June 2023
13Jun

EU. Bureau adopts measures to put MEPs’ pension scheme on a more sustainable path

Confirming its decision on 22 May, the Bureau modified the conditions of the voluntary pension fund closed in 2009 to put it on a more sustainable path. The voluntary pension fund was created in 1990, when there was no single statute for MEPs. The fund was closed in 2009, which meant that no MEPs could join the scheme as of 2009 when the new MEPs' single statute entered into force. From the moment she came in office, President Metsola tasked the...

June 13, 2023
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May 2023
31May

Netherlands set to reform $1.6 trillion private pension sector

The Netherlands is set for a major overhaul of its 1.45 trillion euro ($1.6 trillion) private pension industry, Europe's largest, that will see funds ditch the promise of guaranteed benefits as they try to keep a lid on costs. Following years of debate, the Dutch Senate on Tuesday gave its final approval for the shift to a "defined contribution" system, which proponents say will yield better results - though opponents have warned of the extra risks it introduces. Traditionally, Dutch workers...

May 31, 2023
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24May

EU. MEPs face 50% cut to luxury pensions, but public still set for hefty bill

The European Parliament is set to slash payouts from its controversial top-up pension fund by 50 per cent as part of measures aimed at eradicating a €300 million deficit and averting a looming bankruptcy. Despite beneficiaries now facing major cuts to their pension payments, around €86 million is still expected to be covered with public money. After years of procrastination and an ever-growing deficit, the European Parliament has finally taken the bull by the horns to address the impending bankruptcy of...

May 24, 2023
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05May

International Comparison of Pension Systems: An Investigation from Consumers’ Viewpoint

By Hongmu Lee, Gianni Nicolini & Man Cho  A secure and adequate pension system is central to establishing a welfare state. Given that, this book aims to document a set of diverse Public policy issues on the financial consumers standpoint that are observed in different countries. In this introductory chapter, we attempt to summarize those policy issues that emerged from the survey of the countries included with respect to each of the three dimensions- adequacy, coverage, and sustainability.   Book "here"

May 5, 2023
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April 2023
27Apr

US. Aging Population, Higher Life Expectancy Put Pressure on Global Pension Systems

Even though the COVID-19 pandemic caused millions of premature deaths and wiped out nearly a decade of life-expectancy gains, longevity is projected to return to its previous trend and rise to a global average of 77.3 years by 2050 from a global 73.4 years in 2023, data from the 2023 Allianz Pension Report shows. While the American pension system is rated among the best in the world by the Allianz Pension Index, it remains unclear if the U.S. public pension...

April 27, 2023
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20Apr

UK. DB pension trustees urged to assess risk management amid rising insolvencies

Defined benefit (DB) pension scheme trustees have been encouraged to review how they are managing their pension risks after data from the Office for National Statistics (ONS) showed that company insolvencies increased in March. According to the ONS, total insolvencies were up by 16 per cent compared to March last year, while the number of compulsory liquidations more than doubled, up by 106 per cent year-on-year. Furthermore, total bankruptcies and debt relief orders increased by 28 per cent over the same...

April 20, 2023
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03Apr

Who spends the longest time in retirement?

This article was first published on 19 February 2020 and was updated on 29 March 2023. Retirement lengths vary by country. There are now more people over the age of 65 than there are under the age of five. The World Economic Forum says pension savings must be incentivized to ensure better retirement outcomes. There are now more people over the age of 65 than there are under the age of five, a World Economic Forum report has found. As a result, there are...

April 3, 2023
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March 2023
31Mar

Sustainable Investment: Best Practice Disclosure Checklist for Pension Funds

By World Bank Group There are compelling reasons for asset owners – in particular large pension funds and sovereign wealth funds – to adopt sustainable investment, and for governments to support them in these endeavours. First, asset owners have a key role to play in providing the capital that supports national economic and development goals. Second, sustainability issues – for example, climate change, labour rights, public health – are important drivers of investment value. Third, asset owners play a key...

March 31, 2023
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24Mar

Five steps to better pensions: Time for a new consensus

By Pensions and Lifetime Savings Association Millions more people are saving into a workplace pension due to the successes of automatic enrolment. However, ten years after Automatic Enrolment was first introduced the PLSA has undertaken a review to find opportunities to improve the retirement savings system. Our new research finds that without reform more than 50% of savers will fail to meet the retirement income targets set by the 2005 Pensions Commission. We are recommending five steps for reform: National objectives: The...

March 24, 2023
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24Mar

Pensions and the Nordic Welfare Model

By Torben M. Andersen Within the frame of the Nordic welfare model, pension system design has taken very different routes. While the overall aims in terms of distribution and replacement rates are similar, the division of labour between defined benefit and contribution as well as pay-as-you-go versus funded schemes differs significantly. The main characteristics of the pension systems in the Nordic countries are presented, and outcomes relating to pension adequacy in terms of poverty and replacement rates are discussed. Specific...

March 24, 2023
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