admin, Author at Pension Policy International

08FebFebruary 8, 2023

UK. New Funding Code could affect how pension schemes are run

UK pension schemes are expecting the Defined Benefit (DB) Funding Code, currently in consultation, to affect the way they are run in the future, a recent poll by Aon has found. At a recent Aon webinar on the funding code consultation, almost 250 attendees were asked how material they thought the new funding regime would be to the way their schemes are run, with 42% of respondents indicating that they thought it would have either a moderate or a significant...

February 8, 2023

NewsFunding, Pension Management, Regulation, UK

08FebFebruary 8, 2023

U.S. Anti-ESG bill could cut this State pension returns by $6.7 bln

Proposed legislation to limit the use of sustainable investment factors by fund managers of the U.S. state of Indiana could cut $6.7 billion from the investment returns of a public pension system there over a decade, a fiscal analysis shows. One such bill proposed in Indiana requires public pension system officials to act only in the fiduciary interests of participants and beneficiaries. According to a Feb. 4 "fiscal impact statement" prepared by the Indiana Legislative Services Agency, which advises lawmakers in...

February 8, 2023

NewsInvestment, Regulation, US

08FebFebruary 8, 2023

China to offer free fertility treatment in bid to boost record low birth rate

China is planning to offer free fertility treatment to citizens under its national insurance scheme in a bid to reverse its plummeting birth rate. The National Healthcare Security Administration said on Friday it would extend its coverage to help shoulder the costs for families trying to conceive. It said the new coverage would include assisted reproductive technology (ART) techniques and also cover labor analgesia to ease pain in childbirth. The most commonly performed ART procedure is in vitro fertilization (IVF). The administration...

February 8, 2023

NewsAging, China

08FebFebruary 8, 2023

UK. Multiple Pensions Dashboards Already a Reality Says Moneyhub in FCA and PDP Consultation Response

Moneyhub, the award-winning Open Data platform and alpha partner to the Pensions Dashboards Programme (PDP) has highlighted the Financial Conduct Authority’s (FCA’s) support for multiple pensions dashboards saying this is already a reality, in its response to the FCA and PDP’s consultations. Moneyhub has also called for a greater emphasis on taking action as part of its response. In its response to the consultations ahead of the 16th February deadline, Moneyhub welcomed the FCA’s and PDP’s proposals, focusing in particular on...

February 8, 2023

NewsOperations, Technology, UK

08FebFebruary 8, 2023

Thailand urges informal workers to prepare for their retirement

More than 16 million informal workers in Thailand have not participated in any savings scheme to prepare for their life during retirement even though the country is expected to become an aged society in the next two years. Thai Finance Minister Arkhom Termpittayapaisith said that Thailand is now an aging society as at least 10% of its population has been 60 years old and more since 2005. In the next few years, the country will become an aged society with the...

February 8, 2023

Newssavings, Thailand

08FebFebruary 8, 2023

Pension Withdrawals Drain Savings in Chile and Peru

By Richard Francis, Kelli Bissett-Tom & Christopher Dychala Peru, Chile and Bolivia have allowed early withdrawals from their funds as a source of relief for households and to support recoveries during the pandemic and the global price shock. But these have had negative financial and confidence ramifications, contributing to downgrades of Peru in 2021 and Chile in 2020. Longstanding private pension funds have been important supports for sovereign creditworthiness where they exist in Latin America. Pension fund assets have supported sovereign...

February 8, 2023

Books, Books, Regulation, Savings2022, Chile, COVID 19, Financial Literacy, Operations, Perú, Withdrawals

08FebFebruary 8, 2023

Financial Inclusion: Annual Monitoring Report 2022

By Stephen McKay, Karen Rowlingson & Adele Atkinson This report is the tenth, and final, in a series of annual monitoring reports supported by the Friends Provident Foundation and Barrow Cadbury Trust to monitor progress towards, or indeed, away from, financial inclusion in Britain. To aid comparisons and provide a comprehensive picture, it uses the same framework as the previous reports and updates figures, where available, to give the most recent data and trends. Read book "here"

February 8, 2023

Books, Books, System Characterization2022, Financial Inclusion

08FebFebruary 8, 2023

New Evidence on the Demand for Advice within Retirement Plans

By Jonathan Reuter & David P. Richardson We study demand for advice by retirement plan participants using administrative records from defined contribution retirement plans offered by 23 institutions where TIAA is the sole recordkeeper. We distinguish advice on asset allocation from advice on retirement income levels, and between participants who are and are not eligible for TIAA’s wealth management services. We find that advice seeking increases with age, account balance and annual contribution level, and is highest among those eligible for wealth management services. However, we...

February 8, 2023

Articles, Investment, Pension design2022, Income, Retirement Planning, US

08FebFebruary 8, 2023

The Road to Women Empowerment through the Mechanism of Self Help Groups

By Pallavi Mahajan Women constitute 48.10 percent of the population of India and only 27 percent of this adult women population has a steady income, which makes women ‘poorest of the poor (World Bank 2019). It has been asserted that comprehensive progression and inclusive development in India would be conceivable only when women are considered as equivalent agents in the development debate (Mazumdar 2004). In this parlance, the development agencies have increasingly regarded ‘empowerment’ as an essential objective to improve...

February 8, 2023

Articles, Labor Market2021, Financial Inclusion, Gender Gap, India

08FebFebruary 8, 2023

Early Pension Withdrawals in Chile During the Pandemic

By Olga Fuentes, Olivia S. Mitchell & Félix Villatoro Chile, with one of the largest and best funded defined contribution programs in Latin America, held over USD $200 bn in assets at the onset of the Covid-19 crisis, or more than 80% of GDP. Reacting to populist pressures during the pandemic, however, the government gave non-retired participants three separate opportunities to tap into their retirement accounts, leaving some 4.2 million participants with zero retirement savings and draining around $50 bn...

February 8, 2023

Articles, Operation, Pension design, Savings2023, Chile, COVID 19, Financial Literacy, Regulation, Withdrawals

February 2023