost Social Security benefits through delayed claiming. We determine that including deferred income annuities in DC accounts is welfare enhancing for all sex/education groups examined. We also show that providing access to well-designed variable...

February 24, 2023
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24Feb

Chile. Instruyen a las AFP y otras instituciones medidas excepcionales a favor de afectados por incendios

En específico, la Superintendencia de Pensiones envió un oficio a las AFP, AFC, IPS y a las comisiones médicas regionales (CMR) con instrucciones para proceder con los afiliados afectados por los siniestros. La Superintendencia de Pensiones (SP), con motivo de los incendios forestales que desde hace algunas semanas aquejan a localidades de la zona centro-sur del país, instruyó a sus regulados realizar acciones en ayuda de las personas que se han visto afectadas por los siniestros. En específico, el regulador envió...

February 24, 2023
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24Feb

Argentina. ANSES modificó los requisitos para el acceso de personas con VIH en vulnerabilidad

La Administración Nacional de la Seguridad Social (ANSES) estableció nuevos requisitos para las personas con VIH y/o hepatitis que atraviesen una situación de vulnerabilidad social y soliciten la pensión no contributiva establecida por Ley. De acuerdo a lo establecido en la Resolución 34/2023, publicada hoy en el Boletín Oficial, la ANSES consideró necesario el establecimiento de los lineamientos precisos para determinar una situación de vulnerabilidad social. La Ley N° 27.675 declaró de interés público y nacional la respuesta integral e intersectorial...

February 24, 2023
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24Feb

Perú. Ministro de Economía exige al Congreso que priorice la reforma de pensiones

El titular de Economía y Finanzas, Alex Contreras, exigió al Congreso priorizar la ley reforma de pensiones, que propondrá su sector en marzo, antes de cometer el error de aprobar un nuevo retiro de los fondos de las Administradoras de Fondos de Pensiones (AFP). «Lo que yo esperaría es que al menos el Congreso de la República tenga [en cuenta primero] la propuesta de reforma de pensiones; ya han habido seis retiros de AFP, el fondo se ha reducido a...

February 24, 2023
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24Feb

U.S. Here’s how much 401(k) plans fell last year

Saving for retirement requires looking at the big picture, but it can be dispiriting when your 401(k) or other retirement plan takes a beating — a common plight for American workers last year, according to new data from Fidelity. The average balance in a 401(k) plan tumbled 20.5% in 2022, reducing employee nest eggs to $103,900 at the end of 2022, Fidelity said on Thursday. That compares with an average balance of $130,700 a year earlier, the financial services firm...

February 24, 2023
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24Feb

Canada’s CDPQ is slammed by bond rout in worst year since 2008

The historic bond market rout did not spare the Caisse de Depot et Placement du Quebec, causing the pension manager to post its worst results since the global financial crisis. Canada’s second-largest public fund lost 5.6 per cent and saw net assets fall to $402 billion (US$297 billion), down $18 billion from the prior year. Its fixed-income portfolio was shredded by the rapid rise in interest rates, falling almost 15 per cent. The result would have been much worse if not...

February 24, 2023
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24Feb

The rise of elderly workers: The Europeans defying retirement norms and working past the age of 70

While trade unions are mobilising in France to defend retirement at 62, throughout the European Union, men and women are working beyond the age of 65 or even 75. Who are they? The official statistics draw the average picture of a self-employed man aged between 65 and 69, working rather part-time in the health or social sector. But this average situation obviously overlooks the nuances from country to country. In which EU countries do people work beyond the age of 65? Firstly, it’s...

February 24, 2023
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24Feb

Gustavo Petro, Colombia’s president, wants to smother the gig economy

On february 22nd fleets of taxi drivers went on strike and tried to block roads in over two dozen cities in Colombia. Their beef was with Gustavo Petro, the country’s recently elected left-wing president. They cheered when Mr Petro’s administration said that it was going to regulate transport apps, such as Didi and Uber, which are illegal in the country. But his government’s proposals, which were leaked in January, created uproar among ordinary Colombians: one draft suggested they would...

February 24, 2023
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24Feb

Ireland. Majority expect to have to rely on the State pension when they retire

MOST workers expect to have to rely on the State pension when they retire. Some 57pc of workers say the State pension will be their main source of income. The State pension was cited as the expected main source of income on retirement for nearly six in ten workers with no pension coverage, Central Statistics Office research has found. The Government is planning to bring in an auto-enrolment pension scheme to supplement the State pension for thousands of workers who have no...

February 24, 2023
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23Feb

Nigeria: SEC to collaborate with PenCom in deepening commodities sector

The Securities and Exchange Commission (SEC) has announced plans to collaborate with the National Pension Commission (PenCom) on areas that would assist in further deepening the commodities ecosystem. Its Director-General, Mr Lamido Yuguda in a statement said this during a meeting between the commission’s management, the Lagos Futures and Commodities Exchange (LFCE) and PenCom held in Abuja. Yuguda was represented by Mr Ibrahim Boyi, Executive Commissioner Corporate Services of  SEC at the meeting. The director-general noted that SEC was passionate about the...

February 23, 2023
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