February 2024
02Feb

The Purpose of Pensions

By Tom Shields & Jesse Griffiths  The pensions the system needs major reform: it is not delivering decent, secure retirement incomes for all, it excludes far too many, and it is not playing a big enough role in delivering a just, green transition, or supporting an inclusive, sustainable and productive economy. This paper reviews all proposals for change, and recommends five key sets of reforms that could ensure that the pensions system works for people, the economy, and the environment. Get...

February 2, 2024
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02Feb

Redistributive effects of pension reforms: who are the winners and losers?

By Miguel Sánchez-Romero, Philip Schuster & Alexia Prskawetz As the heterogeneity in life expectancy by socioeconomic status increases, many pension systems imply a wealth transfer from short- to long-lived individuals. Various pension reforms aim to reduce inequalities that are caused by ex-ante differences in life expectancy. However, these pension reforms may induce redistribution effects. We introduce a dynamic general equilibrium-overlapping generations model with heterogeneous individuals that differ in their education, labor supply, lifetime income, and life expectancy. Within this framework we...

February 2, 2024
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02Feb

Home Equity and Retirement Funding: Challenges and Opportunities

By Vishaal Baulkaran & Pawan Jain We investigate the use of home equity to address the retirement saving crisis and funding shortfall. Using survey data from consumers and financial planners, we examine Canadian consumers’ views on equity release and gauge financial planners’ knowledge, attitudes, and perspectives toward recommending equity release products to their clients. Our findings indicate that a primary barrier for consumers is their lack of understanding about home equity release schemes. However, when these schemes are more cost-effective...

February 2, 2024
Articles, Pension design, ,
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02Feb

Climate Polarization and Green Investment

By Anders Anderson & David T. Robinson We build a nationally representative sample of retirement savers in Sweden to study how asymmetric updating of beliefs about climate change affects investment decisions. After the intense heat wave of 2018, respondents in regions dominated by a right-wing, anti-climate party grow less concerned about climate change, while respondents outside these regions grow more concerned. Those growing more concerned rebalance their retirement portfolios toward climate-friendly mutual funds; those growing less concerned rebalance out of...

February 2, 2024
Articles, Pension Management, , , ,
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02Feb

Gender Inequality Over the Life Cycle, Information Provision and Policy Preferences

By Alessandra Casarico, Jana Schuetz & Silke Uebelmesser We conduct a survey experiment with four thousand German respondents and provide information on two measures of gender inequality, separately or jointly: the gender gap in earnings and the gender gap in pensions. We analyze the effect of information provision on respondents’ views on the importance of reducing gender inequality and on their agreement with the adoption of policies targeted at different stages of the life cycle and aimed at reducing the...

February 2, 2024
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January 2024
31Jan

Impactos económicos y financieros de retiros de ahorros previsionales

Por Rosanna Costa En ocasiones previas, el Banco ha sido invitado a exponer sobre los efectos macroeconómicos de los distintos proyectos de retiros de ahorros previsionales, entre los que destacan: La fuerte y persistente alza de la inflación. El aumento en el costo de financiamiento de todo tipo de crédito, especialmente relevante los destinados a la compra de viviendas (producto del debilitamiento del mercado de capitales). El efecto negativo en el ahorro de los hogares, que perdieron lo acumulado en los últimos...

January 31, 2024
Libros, Libros, Reportes, Sostenibilidad del Sistema, Sostenibilidad del Sistema, ,
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31Jan

Panorama fiscal de las pensiones en Colombia

Por Julián Andrés Parra-Polanía, Jorge Llano, Santiago Leon & Iván Leonardo Urrea Rios En este documento extendemos el modelo económico usado en Parra et al. (2020) con el fin de incorporar dos grupos significativos que no fueron incluidos en el análisis original: los retirados cuya pensión es igual al salario mínimo y los individuos que no cumplen requisitos de pensión y, por tanto, obtienen una devolución de dinero (en cualquiera de los dos regímenes principales). Los resultados muestran un panorama similar al expuesto por...

January 31, 2024
Caracterización del Sistema, Libros, Libros, Reportes, , ,
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31Jan

La seguridad social en América Latina desde un enfoque de derechos: evolución conceptual en el marco de acuerdos internacionales

Por Sol Minoldo & Enrique Peláez Este trabajo tiene por objeto dilucidar la manera en que la conceptualización del derecho a la seguridad social (su papel, prioridades y características) y a la protección social de las personas mayores se ha ido configurando y modificando en los instrumentos de derecho. Para ello, se analiza el contenido de los instrumentos de derechos humanos, desde los primeros hasta los más recientes. El propósito es conocer cómo se han transformado las concepciones acerca de quién es el sujeto de...

January 31, 2024
Artículos, Caracterización del Sistema, , ,
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31Jan

La compensación del cuidado en los sistemas de pensiones en América Latina

Por Laura Pautassi & Flavia Marco Navarro El artículo analiza la incorporación de medidas compensatorias en los sistemas de seguridad social en países de América Latina, a partir de una revisión del reconocimiento del cuidado como derecho en los sistemas de pensiones en cinco países: Estado Plurinacional de Bolivia, Brasil, Chile, Ecuador y Uruguay. Se trata de medidas de compensación que se traducen en un reconocimiento efectivo que retribuye a las mujeres por su dedicación al cuidado no remunerado y...

January 31, 2024
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26Jan

Public Pension Funding Index January 2024

By Rebecca A. Sielman & Richard L. Gordon  Two consecutive months of positive market performance in November and December 2023 pushed the funded status of the 100 largest U.S. public pension plans to its highest point of 2023. The plans’ estimated funded status increased from 72.4% as of October 31, 2023, to 75.9% as of November 30, 2023, and further increased to 78.2% as of December 31, 2023, as measured by the Milliman 100 Public Pension Funding Index (PPFI). Get the...

January 26, 2024
Books, Books, Reports, System Characterization, , ,
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