November 2025

CalPERS becomes first US pension to adopt total portfolio approach

The board of California Public Employees’ Retirement System – with a few trepidations – officially approved the transition to its long-anticipated total portfolio approach at a meeting this week, providing staff more discretion in investment decisions. For the past year, CalPERS staff have pitched the TPA model as offering added flexibility and an opportunity to focus on investments that can best contribute to performance, instead of those that best fit pre-set allocation targets for asset classes. Stephen Gilmore, the system’s CIO,...

ICEA survey finds most Kenyan retirees struggle to survive on pensions

A recent nationwide survey by ICEA Lion has revealed that most retirees in Kenya are unable to rely solely on their pensions to meet everyday expenses. The findings, based on responses from 1,200 working and retired Kenyans, highlight the fragile financial state of the ageing population in a country where savings culture is weak and social security coverage remains limited. The "ICEA Retirement Preparedness Survey" shows that just about half of retirees feel their pension is enough to sustain them in...

México. El Encuentro Amafore y la oportunidad del capital pensionario

El Encuentro Amafore 2025, realizado la semana pasada, permitió revisar con calma un tema que suele discutirse solo de forma parcial: la relación entre el ahorro pensionario y la inversión en infraestructura. Más que una serie de ponencias, fue un espacio para reconocer lo que ya ocurre y lo que puede profundizarse con una visión de largo plazo. Hoy las Afores participan en proyectos que han transformado distintas regiones del país. Con el ahorro de millones de trabajadores se han...

España. La Airef paraliza el nuevo examen del sistema de pensiones que le encargó el Gobierno porque cree que no cumple la ley

El Gobierno encargó en julio a la Autoridad Independiente de Responsabilidad Fiscal (Airef) un nuevo informe sobre la sostenibilidad del sistema de pensiones y que lo tenga listo para junio de 2026, poco más de un año después del que el organismo ya publicó en marzo, que, pese a conceder un aprobado raspado, alertaba de que la salud de las cuentas estaba empeorando. Aunque con el calendario en la mano la Airef no debía volver a hacer esta revisión...

Mesadas de pensión en Colombia subirían esto si la inflación es del 5,51 %

Las mesadas de pensión en Colombia se ajustan con base en dos indicadores. El primero, lo que defina la mesa de concertación de políticas salariales para el salario mínimo. El segundo mecanismo que ajusta las mesadas es el correspondiente al dato de inflación que informe el DANE para el año anterior. Sin embargo, estos dos aumentos no aplican para todos los jubilados. La mesada de pensión en Colombia se ajusta con base en el nivel del pago mensual. Lo anterior quiere decir que, si...

EU. Commission proposes to boost supplementary pensions to help ensure adequate retirement income

The European Commission has today adopted a package of measures to help citizens secure adequate income in retirement by improving access to better and more effective supplementary pensions. The proposed actions aim to complement - not replace - public pensions, which are the foundation of pension systems in all Member States. Today's package forms part of the Commission's Savings and Investments Union (SIU) Strategy which seeks to create more opportunities for households to build their wealth through capital markets, while...

Less than half of UK consumers believe their pension offers good value

Less than half (47 per cent) of UK consumers consider their pensions, including workplace pensions and personal or self-invested personal pensions, to be good value, according to research conducted by Royal London in collaboration with the Lang Cat. The 2025 Meaning of Value research surveyed 2,000 UK consumers and found that 40 per cent of UK consumers are neutral on the value of their pension, while 5 per cent think that their pensions are poor value. The survey also asked them, for each...

Romania unveils draft law to cap magistrates’ pensions

The Romanian government published a draft law on Wednesday to cap magistrates' pensions at 70 percent of their final net salary and to gradually raise their retirement age to 65 over 15 years starting from Jan. 1, 2026. The proposal has been released for public consultation as part of a transparency procedure. The Ministries of Labour and Justice put forward the bill, saying that it aims to "bring more sustainability and fairness" to the special pension system for judges and...

The smart decision 20 years ago that saved a Japanese town

Akiyas are perhaps the most visible sign of the country’s ageing population, which has shrunk for 16 consecutive years as the fertility rate has collapsed and deaths have outpaced births. Hundreds of rural villages are at risk of disappearing in coming decades. There are about 9 million akiyas across Japan, even in major cities such as Tokyo and Osaka, but you need to venture only an hour or two outside metro areas to find them in abundance. In the village of...

Why private pensions can’t fix the ageing problem

Across Europe, politicians increasingly tout private pensions as a cure-all for reviving stagnant stock exchanges, fostering entrepreneurship and curbing ballooning public spending as populations age. But any governments that bet on this solution may be disappointed. A proliferation of individual piggybanks will not solve the deeper challenges that flow from having purchasing power ever-more concentrated in older hands. According to the United Nations, Europe’s population aged 20 to 64 will shrink by 31% between now and 2100, while longer lifespans...