September 2025

For Pension Funds and Other Asset Owners, Trade Wars, AI, and Sustainability Are Financially Relevant

In my more than three decades working with the institutional investor community—is it really that long?!—I’ve learned that setting up consistent listening points is a good way to better understand what causes people pain. This is particularly true with the asset owner community, an influential and powerful group of investors whose opinions are sometimes held close but always insightful. These are the investment professionals who oversee significant pools of capital for the largest global public and corporate pension plans. They...

México. Retiros de Afores por desempleo se disparan en agosto

Los retiros de fondos de las Afores por desempleo mantuvieron su tendencia al alza, alcanzando una cifra récord en agosto de 2025. Los mexicanos retiraron 3,356 millones de pesos de sus cuentas individuales, una cifra 115% superior a la registrada en el mismo mes del año anterior. Este fenómeno refleja un nuevo máximo histórico, según datos de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar). El monto acumulado en los primeros ocho meses del año también rompió un nuevo récord. Entre enero...

Perú: protestas masivas exigen la derogación de la reforma de pensiones

Cansados de las leyes del Congreso que recortan derechos, cientos de afiliados a las AFP, organizaciones de jubilados y ciudadanos en general salieron a las calles a movilizarse contra la reforma de pensiones impulsada por Fuerza Popular en el 2024 y reglamentada por el Poder Ejecutivo hace pocos días. Bajo consignas como “abajo la estafa de las AFP”, “no a la farsa de la reforma” y “mi plata, tu plata, nosotros decidimos”, los manifestantes hicieron sentir su voz de protesta...

Superintendente de Pensiones arremete contra las AFP en el ChileDay: “Están preocupados de mantener sus márgenes”

El segundo y último día del ChileDay en Londres (Reino Unido), en la madrugada de este martes en Chile, lo abrió un panel enfocado en la implementación de la reforma previsional, donde participó el superintendente de Pensiones, Osvaldo Macías, quien arremetió contra las AFP ante la exposición del CEO de Cuprum, Martín Mujica. “La AFP tiene conflictos de interés en este tema, no es que solamente estén preocupados de la rentabilidad (de cada afiliado), sino que están preocupados de mantener...

Argentina. Presupuesto: Milei ratificó la austeridad fiscal para 2026, pero prometió aumentos en jubilaciones, salud, discapacidad y universidades

Javier Milei habló en la noche del lunes por la cadena nacional, la octava en lo que va de su mandato, en la que presentó el presupuesto 2026 con una serie de anuncios de alto impacto y tono electoral, en un discurso grabado en la Casa Rosada. En su mensaje de 15 minutos, en los que aludió reiteradamente al equilibrio fiscal, prometió no obstante que el año próximo aumentarán en términos reales un 5% las jubilaciones, 17% en salud, 8% en educación y 5% las pensiones por discapacidad. Además,...

UK. State pension likely to rise by 4.7% in April

People drawing their new state pension from April are likely to see a rise of more than £500 a year, latest wages data suggests. Under the "triple lock" policy, the state pension goes up each year by either 2.5%, inflation, or average earnings growth - whichever is the highest figure. The Office for National Statistics (ONS) revealed total pay including bonuses for the three months to July was 4.7%, which is likely to be the figure used for the annual increase. Almost...

US. IRS finalizes Roth catch-up contribution rules, clarifies SECURE 2.0 provisions

The Internal Revenue Service has finalized regulations implementing key provisions of the SECURE 2.0 Act, including new requirements for catch-up contributions in workplace retirement plans. The rules, announced Monday, set out how plan sponsors and administrators must handle after-tax Roth catch-up contributions for higher-earning participants, as well as increased contribution limits for certain age groups. "The final regulations provide guidance for plan administrators to implement and comply with the new Roth catch-up rule and reflect comments received in response to the...

Dutch central bank reviews climate and nature risk to pensions and insurance

De Nederlandsche Bank is making a new push to help financial institutions manage climate and nature-related risk and it is conducting analysis of these risks at pension funds and insurers with a view to incorporating them into its regular risk assessments. “While the emphasis in recent years has been on raising awareness, DNB will increasingly focus on regulatory compliance. Supervision will follow a risk-based approach, tailored to the institution’s size, complexity, and the materiality of the risks,” the Dutch central...

Balancing sustainability and social welfare: The controversial 2025 ‘pension age’ reform in Mauritius

The government of Mauritius has amended the National Pensions Act 1976 through Section 39 of the Finance Act 2025 to address rising national debt and ensure the long-term sustainability of the Basic Retirement Pension (BRP). The reform introduces a new definition of 'pension age,' gradually increasing the eligibility age for the BRP from 60 to 65 years over a ten-year period, starting from September 2026. The Income Tax Act has been amended to provide income support to individuals...

Japan sets new world record for having nearly 100,000 centenarian citizens

Japan has once again broken its own world record for the highest number of people aged 100 or older, with nearly 100,000 centenarians now living in the island nation. This milestone marks the 55th consecutive year that Japan has held this distinction, demonstrating the country's remarkable trend of longevity among its population. Women represent an overwhelming majority of Japan's centenarians, accounting for 88% of those who have reached the century mark. The achievement comes as no surprise, given Japan's status as having...