admin, Author at Pension Policy International

24JanJanuary 24, 2023

Why Older Americans Regret Not Saving Early and Enough

Any Americans head into their retirement years with little rigor in their planning, and then they find themselves nursing a bundle of regrets. Those regrets are about not saving more earlier in life, not investing in long-term care or annuities, and dipping into their social security payments much too early. How widespread are those regrets, and how can people plan more smartly for their retirement? That is the focus of a new paper titled “Financial Regret at Older Ages and...

January 24, 2023

NewsLongevity, savings, US

24JanJanuary 24, 2023

UK. The role of the Regulator in monitoring and enforcing pensions dashboards compliance

The Pensions Regulator ("TPR") is responsible for ensuring that all in scope occupational pension schemes comply with their duties under the Pensions Dashboards Regulations 2022 (the "Regulations"). The Regulations introduce new legal duties for trustees and scheme managers – discussed in more detail in our previous blog – and give TPR the power to monitor their compliance and take enforcement action if necessary. With the connection deadlines for some of the UK's largest pension schemes edging ever closer, TPR...

January 24, 2023

NewsRegulation, Technology, UK

24JanJanuary 24, 2023

Europe’s Biggest Pension Fund Issues ESG Warning to Banks

One of Europe’s biggest investors is putting banks on notice and may start exiting the sector unless it sees proof that claims of portfolio decarbonization are matched by action. “The financial sector has really lagged,” said Dominique Dijkhuis, a member of the executive board and head of investments at ABP, which is Europe’s largest pension fund. “If you say you’re committing to a climate course and then still actively granting loans to new fossil products, that’s just not aligned.” ABP is...

January 24, 2023

NewsESG, Investment

24JanJanuary 24, 2023

U.K. pension plan sponsors might need to contribute $42 billion more – analysis

New funding rules for U.K. defined benefit plans being developed by The Pensions Regulator could potentially mean plan sponsors will need to make up to £34 billion ($42 billion) in additional contributions, according to an analysis published Monday by investment consultant Lane Clark & Peacock. The forthcoming funding rules call for pension funds to be funded on a "low dependency" basis once they are "significantly mature," without further specifics. It also calls on trustees to expect sponsors to pay down...

January 24, 2023

NewsFunding, Regulation, UK

24JanJanuary 24, 2023

Financial regret at older ages and longevity awareness

By Abigail Hurwitz & Olivia S. Mitchell Older people often express regret about financial decisions made earlier in life that left them susceptible to old-age insecurity. Prior work has explored one outcome, saving regret, or peoples’ expressed wish that they had saved more earlier in life. The present paper extends attention to five additional areas regarding financial decisions, examining whether older Americans also regret not having insured better, claimed benefits and quit working too early, and becoming financially dependent on...

January 24, 2023

Articles, Savings2023, Pension design, Social Security, US

23JanJanuary 23, 2023

Expertos hablan sobre cuál es la edad ideal de retiro para Colombia

Desde la semana pasada el Gobierno Nacional empezó a mostrarles a todos los partidos, tanto los de su coalición como los de oposición, la agenda que espera tramitar en el Congreso durante la entrante legislatura. El encargado de socializar esa lista no podía ser otro que el ministro del Interior, Alfonso Prada, quien en su debut del semestre pasado logró que las mayorías que el presidente Gustavo Petro consolidó en el Congreso desde julio le aprobaran normas tan importantes como...

January 23, 2023

Noticias, NoticiasColombia, Edad de retiro

23JanJanuary 23, 2023

Pensiones dignas que siguen siendo un privilegio en RD

Es un asunto de «a falta de pan, casabe»; un fracaso sistémico del Estado y sus descentralizaciones que para desgracia de los envejecientes que arriban a retiro, no han convertido la protección a quienes finalizan su etapa laboral en un beneficio universal y vasto. Al que se llega por mandato automático del calendario. Que deje de ser lo de hoy: una conquista del Everest debida a las conexiones con el poder, al peso de los apellidos o a la apreciación...

January 23, 2023

Noticias, NoticiasCobertura, Diseño de Pensiones, República Dominicana

23JanJanuary 23, 2023

Japan. Pension Benefits to Rise for 1st Time in 3 years

Public pension benefits will rise for the first time in three years in fiscal 2023, although at a slower pace than a major inflation rate, the Health, Labor and Welfare ministry said Friday. Benefit increases, set at 1.9% for pensioners aged 68 or over, will be limited because the ministry will activate what it calls the macroeconomic slide mechanism to curb benefit payments for the first time in three years. Japan revises the amounts of pension benefits every year to take...

January 23, 2023

NewsAdequacy, Inflation, Japan

23JanJanuary 23, 2023

Switzerland. Thousands of retired seniors falling into poverty

In Switzerland a huge wealth gap exists among retirees. While most senior citizens can comfortably make ends meet, one in five is living either below or close to the poverty line. Some 50,000 pensioners have no financial cushion to offset their low income. Bernard and Pierrette Apothéloz are both in their early 70s. With their meagre pensions and no savings or additional benefits, the couple often struggle to pay their bills. Because of their financial situation, they are unable to...

January 23, 2023

NewsChina, Coverage, Public Pensions

23JanJanuary 23, 2023

China: Unified pension management system ensures more equity

More Chinese people have access to coverage provided by the country's government-run basic old-age insurance, since the adoption of unified management of insurance funds, according to the authorities. China's basic old-age insurance covered 1.05bn people as of the end of 2022, 24.3m more than a year earlier, reported the Xinhua News Agency quoting data from the Ministry of Human Resources and Social Security. The country formally implemented the national unified management of basic old-age insurance funds for enterprise employees in January...

January 23, 2023

NewsChina, Coverage, Public Pensions

January 2023