April 2020

13Apr

Greece. Nightmare scenarios for pension system

Social security experts and the government are having to consider nightmare scenarios with unemployment above 20 percent and a recession of close to 12 percent once the coronavirus pandemic has subsided. The fiscal turbulence is also expected to affect forecasts for the social security system, as the revenues of the main pension fund (e-EFKA) are expected to plummet, which means that the state will have to step in and help out. Read also Public pension funds shouldn’t wait for...

April 13, 2020
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08Apr

Covid-19: Restrictions, Economic Losses And Incentives. European And Global Overview

By Virginia CÂMPEANU The viral epidemic COVID-19 started in December 2019 in a large city of China, Wuhan with a population of about 20 million, similar to that of Romania. The huge speed of virus spread inside China, then outside the borders has determined the World Health Organization (WHO) to declare on January 30, 2020, "Global emergency for public health" (pandemic). In mid-March, the epicentre of the epidemic moved from Asia to Europe, where the number of cases continues...

April 8, 2020
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08Apr

COVID 19: Emerging Investment Risks for Pension Schemes

Daily policy initiatives by governments across the world who are desperate to avoid the worst ravages of an economic recession are fuelling a lot of the volatility in public markets with which investors are now sadly familiar. However, many pension funds have significant private market exposures through alternative investments. Those holdings are not immune to government intervention and pension funds should note the sometimes unexpected effect of policy changes. The Pensions Regulator’s COVID 19 guidance on 27 March advised...

April 8, 2020
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08Apr

Why Switzerland is struggling to guarantee pensions for the next generation

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 LPP) and private saving for old age encouraged through tax breaks. This set-up enables risk-sharing and, although “unfortunately not perfect”, could be “a model for other States”, says Thomas Gächter, professor of social insurance law at Zurich University. Read also UK. Wakefield man who failed to claim pension gets...

April 8, 2020
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07Apr

Cost and past performance 2020 report

By EIOPA The European Insurance and Occupations Pensions Authority (EIOPA), has today published its second report on cost and past performance of insurance-based investments products (IBIPs) and personal pension products (PPPs) in the European Union. The report is published following a request from the European Commission to the European Supervisory Authorities to periodically report on the costs and past performance of retail investment products. This report provides an analysis of costs for 2018 and past performance for the period...

April 7, 2020
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07Apr

Irish Demand for Social Benefits Soars as Coronavirus Bites

The number of people in Ireland dependent on social welfare income support amidst the coronavirus outbreak has soared to more than 700,000 based on numbers released on Monday by the Department of Employment Affairs and Social Protection. On April 3, 507,000 people were paid the COVID-19 Pandemic Unemployment Support payment, which is a weekly stipend of 350 euros ($377.93) for those who have lost jobs or had hours cut due to coronavirus disruption. That was in addition to 207,000...

April 7, 2020
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07Apr

EIOPA publishes second report on costs and pasts performance of insurance based investment products and personal pension products

The European Insurance and Occupations Pensions Authority (EIOPA), has today published its second report on cost and past performance of insurance-based investments products (IBIPs) and personal pension products (PPPs) in the European Union. Read also Cost and past performance 2020 report The report is published following a request from the European Commission to the European Supervisory Authorities to periodically report on the costs and past performance of retail investment products. This report provides an analysis of costs for 2018 and...

April 7, 2020
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06Apr

UK. Wakefield man who failed to claim pension gets £140k payout

He mistakenly thought he was not allowed to claim a state pension because he had continued to work long after reaching retirement age. He is now set to receive more than a decade's worth of payments in one lump sum. The error only came to light after Wakefield Council made inquiries on the man's behalf. In a report, councillor Michael Graham said: "To help our residents get more money in their pocket, we are using information we hold to...

April 6, 2020
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03Apr

Pension Policy in Europe and the United States – Towards a New Public-Private Pension Mix

By Onorato Castellino, Elsa Fornero, Christina Benita Wilke Pension reform has occupied and will continue to occupy an important place in the welfare state reform agenda on both sides of the Atlantic. In both the European Union (EU) and the United States (US) demographic forces in the form of an aging population and low fertility pose significant long-run fiscal challenges to traditional public pay-as-you-go (PAYG) systems. In addition, the pace of pension reforms in most EU countries has accelerated...

April 3, 2020
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02Apr

Dutch pension funds invest in coronavirus bond

Dutch pension funds invested a total €36 million ($38 million) in a new bond aimed at combating the coronavirus pandemic. Pension funds managed by APG and PGGM have invested in the Nordic Investment Bank's €1 billion Response Bond, which matures in April 2023. Proceeds of the bond will finance projects that help to alleviate the social and economic effects of the coronavirus pandemic in NIB's eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. APG has...

April 2, 2020
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