July 2021
30Jul

Mboweni pushing for major retirement change in South Africa

Finance minister Tito Mboweni wants a key regulatory change that will allow South Africans to access their retirement funds early. The finance minister said in a media briefing on Wednesday (28 July), that the change will be made with the proviso that workers use any funds in a responsible manner. He said that workers should be able to access a portion of their retirement funds during ‘difficult times’ – whether it be for a bond repayment or to pay off debt. “A...

July 30, 2021
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28Jul

Chileans tapped into pensions to survive the pandemic – now what?

Chile’s celebrated $200bn private pensions system, based on individual capital accounts, has served as a model for dozens of emerging markets since it was established 40 years ago during the military dictatorship of Augusto Pinochet. The system was trailblazing: Chile was the first country to eschew a government-backed pension system and replace it with mandatory private retirement savings. Read also Latin America. What Comes After the Commodity Super Cycle and the Pandemic? Policies to Tackle Poverty and Inequality in Latin America Over...

July 28, 2021
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22Jul

Canada. 27% of homeowners planning to access pension early despite adequacy fears

Nearly a third (31 per cent) of homeowners over 40 plan to work beyond state pension age due to concerns over affordability and financial insecurity, whilst over a quarter (27 per cent) plan to access their pensions early, according to research from Canada Life. The survey found that many older savers had fears around funding their retirement, with close to a third (31 per cent) of homeowners over 40 who are currently working stating that they cannot afford to retire...

July 22, 2021
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June 2021
08Jun

Hong Kong’s departing residents withdrew $248.9 million in pension funds in Q1

Hong Kong residents leaving the city for good withdrew a total of HK$1.931 billion ($248.92 million) from their Mandatory Provident Fund (MPF) pension accounts in the first quarter of 2021, up 49.1% from the same period a year earlier. A total of 7,700 claims were made during the first quarter. That compared with 7,600 claims during the same period in 2020, when HK$1.295 billion was withdrawn, data from the Mandatory Provident Fund Schemes Authority released late on Monday showed. (https://bit.ly/3geyWKC). Read...

June 8, 2021
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May 2021
14May

Chileans drain $10 bln more from pension funds as pandemic drives withdrawals

Chileans flocked for a third time to withdraw money from their retirement funds this week, draining nearly $10 billion from the country’s privatized pension system in a move some billed as a lifeline amid a fierce second wave of the coronavirus pandemic. Read also Chicago Boys’ Free-Market Pension Model Is Unraveling in Chile Chile’s Congress in late April approved a bill allowing citizens a third opportunity to withdraw 10% of savings held in privately held pension funds. Many Chileans have already...

May 14, 2021
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04May

Pension changes for South Africa under the spotlight

Parliament’s Standing Committee on Finance has invited interested parties to submit written submissions on the Pensions Funds Amendment Bill. Introduced by the opposition Democratic Alliance, the bill aims to amend the Pension Funds Act to allow pension fund members to access a portion of their fund before retirement as a guarantee for a loan. The DA has described the draft bill as crucial in the fight for ‘people power over state power’ in South Africa. “Individuals should be free to choose, in...

May 4, 2021
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April 2021
28Apr

Chile’s president will sign into law third drawdown on pensions

Chilean President Sebastian Pinera on Tuesday abandoned his challenge to an opposition-led bill allowing citizens to draw down a third tranche of their pensions, saying he would sign it into law. Earlier in the day, the country’s Constitutional Court rejected a bid by Pinera to block the fresh drawdown on pensions, saying it would not overrule Congress, which gave final approval to the project on Friday. Read also Chile Pension Furor Grows Over Third Round of Withdrawals Pinera had also sought to...

April 28, 2021
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26Apr

Chile’s Pinera counters opposition pensions withdrawal bill with own initiative

Chilean President Sebastian Pinera on Sunday announced the government will launch its own bill to allow citizens to draw more from their private pensions in a last-ditch attempt to kill off a similar move led by the opposition. Pinera said his proposed rival bill would be subject to means-tested taxation and would allow for the withdrawn funds to be gradually repaid through state and employer contributions. The president said his initiative was a better option than the opposition's bill, which the...

April 26, 2021
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23Apr

Chile Pension Furor Grows Over Third Round of Withdrawals

Chile’s senate on Thursday approved legislation allowing early pension fund withdrawals, just days after President Sebastian Pinera challenged the bill’s legality in the Constitutional Court. Read also Chile begins debate on third pension withdrawal amid second wave of the pandemic Lawmakers including several Pinera allies backed the bill permitting workers to tap as much as 10% of their retirement savings for the third time since the pandemic started, with 31 votes in favor and 11 against. The proposal will return to...

April 23, 2021
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March 2021
26Mar

Chile begins debate on third pension withdrawal amid second wave of the pandemic

The Constitution Committee of the Chamber of Deputies will analyze five legislative initiatives, opposed by the Government and presented by parliamentarians and pro-government members, and will decide whether to merge them into a single one, since they have similar characteristics. Read also Colombia govt presents capital markets bill The approval of a third withdrawal is almost assured, although it has generated much debate in recent months and the Government has threatened to appeal it in courts, under the premise that close...

March 26, 2021
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