August 2026

Risk Sharing and Asset Pricing under Alternative Retirement Systems

By Li Wei We examine what happens to financial markets and how generations share risk when defined benefit (DB) pension plans are incorporated into an asset pricing model with imperfect markets. We look at how important it is for pension fund growth, changes in asset demand, and return-driven volatility channels to use an adjusted macroeconomic asset price model and past data on financial markets and the pension sector. We use scenario models to look at what would happen to the...

Healthy Longevity as Regenerative Capital: AI-Enabled Prevention, Senior Re-employment, and Climate Risk

By Jules SADEFO KAMDEM Population ageing and climate change jointly threaten the functional capacity that sustains autonomy, labour supply, productivity, and fiscal resilience. This paper develops a continuous- time, age-structured model in which healthy longevity is a regenerative form of human capital. Cohort health is exposed to biological depreciation, a standardised heat-stress state, diffusion risk, and marked compound-Poisson losses. Prevention, climate adaptation, education, and effectively accessible artificial intelligence can offset avoidable depreciation. AI is accumulated as a depreciating capital stock...

Optimal Investment for Retirement with Intergenerational Benchmarking

By Luke Servat & Antoon Pelsser Countries have demonstrated a tendency to switch their second pillar toward defined contribution plans, increasing the market-sensitivity of pensions. This can lead to large differences across generations within a pension fund, as otherwise similar cohorts may experience different market conditions during accumulation. In this paper, we investigate how each cohort should invest if the goal is to reduce the likelihood of unlucky generations, in the presence of equity, interest-rate and annuity-conversion risk. We do...

México. Afore de Coppel, comprará la mexicana InverCap por US$ 264 millones

Afore Coppel, una de las administradoras de fondos para el retiro con más clientes en México, parte de Grupo Coppel, comprará la participación de Advent International en InverCap, una afore competidora, en un movimiento que le permitirá superar el billón de pesos en recursos bajo administración. La operación está valorada en MXN$4.620 millones (US$264 millones) y se pagará totalmente en efectivo, de acuerdo con dos personas familiarizadas con el asunto y un documento al que tuvo acceso Bloomberg Línea. InverCap forma...

UK. Income tax blow for retirees who delayed state pension

People putting off their state pension to earn a little extra are likely to see it taxed under new rules, according to analysis. The state pension is set to grow larger than your personal allowance from next year, meaning some of it will be subject to income tax. The government has promised an exemption for people who rely on the state pension as their source of income, but it appears this will not include those who delayed taking it in order...

Hong Kong expands AI sandbox with projects that include banks, securities and insurance

Hong Kong’s financial regulators have selected the first batch of projects for an expanded generative artificial-intelligence (GenAI) testing programme spanning banking, securities, insurance and pensions, as the city explores the use of more autonomous AI agents in financial services. A total of 36 use cases were selected for the first cohort of the expanded GenAI Sandbox++ programme, according to a joint statement on Thursday by the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), Insurance Authority and Mandatory...

African Pension Funds shift more capital into private equity

Ghana is increasingly being recognised as one of Africa’s most credible examples of how domestic pension savings can be invested in more diverse alternatives and channelled into assets such as private equity, venture capital and SME growth financing. Ghana has spearheaded notable pension industry initiatives focused on shifting domestic capital pools towards the real economy, including GVCA’s 5% Pension and Insurance Industry Compact, launched in April 2025, Impact Investing Ghana’s Pension Industry Collaborative, and the $70m SME Fund of Funds...

España. El Gobierno decidirá a partir de febrero a quién anticipa la jubilación en la construcción

La construcción es el sector que más siniestros laborales concentra en España, con 85 decesos entre enero y junio. Es el principal argumento de los sindicatos del sector para reclamar desde hace décadas el anticipo de la jubilación para estos profesionales, que piden retirarse antes por la penosidad de su oficio como ya hacen los mineros o los marineros. Hace más de un año que CC OO y UGT lo solicitaron mediante la nueva vía articulada por el Gobierno,...

Colombia. Reforma pensional prohíbe al gobierno De la Espriella usar ahorros de las pensiones para inversiones o pago de deuda

Entre los puntos avalados por la Corte Constitucional de la reforma pensional, al gobierno De la Espriella, que es el de turno, también se le impone una serie de restricciones sobre el manejo de los recursos para la vejez. La reforma al sistema de jubilaciones, según indica el mismo proyecto de ley, mantiene la finalidad de proteger el ahorro de los trabajadores y generar las mejores opciones para que los jubilados reciban la mejor mesada posible. Al mismo tiempo, como son...

Argentina. El Gobierno de Milei echa mano de los fondos de pensión para promover los créditos hipotecarios

En medio de una preocupación creciente de los argentinos por el rumbo de la economía, el Gobierno de Javier Milei busca mejorar el escenario dándole un impulso a los créditos hipotecarios, que en el país sudamericano representan apenas el 2% del Producto Interior Bruto (PIB). El ministro de Economía, Luis Caputo, anunció que volcará al sistema bancario dos billones de pesos (alrededor de 1320 millones de dólares) que corresponden a los fondos de pensión como una manera de financiar...