Pension Reform Archives - Page 30 of 49 - Pension Policy International

13SepSeptember 13, 2022

French retirement spending threatens deficit targets, pension panel says

France's public spending on pensions as currently planned threatens President Emmanuel Macron's deficit-reduction targets, an independent retirement system panel said in a report to be released later this week. Macron's government aims to reduce the public sector budget deficit to below a European Union ceiling of 3% of economic output in 2027 from 5% this year. To reach that target, Finance Minister Bruno Le Maire aims to keep annual real public spending growth over the period to 0.6% on average, which...

September 13, 2022

NewsFrance, Pension Reform

09SepSeptember 9, 2022

France’s biggest union warns Macron: Reforming pensions now would ‘set France on fire’

France’s biggest union has warned President Emmanuel Macron that reforming pensions at a time of high inflation and economic woes would “set France on fire.” In an interview with RTL radio on Thursday, Laurent Berger, the president of the French Democratic Confederation of Labour (CFDT), said the French people “are in a very tense moment, with a lot of anxiety.” “I tell the government and will also tell the president: To start pushing back the legal retirement age in a vertical...

September 9, 2022

NewsFrance, Pension Reform, Retirement Age

09SepSeptember 9, 2022

Informality and the Challenge of Pension Adequacy: Outlook and Reform Options for Peru

By Christoph Freudenberg, Frederik G Toscani Past reforms have put the Peruvian pension system on a largely fiscally sustainable path, but the system faces important challenges in providing adequate pension levels for a large share of the population. Using administrative microdata at the affiliate level, we project replacement rates in the defined benefit (DB) and defined contribution (DC) pillars over the next 30 years and simulate the impact of various reform scenarios on the average level and distribution of pensions....

September 9, 2022

Adequacy, Books, Books, Pension design2019, Informal Sector, Pension Reform, Perú

05SepSeptember 5, 2022

Philippines. Reforming the private pension system

The Philippine private pension system has serious flaws that need to be fixed. It is not portable, not funded, not adequate, not actuarially fair, not sustainable. As a consequence, it does not ensure the continued well-being or provide a comfortable living for our retirees, especially future retirees coming from the millennial workforce and the next generation. Based on a 2018 study by the Philippine Institute for Development Studies (PIDS), the Philippines will be an ‘aging population’ by 2032 when 7...

September 5, 2022

NewsInformal Sector, Pension Reform, Philippines

23AugAugust 23, 2022

South Korea. At stake is how to reach consensus on contentious issues

The government has finally set about to reform the four major public pensions. In a policy briefing to President Yoon Suk-yeol last Friday, the Ministry of Health and Welfare said it would integrate the national pension with the three occupational pensions ― for public servants, veterans and teachers. It will then link them to the basic pension for people aged 65 and older. The ministry plans to complete the national pension's financial calculation by next March and submit a...

August 23, 2022

News2022, Pension Reform, Public Pensions, South Korea

15AugAugust 15, 2022

Commentary: The U.S. and Mexico need a binational retirement policy

By Jacqueline L. Angel & Emma Aguila Population aging is complicating retirement planning for Americans, and specifically for immigrants. As a 2017 National Academy of Science study showed, Mexican immigrants who arrive at older ages often struggle to support themselves in the United States and often consider returning home. Yet we lack a binational retirement policy that addresses those concerns. We need bilateral agreements that enable Medicare coverage in Mexico, and a Social Security “totalization” agreement allowing Mexican workers in the...

August 15, 2022

News, OP EdMexico, Pension Reform, Social Security, US

05AugAugust 5, 2022

The Misery of Spending Down the Nest Egg: The Effect of Annuitization on Consumption and Wellbeing

By Yu Gao, George Loewenstein & Xianghong Wang We study the effects of annuitization compared to spending down a lump-sum on consumption and subjective wellbeing. Analyzing longitudinal data on UK retirees before and after the pension reform that provided greater freedom to draw down savings, we find that annuitization increased retirees’ consumption and life satisfaction. To further examine the behavioral channel of these effects, we conducted a field experiment with college students, giving them a flow or lump-sum payment. As...

August 5, 2022

Articles, Payout, Pension design, Savings2022, Income, Pension Reform, UK

05AugAugust 5, 2022

CFA Society Germany proposes merger of occupational with private pension systems

CFA Society Germany, the association of investment professionals, has proposed the merger between the country’s occupational and private pension systems under a format based on models in place in Sweden and Canada to cut administrative and sales costs that would lead to an increase in the level of pensions. The models would cater for two different market segments, one including savers opting for a standardised, state-run pension product, and another for savers who demand control over investments, the association said...

August 5, 2022

News2022, Germany, Occupational Pensions, Pension Reform, Private Pensions

25JulJuly 25, 2022

Italy. Pensions at the center of the electoral campaign, here are the parties’ proposals

The issue of pensions, like every electoral round, has forcefully entered the center of the campaign for the vote on 25 September. Silvio Berlusconi immediately launched the minimum pensions of one thousand euros, a proposal already in the past relaunched by the Brothers of Italy (to be financed with a cut in citizenship income). The League has already re-proposed Quota 41 (the possibility of going out with 41 years of contributions regardless of age, ed). In the center-left there...

July 25, 2022

News2022, Italy, Pension Reform, Public Pensions

15JulJuly 15, 2022

IMF Engagement on Pension Issues in Surveillance and Program Work

By IMF The International Monetary Fund (IMF) is increasingly involved in offering policy advice on public pension issues to member countries. Public pension spending is important from both fiscal and welfare perspectives. Pension policy and its reforms can have significant fiscal and distribution implications, can influence labor supply and labor demand decisions, and may impact consumption and savings behavior. This technical note provides guidance on assessing public pension systems’ macrocriticality, i.e., sustainability, adequacy, and efficiency; it also discusses the issues...

July 15, 2022

Books, System Sustainability2022, Coverage, Pension Reform, Social Security

September 2022

French retirement spending threatens deficit targets, pension panel says

France’s biggest union warns Macron: Reforming pensions now would ‘set France on fire’

Informality and the Challenge of Pension Adequacy: Outlook and Reform Options for Peru

Philippines. Reforming the private pension system

August 2022

South Korea. At stake is how to reach consensus on contentious issues

The Misery of Spending Down the Nest Egg: The Effect of Annuitization on Consumption and Wellbeing

CFA Society Germany proposes merger of occupational with private pension systems

July 2022

Italy. Pensions at the center of the electoral campaign, here are the parties’ proposals