May 2021
06May

Time Horizon, Saving Motive and Stock Market Participation

By Yosef Bonaparte This paper shows that household’s saving motives influence key portfolio choice decision: stock market participation. We utilize a unique data set from the Survey of Consumer Finance (2019 and panel 2007-209), which report about 24 reasons for saving and group these intro 6 saving motive categories: durable, retirement, bequest, emergency, smooth and luxury. Our channel to identify how saving motives influence portfolio choice encompasses the time horizon, from the household’s view, about the planning time horizon to...

May 6, 2021
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06May

Chile. ¿Quién pagará los retiros de las AFP?

Si bien una persona que trabaja cuarenta años con un salario mayor a 1.8 millones de pesos puede acceder a una pensión adecuada (y muchas veces con ahorros adicionales), no es el caso del chileno(a) promedio. De hecho, el 90% de la población gana menos de este monto, además de que la informalidad existente y las habituales lagunas sin ingresos (propios de un país en vías de desarrollo) hacen que la realidad para la gran mayoría del país sea muy...

May 6, 2021
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06May

Perú. Retiro AFP: las propuestas sobre el acceso a los fondos de pensiones que están en debate

El retiro de hasta S/ 17.600 (4 UIT) de la AFP, como medida de apoyo ante la crisis generada por la pandemia sigue en suspenso. El Ejecutivo observó la norma y ahora el Congreso deberá debatir si se aprueba o no la ley que permitirá el acceso a los fondos. La ley que permite a los afiliados de las Administradoras de Fondos de Pensiones (AFP) retirar hasta S/ 17.600 (4 UIT) de sus fondos sigue en suspenso, luego que esta...

May 6, 2021
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06May

U.S. corporate pension funding inches up in April – 3 reports

Funding ratios for U.S. corporate pension plans increased in April, according to reports from Wilshire Associates, Legal & General Investment Management America and Mercer. All three firms noted strong equity markets as the primary driver for the increases, partially offset by a decrease in discount rates leading to rising liability values. Wilshire's monthly report said U.S. corporate pension plans' aggregate funding ratio rose 0.6 percentage points to 92.9% in the month ended April 30. The change was the result of a...

May 6, 2021
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06May

Almost half of Swiss workers choose early retirement

On Tuesday, the Federal Statistical Office (FSO) reported External linkthat in 2019 between 40-50% of people started receiving their pension from their so-called second pillar before the legal retirement age - 65 for men and 64 for women. Men tend to make this choice more than women – 46% compared to 40%, respectively. The Swiss pension system is complex, and is based on three so-called pillars: old-age and survivors’ insurance (known as the AVS), occupational pension planning (often referred to as...

May 6, 2021
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06May

US birth rate falls 4% to its lowest point ever

The American birth rate fell for the sixth consecutive year in 2020, with the lowest number of babies born since 1979, according to a new report. Some 3.6 million babies were born in the US in 2020 - marking a 4% decline from the year before, found the US Centers for Disease Control and Prevention (CDC) National Center for Health Statistics. The slump was seen across all recorded ethnicities and origins, according to the findings. The national picture mirrors a decline in...

May 6, 2021
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06May

Germany hatches plan to attract green investment capital

The German government is planning a new green financing strategy to steer capital towards environmental projects and developing Germany into a leading hub for sustainable finance, plans seen by Reuters show. The so-called Sustainable Finance Strategy plan lists 26 individual measures and is due to be adopted by the cabinet on Wednesday with a view to mobilising investment for climate protection projects. "The federal government wants to develop Germany into a leading location for sustainable finance," states the plan, which is...

May 6, 2021
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05May

Chile. Recursos del Tercer Retiro equivalen a 6 años de ahorro de los trabajadores, advierten

A partir de este lunes se abrió el proceso de solicitud del tercer retiro del 10% de los fondos previsionales. Una situación que provocó además largas filas en distintas sucursales de AFP por parte de quienes no tienen acceso a realizar este mecanismo de forma digital. Isabel Retamal, gerenta de Desarrollo y Educación Previsional de la Asociación de AFP, indicó en CNN Chile que según la última información del superintendente de Pensiones, Osvaldo Macías, “a las 5 de la tarde...

May 5, 2021
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05May

UK. Pension funds urged to help UK reach net zero climate goals

Pension funds must set a target of net zero emissions for their investments if the UK is to meet its climate goals, influential figures in climate activism have urged. Many people are unaware of whether their pensions funds are invested in fossil fuels or high-carbon activities, and even companies that have publicly committed to reaching net zero emissions may have pension fund investments that are still wedded to high-carbon businesses. As the UK prepares to host the UN climate talks Cop26...

May 5, 2021
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05May

Canadian pension officials hailed as climate champions

Two Canadian pension fund officials were hailed Tuesday by the British High Commission and the Canada Climate Law Initiative as Canadian climate champions for their efforts to move Canada to net-zero emissions. The list of 26 champions includes Barbara Zvan, the inaugural president and CEO of the University Pension Plan, Ontario, and Kim Thomassin, executive vice president and head of investments in Quebec and stewardship investing for the Caisse de Depot et de Placement du Quebec. Last July, Ms. Zvan was...

May 5, 2021
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