July 2020

23Jul

Mexico Unveils Pension Reform Bill that will Boost Worker Pensions

Mexican workers will get a major boost in their retirement benefits after the government and private sector ironed out the details of a pension reform that is expected to become law by early next year, the Finance Ministry said on Wednesday. Read also Changes under Mexico’s planned pension reform The plan presented by Finance Minister Arturo Herrera sees pensions for the average worker rising some 40%, even as worker contributions to the pension system remain unchanged. "This is a big,...

July 23, 2020
News, Slider, , ,
Read more...
23Jul

Chile’s Senate approves pension reform law

Chile's Senate on Wednesday approved a measure allowing citizens to withdraw up to 10 percent of their pension funds to help mitigate the effects of the coronavirus pandemic. Read also COVID-19 Relief Packages Help Fuel Ultra-Low Interest Rates The bill, approved by a 29-13 vote with one abstention, will now return to the lower house Chamber of Deputies where it has already been given the green light for a final and decisive vote. Read also Covid-19 May Destroy Chile’s Iconic...

July 23, 2020
News, Slider, , , , ,
Read more...
20Jul

France delays retirement reform that caused mass strikes

France''s government is delaying a divisive overhaul of the country''s retirement system until at least the end of the year because of the economic crisis unleashed by the pandemic. Prime Minister Jean Castex announced after meeting with unions Friday that the pension reform “will be maintained.” But he added that the government will extend negotiations on details of the plan over the coming months, instead of pushing to finalise it this summer. The plan would end some specific pension...

July 20, 2020
News, Slider, , ,
Read more...
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
News, Slider, , , , ,
Read more...
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
News, Slider, ,
Read more...
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
Articles, Pension design, System Sustainability, , ,
Read more...

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
News, Slider, ,
Read more...
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
News, Slider, , , , ,
Read more...
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
News, Slider, , ,
Read more...
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
News, Slider, , , , , ,
Read more...