March 2021
05Mar

What Are the Main Socio-Economic and Behavioral Characteristics That Determine Voluntary Pension Contributions for Self-Employed Workers in Chile?

By Valentina Ciriotto, Camila Cuevas, Francisco Aravena This study contributes to the literature by examining how socio-economic and behavioral characteristics such as neighborhood income inequality and peer effects determine voluntary pension contributions for self-employed workers in Chile. We use a survey representative of the Chilean household sector and we run five different probit regressions to elucidate voluntary contributions to the pension system for self-employed workers. Additionally, we run probit models with a heteroscedastic structure (hetprobit models). The results show that...

March 5, 2021
Articles, Savings, , ,
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February 2021
19Feb

Global Pension Assets Study – 2021

By Willis Tower Watson The Global Pension Assets Study covers 22 major pension markets (the P22), which now totals US$52,522 billion in pension assets and account for 80% of the GDP of these economies. The study includes an analysis of the seven largest markets (the P7) which includes Australia, Canada, Japan, Netherlands, Switzerland, UK and US and comprises 92% of total pension assets. Get the book here

February 19, 2021
Books, Investment, Pension Management, Reports, System Sustainability, , , ,
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October 2020

15Oct

The DC Future Book: In association with Columbia Threadneedle Investments

By Lauren Wilkinson, Daniela Silcock and John Adams Compared to previous generations of pensioners, current and future retirees will: • Live longer on average, • Receive their State Pension later, • Be more likely to be dependent on Defined Contribution (DC) savings, • Have no, or low, levels of Defined Benefit (DB) entitlement, and • Flexibly access their DC savings. These changes increase the risks borne by pension scheme members and the complexity of decisions people must make at and...

October 15, 2020
Books, Pension design, , ,
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May 2019

04May

Towards a New Pensions Settlement: The International Experience: Volume 3

By Gregg McClymont, Andy Tarrant. In a world of ageing populations, and in the midst of a global shift from defined benefit (DB) to defined contribution (DC) pensions, the onus is increasingly on individuals rather than employers to bear the risks of retirement provision. This book weighs the experiences of eight nations across the Americas, Asia and Europe, who have in common early adoption of DC pensions, but very different experiences of mitigation of that risk by the state, either...

May 4, 2019
Aging, Books, Pension design, ,
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May 2018

07May

Designing Pension Systems with Coherent Funded Private Pillars Including Issues for Notional Defined Contribution Schemes

By William Joseph Price (World Bank) This paper reviews the factors that should guide the design of private funded pensions to create a complete pension system alongside a notional defined contribution -- or public -- component. It argues that a mix of public and private pensions is the most effective option to deliver the best combination of pension outcomes. Pension design should start with a vision for five core outcomes: coverage, adequacy, sustainability, efficiency, and security. Thinking through these outcomes...

May 7, 2018
Articles, Pension design, Savings,
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April 2018

23Apr

Defined Contribution Pensions: Plan Rules, Participant Choices, and the Path of Least Resistance

By James J. Choi, David Laibson, Brigitte C. Madrian & Andrew Metrick Over the last 20 years, defined-contribution pension plans have gradually replaced defined benefit pension plans as the primary privately sponsored vehicle to provide retirement income. At year-end 2000, employers sponsored over 325,000 401(k) plans with more than 42 million active participants and $1.8 trillion in assets.1 The growth of 401(k)-type savings plans and the associated displacement of defined benefit plans have generated new concerns about the adequacy of employee...

April 23, 2018
Pension design, ,
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23Apr

Employee Saving and Investment Decisions in Defined Contribution Pension Plans: Survey Evidence from the UK

By Alistair Byrne (University of Edinburgh) This paper uses data from a survey of the members of a UK defined contribution pension plan to explore the attitudes and knowledge of employees faced with pension saving and investment decisions. The results are consistent with behavioural economics in that many employees show limited interest in their pension arrangements. Not all members have received advice about their pension, but those who have are more likely to have calculated their savings needs, to have...

April 23, 2018
Pension design,
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