August 2018

14Aug

Irish retirees at risk of losing UK pension payments over Brexit

Pension payments being made to thousands of people in this country are threatened by Britain’s plans to pull out of the European Union, it has emerged. The issue is a huge risk to the pension payments of people who worked in the UK and get either a UK state pension, a British private pension or both. And it is likely to affect people who worked in Northern Ireland but live in the Republic and receive a sterling pension. Around 120,000 people here...

August 14, 2018
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13Aug

Argentina. Reforma previsional: pese a las promesas, las jubilaciones no le ganan a la inflación y pierden un 9%

Según lo estimado por especialistas en Seguridad previsional, la reforma sancionada el año pasado perjudicó a jubilados y pensionados. No le ganan a la inflación, pierden un 9% de sus ingresos y además muchos viven debajo de la pobreza. Por su parte, la situación de los pensionados es alarmante. La reforma previsional sancionada con polémica y rechazo de gran parte de la población, prometió -a pesar de todo- una mejoría en las jubilaciones y pensiones. Pero, a más de ocho...

August 13, 2018
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13Aug

Chile. Presidentes de las AFP rayan la cancha ante reforma previsional

En la industria previsional hay consenso respecto de que es urgente mejorar las pensiones de los chilenos y hacer una completa reforma. La discusión sobre este tema se ha estado fraguando por años, donde se enarbola como referente el Informe Final de la Comisión Asesora Presidencial Sobre el Sistema de Pensiones, entregado al gobierno de la expresidenta Miche-lle Bachelet en 2015. La pelota está en la cancha del Ejecutivo desde ese entonces. Sin embargo, lo antipopular que pueda ser subir la...

August 13, 2018
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13Aug

Collapsed UK retailer BHS pension scheme secured by $1 billion insurance buyout

The pensions of 9,000 employees of collapsed British department store chain BHS were secured on Sunday after a specialist insurer announced an insurance buyout of the firm’s ‘BHS2’ scheme covering 800 million pounds ($1 billion) of liabilities. Pension Insurance Corporation said the buyout left members of the scheme, which was set up in 2017 following BHS’s collapse and a cash injection by former owner Philip Green, fully insured and certain to receive benefits under the scheme. A pension insurance buyout involves...

August 13, 2018
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13Aug

People retire early for 2 reasons, and neither of them is money

When it comes to early retirement, there's no discounting the importance of having enough money saved to retire early, but many early retirees will tell you the truth: money doesn't really matter once you get there. Brandon of the blog Mad Fientist, who retired at age 34, previously told Business Insider he wishes he knew how "unimportant and insignificant" money would be after retiring early. "I always thought that I would spend my early retirement doing entrepreneurial things, but now that...

August 13, 2018
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13Aug

UK pension funds could face legal action over climate risk, ClientEarth warns

ClientEarth has written to 14 of the UK's biggest pension funds warning they could face legal action unless they properly take account of risks to their investment portfolios posed by climate change. On Friday the green lawyer organisation wrote to the Shell Contributory Pension Fund, as well as the staff pension schemes of Tesco, Aviva, Lloyds Bank and HBOS, highlighting its "concern that a failure to think strategically about climate change may create risk for beneficiaries". "We are concerned that you,...

August 13, 2018
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11Aug

Social Security Programs and Retirement around the World: Working Longer

By Courtney Coile This is the introduction and summary to the eighth phase of an ongoing project on Social Security Programs and Retirement Around the World. This project, which compares the experiences of a dozen developed countries, was launched in the mid 1990s following decades of decline in the labor force participation rate of older men. The first several phases of the project document that social security program provisions can create powerful incentives for retirement that are strongly correlated with...

August 11, 2018
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11Aug

Transitions through the Labor Market: Work, Occupation, Earnings and Retirement (Research in Labor Economics)

By Solomon W. Polachek Understanding the factors that affect how one transitions from school to the labor market and finally to retirement is important both to the individual and to the policy maker. This volume contains seven original and innovative articles that analyze aspects of such labor market transitions. Questions answered include: How did hiring and firing decisions change for blacks and Hispanics relative to whites in the Great Recession? Can redesigning the minimum wage lead to more efficient employment...

August 11, 2018
Books
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11Aug

Financial Incentives and Earnings of Disability Insurance Recipients: Evidence from a Notch Design

By Philippe Ruh Most countries reduce Disability Insurance (DI) benefits for beneficiaries earning above a specified threshold. Such an earnings threshold generates a discontinuous increase in tax liability—a notch—and creates an incentive to keep earnings below the threshold. Exploiting such a notch in Austria, we provide transparent and credible identification of the effect of financial incentives on DI beneficiaries’ earnings. Using rich administrative data, we document large and sharp bunching at the earnings threshold. However, the elasticity driving these responses...

August 11, 2018
Articles, Labor Market, Pension design,
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11Aug

The Power of Working Longer

By Gila Bronshtein This paper compares the relative strengths of working longer vs. saving more in terms of increasing a household’s affordable, sustainable standard of living in retirement. Both stylized households and actual households from the Health and Retirement Study are examined. We assume that workers commence Social Security benefits when they retire. The basic result is that delaying retirement by 3-6 months has the same impact on the retirement standard of living as saving an additional one-percentage point of...

August 11, 2018
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