January 2021
01Jan

Supervising mandatory funded pension systems: issues and challenges

By Gustavo Demarco, Rafae Rofman, & Edward Whitehouse The regulation and supervision of pension funds is a critical part of building public confidence in a funded-pension system. This paper argues that confidence is best bolstered by an independent, autonomous and transparent supervision agency, particularly when previous systems had failed. The choice between proactive and reactive supervision depends on previous experience of selfregulation in a country’s financial sector. The paper examines four key areas of supervision in detail: institutional, financial, membership and...

January 1, 2021
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01Jan

Collecting and transferring pension contributions

By Rafael Rofman & Gustavo Demarco Collecting social security contributions is an important operational issue in all types of pension systems. Many regimes are plagued by poor compliance and weak, inefficient administration. Some countries have tried to introduce an automatic incentive to contribute by moving systems closer to"actuarial fairness,"where pension benefits are more strictly related to individual contributions. Examples include the systems of individual accounts introduced in a range of countries in Latin America and Eastern Europe. But in these...

January 1, 2021
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December 2020

30Dec

US. Multiemployer Pensions Update: A Lump Of Coal In Their Christmas Stockings

How do you write about something that didn’t happen? On Sunday night, President Trump, after much delay, signed the combo Covid-relief and omnibus appropriations bill. Since I had been bookmarking a variety of articles that anticipated the inclusion of retirement related provisions in that bill, and even more voices calling for the need to resolve the multiemployer pension crisis (which I myself last addressed in October), I looked at the text as soon as it was made available, went...

December 30, 2020
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22Dec

ESMA advises fresh postponement of pension fund central clearing duty

The EU financial markets watchdog has recommended the European Commission extend until June 2022 the current exemption for pension funds from the obligation to use central clearing for derivatives. Its stance follows a public consultation to collect more data as well as views from a wide range of stakeholders about issues surrounding potential central clearing solutions for pension schemes. ESMA said it was convinced of the benefits of a broad adoption of the clearing obligation for pension funds, but...

December 22, 2020
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18Dec

Australian Regulator Questions 10 Pensions Over Poor Performance

Australia’s prudential regulator will consider using its enforcement powers on 10 default retirement savings plans that were found to be among the nation’s worst performers for a second year. The Australian Prudential Regulation Authority said Friday it is assessing whether the eight trustees managing the plans have failed their obligations to members and will seek information on how they’re addressing the underperformance. APRA will then determine what action will be taken, including whether to use its power to force...

December 18, 2020
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16Dec

US. Labor Department Finishes Fiduciary Rule for Retirement Plans

The Labor Department completed on Tuesday the Trump administration’s fiduciary rule governing advice affecting the trillions of dollars in retirement accounts. Read also US. Workers Tap Retirement Savings as a Last Resort But because the regulation won’t go into effect until after President-elect Joe Biden takes office, it is likely to be revised by the new administration. Read also Divest or direct? Pension funds weigh their options in the climate crisis “I don’t expect it to survive in its current form,”...

December 16, 2020
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11Dec

Population Change and Public Policy

By Billystrom Jivetti, Md. Nazrul Hoque This book provides a solid empirical portrait based on the complexities of demographic components of population change. It describes recent innovations, trends, challenges and solutions to population change and public policy issues, such as but not limited to immigration, gender discrimination in the labor market, student housing, teen pregnancy programs, smoking and alcohol consumption, and environment and self-rated health. As such it provides an interesting platform for academics, researchers, policy makers, and...

December 11, 2020
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07Dec

2020 OECD Pensions Outlook

From OECD The OECD Pensions Outlook provides an analysis of different pension policy issues in OECD countries covering both public and private, defined benefit and defined contribution, pay-as-you-go and funded retirement provisions. Prepared against the background of the COVID-19 pandemic, the 2020 edition discusses policy guidelines to help governments strengthen the resilience of their retirement savings and old-age pension systems. Get the book Here!

December 7, 2020
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03Dec

South African expats face stricter pension rules

The South African government has tabled a tax relief meaure that would benefit expats stuck in the country during lockdown, while passing a bill that would potentially make it more difficult for them to access their pension funds until three years after they emigrate. South African expats earning up to ZAR1.25m (£61,000, $81,000, €68,000) through foreign employment need to spend at least 183 days out of the country during a 12-month period, of which 60 days must be continuous,...

December 3, 2020
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02Dec

Europe’s ‘Ambitious Plans’ for ESG Disclosure Rules

New European rules on sustainability disclosure requirements in the financial services sector take effect in March, affecting institutions such as banks, insurance companies, pension funds, and investment firms. And while details of the Sustainable Finance Disclosure Regulation (SFDR) have not been finalized, law firm Akin Gump says the move to increase requirements shows the EU and the UK have “ambitious plans” for improving environmental, social, and governance (ESG) disclosures for financial firms. In 2018, the European Commission established an...

December 2, 2020
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