July 2020

16Jul

UK. Govt’s ‘landmark’ pensions bill proceeds to Commons

The Pension Schemes Bill, which includes rules for pension dashboards and new powers for the Pensions Regulator, has cleared its first hurdle in the House of Lords. Read also UK. Does benchmarking DB transfers against a workplace pension make sense? The bill, originally announced in the October Queen’s Speech, will now pass into the House of Commons where MPs will debate its measures before it receives Royal Assent and is written into law. Read also UK. Proposed Legislation for Losses...

July 16, 2020
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16Jul

Sint Maarten. Government and APS hosting meeting on pension reform

The pension reform legislation has been approved by Parliament, effective July 1, a positive development that will introduce important changes to secure the sustainability of the pension system for the future. The most important changes in the pension reform will be addressed via Zoom video meetings hosted by the General Pension Fund of St. Maarten APS and the government of St. Maarten. There will be two options to attend the virtual meetings and ask questions: Thursday, July 16, 1:00-2:30pm; or...

July 16, 2020
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10Jul

Financial System Requirements for Successful Pension Reform

By David P. Blake This paper examines the financial system prerequisites needed for the successful delivery of funded private pensions. In particular, it examines the financial instruments and investment strategies required during both the accumulation and decumulation stages. It does so within the context of a specific developed economy with a mature pension system, namely the United Kingdom. The lessons learned can help to inform the debate in developing countries that are in the process of undertaking pension reform....

July 10, 2020
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June 2020
10Jun

Supreme Court Clears Bankruptcy Restructuring of Puerto Rico Government Pension Plans

On June 1, 2020, the Supreme Court of the United States issued a unanimous decision in Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment, LLC, No. 18–1334, holding that the selection of the members of the Financial and Oversight Management Board for Puerto Rico did not violate the Appointments Clause of the U.S. Constitution. Consequently, the Board’s actions regarding the management and control of the budget and other financial matters of the government of Puerto Rico,...

June 10, 2020
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09Jun

Bahamas. ‘Baffled’ Over Failure To Reform Public Pensions

The Chamber of Commerce's chief executive says he is "baffled" at the government's failure to reform public sector pensions by making civil servants contribute towards their own retirement costs. Jeffrey Beckles, speaking on a webinar hosted by the Chartered Financial Analyst (CFA) Society of The Bahamas, said: "I can't find a model in the world that has been using the same system where it has proven successful or profitable, and I don't know what causes us to feel that...

June 9, 2020
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08Jun

Ireland. Warning of cuts to social welfare unless pension age is raised to 67

Cuts to social welfare will be needed if the new government does not push up the pension age to 67 next year. The Department of Employment Affairs and Social Protection has warned that reductions in other social protection payments may be necessary if the pension age stays the same. It said ensuring the pension system is sustainable is vital if current workers are to receive a pension when they reach retirement age in the future. Read more @Independent

June 8, 2020
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03Jun

India. Modifications in National Pension Scheme financially untenable: Finance Ministry

The Finance Ministry has ruled out proposals by a federation of central and state governments employees seeking modification in the National Pension Scheme, saying its corpus is invested in a prudential manner to ensure optimal returns and suggested that changes will be financially untenable. The response comes following a petition to the Prime Minister''s Office (PMO) by Manjeet Singh Patel, president of Delhi unit of the National Movement for Old Pension Scheme (NMOPS), seeking revival of the old pension...

June 3, 2020
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02Jun

Japan. Relieve non-regular workers’ anxiety through reform of pension system

By The Japan News Editorial There is great significance in improving the foundation of the quality of life in old age for part-timers and other non-regular workers. Laws related to pension system reform have been passed. The range of people eligible for employee pensions will be expanded to include short-term workers from companies with fewer employees. Read also India. Modifications in National Pension Scheme financially untenable: Finance Ministry Currently, companies are required to join the employee pension program if they meet the...

June 2, 2020
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May 2020
29May

Retirement Reforms: Occupational Strain and Health

By Kantha Dayaram, Alistair McGuire A concurrent increase in the demand for state age pensions and health care has led to reforms in delaying retirement. We employ thirteen waves of longitudinal data to examine the mental and physical health effects of Australian men and women at “early” and “traditional” retirement. We use before and after propensity score matching (PSM) estimates between treatment and control groups of retired and not retired individuals aged 60 and 65 years. The results indicate...

May 29, 2020
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01May

Peru takes another stab at major pension reform as AFP bill forced through

Peru’s government has submitted a bill for urgent consideration that establishes a special commission tasked with proposing ways to improve the country’s private and public pension systems. The commission will look at areas such as sustainability, pension size, coverage and demographics. President Martín Vizcarra (pictured) has previously called for an overhaul. Read also OECD pension chief says reforms must continue, urges crisis policy caution The body will comprise representatives of congress, the executive, the central bank and financial services...

May 1, 2020
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