August 2026

España. Pensiones y mercados: una alianza necesaria

Por Juan Flames Una enseñanza constante de la historia es que anticiparse permite evitar que las crisis escalen. El azar es inevitable, pero existe una diferencia fundamental entre la mala suerte y las consecuencias de la inacción. El pasado ofrece ejemplos en los que la demora o la falta de decisiones oportunas desencadenaron crisis cuyas dimensiones solo pudieron comprenderse cuando ya era demasiado tarde. Como afirma Morgan Housel, la mayoría de las grandes debacles no surgen de un único acontecimiento,...

July 2026

US. DOL Brief Sides With Bristol-Myers in PRT Appeal

The U.S. Department of Labor has expanded its campaign to defend employers’ utilization of pension risk transfer transactions by filing an amicus brief in a Bristol-Myers Squibb appeal, joining a coalition of business groups, insurers and state attorneys general urging the U.S. 2nd Circuit Court of Appeals to reverse a district court decision that allowed retirees’ ERISA claims to proceed against a Bristol-Myers Squibb pension risk transfer. The filings collectively argue that the plaintiffs—company pension fund beneficiaries—lack Article III standing...

May 2026

Chile’s Pension Reform: A Good Idea Running Out of Chances

By Dr. Arturo Cifuentes Original ideas seldom get a second chance to be implemented successfully. The Chilean pension system is one of the few exceptions. To grasp how much is at stake in the coming months—a third opportunity might never happen—we need to go back to its origins and identify the key events that shaped its evolution. The Chilean pension system was the brainchild of José Piñera, who, as minister of labor and social security, conceived its basic architecture in 1981. The...

March 2026

Risks, returns and realism: Mapping the future of pension investment

By Nicolas Firzli and Nick Sherry  Former Australian pensions minister Nick Sherry and World Pensions Forum director M Nicolas J Firzli explain their new model for visualising the future of asset allocation as interest in private markets and productive finance increases. We are living in the Age of Geo-Economics – defined by the second Trump presidency, the accelerating Sino-American technological rivalry, and the weaponisation of trade, finance and central banking – shaping the Fifth Industrial Revolution – bringing us artificial intelligence, advanced...

December 2025

UK. A Christmas wishlist for the pensions industry

By Nick Reeve With the festive break upon us, it’s time to find out what the pensions industry really wants for Christmas this year. Pensions Expert asked representatives of 21 organisations from across the UK retirement industry to come up with one ‘Christmas wish’ – something they would like to see over the next 12 months. From a smooth passage for the Pension Schemes Bill to collective defined contribution (CDC) schemes becoming a reality, from defined benefit (DB) endgames to the Pensions...

México. Consar “aprieta” supervisión a Afores con nuevas reglas de entrega de ahorros a trabajadores

Como parte de los planes de mejora al Sistema de Ahorro para el Retiro (SAR), la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar) emitió cambios para tener mayor supervisión en la entrega de recursos a los trabajadores y medidas de fiscalización en las Administradoras de Fondos de Ahorro para el Retiro (Afores). Por medio de diversas modificaciones publicadas en el Diario Oficial de la Federación (DOF), se facilita a las Autoridades Fiscalizadoras y a la Secretaría del Trabajo y Previsión Social (STPS) combatir...

Bulgaria: Over 2 Million Retirees to See Pension Increase in 2026

Pension insurance contributions will not increase in 2026, while pensions themselves will be updated from 1 July under the Swiss indexation formula, resulting in an expected rise of 7–8%. These measures are part of the revised 2026 State Social Security (SSS) budget, approved at first reading by the parliamentary budget committee. Minimum Wage Set at €620.20 From 1 January 2026, the national minimum wage will be €620.20. The minimum insurance threshold for self-employed persons will match this amount, also rising to €620.20. The maximum insurance income will be €2300, a slight decrease compared to the earlier draft...

August 2025

Nigeria’s wage and pension crisis

By Shu’aibu Usman Leman   Earlier this month, the United States government released a sobering assessment of Nigeria’s human rights record in its 2024 Country Reports on Human Rights Practices. Among the stark revelations was the shamefully low national minimum wage of ₦70,000—a figure described as “woefully inadequate” amid rising inflation, a weakened naira, and an ever-worsening cost of living. At just $47.90 per month by current exchange rates, this wage is not merely insufficient—it is an affront to human dignity. In...

Analysis: The US$400 trillion global retirement gap

By Paul Mackintosh   In a recent discussion with the World Economic Forum (WEF), Yie-Hsin Hung, chief executive officer of State Street Investment Management, addressed the global retirement savings gap, estimated to have hit some US$50 trillion ten years ago and forecast to reach around $400 trillion by 2050. The US is expected to account for 33% of the $400 trillion, China, 30%, and India, 20%. In the US, those who are 45- 60 years old or Generation X save on average around...

China’s pension system needs an overhaul because it is neither fair nor sustainable

By Zhou Xin Mainland China’s pension system has again become an issue of debate after the Supreme People’s Court ruled that any private agreement between employers and employees to evade payment of retirement funds was invalid. While the legal interpretation reiterated existing laws and regulations, it struck a nerve with the population and triggered doubts about the pension system’s fairness and sustainability. China’s pay-as-you-go system, which requires workers to contribute funds into a state-managed pool to pay for their retirement, essentially serves as a...