editor, Author at Pension Policy International

13JunJune 13, 2024

South Africa. Government pension fund systems offline for months after ransomware attack

The Government Employees Pension Fund (GEPF) suffered a cyberattack in February 2024, and it only expects to restore its self-service functionality by 21 June 2024. A notice published on the GEPF’s social media pages says the self-service functionality on its web platform and app was still offline due to the data breach at the Government Pensions Administration Agency (GPAA). “The GPAA has determined that a total rebuild of the platforms is necessary to ensure a stronger platform,” it said. It is expected...

June 13, 2024

NewsSouth Africa, supervision, Technology

12JunJune 12, 2024

Chile. Reforma de pensiones: gobierno se cierra a división 5-1 del 6% de cotización adicional, calificándola como insuficiente

Este lunes la Comisión del Trabajo del Senado continuó el trabajo legislativo en torno al proyecto de reforma previsional del gobierno, que se mantiene entrampado sobre todo en la repartición del 6% de cotización adicional entre las cuentas individuales y un fondo solidario. La ministra del Trabajo, Jeannette Jara, consultada por la propuesta del senador Ricardo Lagos Weber, quien ha planteado que el 6% se pueda distribuir de tal manera que una mayor proporción vaya a cuentas individuales, como por...

June 12, 2024

NoticiasChile, Reforma de Pensiones

12JunJune 12, 2024

Argentina. Detectan miles de pensiones por invalidez que “no reunían los requisitos para ser otorgadas”

La administración de Javier Milei comenzó a auditar las pensiones no contributivas por invalidez, que, según cifras oficiales, reciben 1.215.548 personas. Un análisis de la Agencia Nacional por Discapacidad arrojó que sobre una muestra de 3000, el 80% no debería haber sido otorgada. Por este motivo, representantes del Ejecutivo contemplan judicializar este asunto, a la vez de endurecer el acceso a este beneficio. El jefe de Gabinete, Guillermo Francos, valoró esta situación como una “irresponsabilidad”. La pensión no contributiva por invalidez es una asignación...

June 12, 2024

NoticiasArgentina, supervision

12JunJune 12, 2024

Perú. Consejo Fiscal alerta que cambios aplicados en el sistema de pensiones generaría insostenibilidad fiscal

El Consejo Fiscal (CF) expresó su preocupación por la reciente aprobación de dos normas en materia previsional por parte del Congreso de la República: la ley de modernización del sistema previsional peruano y la ley que modifica el régimen de pensiones militar y policial del Decreto Legislativo N° 1133 (DL 1133) . En un comunicado, el CF considera que las propuestas referidas van a generar mayor presión sobre las cuentas fiscales en el corto, y en mucho mayor medida en...

June 12, 2024

NoticiasPerú, Regulación, Sostenibilidad

12JunJune 12, 2024

Funded Status of U.S. Corporate Pension Plans Continues to Improve in May

In May, the financial health of U.S. corporate pension plans experienced a marked improvement, continuing a positive trend seen over the past five months, according to a round-up of the country’s pension watchers. The main reasons for the positive funding trends in May across various corporate defined benefit plans included positive economic indicators, strategic investment approaches such as cash-flow-driven strategies and resilience in market performance despite lower interest rates. “May’s improvement is the fifth month in a row of funded ratio...

June 12, 2024

NewsFunding, Occupational Pensions, US

12JunJune 12, 2024

Mercer inks deal to buy Cardano

Mercer agreed to acquire U.K. and Netherlands retirement specialist and outsourced CIO business Cardano. The deal for Mercer — part of Marsh McLennan — to acquire Cardano is set to close near the end of the year, a news release said. It is subject to regulatory approvals and terms of the deal were not disclosed. Cardano, which has $66 billion in assets under management, is an OCIO, investment advisory and liability-driven investing and derivatives solutions firm, working with both defined benefit and...

June 12, 2024

NewsPension Management

12JunJune 12, 2024

Kenya. State fails to remit Sh220m pension for new employees

The government failed to remit Sh219.9 million in its share of contributions to the Public Service Superannuation Fund (PSSF) in the financial year ending June 2023, revealing emerging risks for the recently established pension scheme. PSSF, which commenced operations in January of 2021, is a defined contribution scheme under which civil servants pay towards their retirement benefits which are topped up by exchequer contributions. Civil servants contribute 7.5 percent of their gross salaries from five and two percent previously while the...

June 12, 2024

NewsKenya, savings

12JunJune 12, 2024

UK. WASPI women promised they’ll receive ‘apology and proper compensation’

WASPI women have received a compensation pledge ahead of July's General Election. Department for Work and Pensions ( DWP ) campaigners have called for WASPI women to receive payouts after the Ombudsman's damning report earlier this year. In its election manifesto, the Liberal Democrats has stated: "The women affected by changes to their state pension age should receive an apology from the government and should be given proper compensation." Director of public affairs Becky O'Connor welcomed the measures to widen pension participation to gig economy...

June 12, 2024

NewsRegulation, Retirement Age, UK

12JunJune 12, 2024

South Africa. Two Pot Retirement System

What is a two-pot retirement? The two-pot retirement system is a reform that will allow retirement fund members to make partial withdrawals from their retirement funds before retirement, while preserving a portion that can only be accessed at retirement to help improve retirement outcomes. This means members need not resign to access part of their retirement benefit if they are in financial distress. This reform will come into effect on 1 September 2024. Who is it meant for? The new system will...

June 12, 2024

NewsPension Reform, South Africa, Withdrawals

11JunJune 11, 2024

Retiros de AFP en Chile: esta es la cantidad de personas que no ha recuperado el monto de dinero pedido en las iniciativas

Durante las semanas recientes los retiros de AFP han vuelto al debate luego de que el pasado viernes 7 de juniose levantara la “veda” impuesta a parlamentarios que impedía volver a retomar ideas de esa índole. En ese sentido un grupo de diputados, incluyendo al independiente Enrique Lee, apoyó la idea de un séptimo retiro que permitiría obtener dinero desde los ahorros de la jubilación. Ahora bien, en ese contexto aparecieron nuevas cifras que dieron cuenta de la cantidad de chilenos que obtuvieron retiros del 10% pasados, en...

June 11, 2024

NoticiasChile, Retiro de Fondos