Private Pensions Archives - Page 2 of 8 - Pension Policy International

24MarMarch 24, 2023

COVID-19 Private Pension Withdrawals and Unemployment Tenures

By Tristram Sainsbury, Robert V. Breunig & Timothy Watson This is the first study to evaluate the effects of early pension withdrawal policies on tenures on unemployment payments in the COVID-19 context. We use a novel set of linked whole-of-population administrative records to examine more than half-a-million Australians who found themselves newly on an unemployment payment in the initial months of the COVID-19 pandemic. We estimate that receiving a lump sum of up to A$10,000 from superannuation accounts at the...

March 24, 2023

Articles, Labor Market2022, Australia, COVID-19, Private Pensions, US, Withdrawals

28FebFebruary 28, 2023

Over 24 million individual pension accounts opened in China

More than 24 million individual pension accounts have been opened since China announced the implementation of its private pension plan to supplement the country's old-age insurance mechanism in November last year, the country's banking and insurance regulator said. The China Banking and Insurance Regulatory Commission said that the banking and insurance institutions have been introducing savings, wealth management products, commercial pension insurance, and other financial products for individual pension account holders. Under the private pension plan, applicants can open their own...

February 28, 2023

NewsChina, Private Pensions

16JanJanuary 16, 2023

Ghana. Private pension funds control 71% of industry’s assets

Private pension funds hace maintained their strong growth over the years, reaching a record hig of GH28Billion in 2021 from the previus year´s GH28Billion. the increse represents 27 èrcent, with private pension funds - the mandatory 2nd Tier and voluntary 3rd Tier schemes - now controlling a 71 percent share of the industry´s total assets under managment (AUM) in the year under reviw, latest data from the National Pension Regulatory (NPRA) show. A Breakdown of private schemes shows that 2nd Tier...

January 16, 2023

NewsGhana, Private Pensions, savings

01DecDecember 1, 2022

China to launch commercial pension scheme in 10 regions from January

China will launch a commercial pension scheme along with insurance firms in 10 provinces and municipalities from Jan. 1, as Beijing develops its third pillar pension system to help its large ageing population. The scheme will supplement the private pension plan launched last week in 36 cities, allowing individuals to open retirement accounts with banks and buy financial products. Under the latest scheme, customers can open accounts at the insurance firms and invest in pension products offered by the companies, the...

December 1, 2022

NewsChina, Private Pensions, System sustainability

24NovNovember 24, 2022

China. New pension program nears launch

China has almost completed all preparations for a private pension program and will soon start implementing the project, said an official at the Annual Conference of Financial Street Forum 2022 in Beijing on Wednesday. The country has rolled out supportive policies such as implementation measures, tax policies and rules for financial products in this regard after the General Office of the State Council issued its opinions on promoting the development of private pensions in April. System docking tests on the private...

November 24, 2022

NewsChina, Private Pensions

10NovNovember 10, 2022

How much does Europe spend on pensions?

Iceland Iceland’s pension system is rated by CNBC as the best in the world and yet remarkably it only spends 2.6% of GDP on retirees, the smallest amount in Europe. Pensioners are entitled to the full ellilífeyrir payment if they’ve lived in Iceland for 40 years. Retirees can apply for a basic pension, a pension supplement and a household supplement and all amounts are based on income. The regular pension age is 67, unless you have worked at sea for...

November 10, 2022

NewsEurope, Private Pensions, Public Pensions

04NovNovember 4, 2022

China. Authorities release guideline for private pension plans

Five central departments released a guideline for the implementation of private pension plans on Friday, in an effort to improve the nation's pension system. The guideline, jointly released by the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration, said individuals joining the private pension plan should first open an account at State-run social security platforms or those operated by commercial banks and then open a capital account at an authorized commercial bank...

November 4, 2022

NewsChina, Private Pensions, Regulation

03NovNovember 3, 2022

Chile’s Boric announces plan to end private pension system

Chile’s President Gabriel Boric on Wednesday announced his long-awaited plan to reform the country’s controversial private pension system. In a televised address, Boric said he was planning to end Chile’s Pension Fund Administrators (AFP) system in lieu of a new private-public social security system that would see new contributions from employers and the state. “The AFPs, in this reform, are finished,” Boric said, adding that new private entities would still be allowed to invest pension funds, but there will also be...

November 3, 2022

NewsAdequacy, Chile, Pension Management, Pensions Reform, Private Pensions, Public Pensions

21OctOctober 21, 2022

The politics and economics of pension privatization in latin america

By Raúl Madrir This research note seeks to explain 'lvhya large nUl11ber of Latin Atnerican countries have privatized their pension systel11s in recent years. It argues that the privatization schelnes are a response to the severe capital shortages that have plagued their countries intennittently in recent years rather than to the financial problelns facing son1e of the pension systelns. The likelihood of pension privatization, 1 argue, is determined in large part by the vulnerability of countries to capital shortages as...

October 21, 2022

Articles, System Characterization2022, Latin America, Political economy, Private Pensions, Social Protection

04OctOctober 4, 2022

Tax cuts for China’s private pension scheme likely to lure participants as financial institutions vie for market share

Tax on withdrawal of funds is down to 3 per cent from 7.5 per cent, a move likely to drive participation according to analysts However, the new tax rates may have little immediate impact given the relatively small size of the taxpayer population New favourable tax policies will encourage more people to participate in China’s forthcoming private pension scheme, analysts said, as Beijing strives to ease the financial strain of a rapidly ageing population. The tax cuts, announced last week, may also...

October 4, 2022

NewsChina, Private Pensions, Taxation

March 2023

COVID-19 Private Pension Withdrawals and Unemployment Tenures

February 2023

Over 24 million individual pension accounts opened in China

January 2023

Ghana. Private pension funds control 71% of industry’s assets

December 2022

China to launch commercial pension scheme in 10 regions from January

November 2022

China. New pension program nears launch

How much does Europe spend on pensions?

China. Authorities release guideline for private pension plans

Chile’s Boric announces plan to end private pension system

October 2022

Tax cuts for China’s private pension scheme likely to lure participants as financial institutions vie for market share