editor2, Author at Pension Policy International

23JulJuly 23, 2023

China pensions reform: Winning strategies for global asset managers amid evolution in retirement market

By Asifma Major reforms to the Chinese Mainland’s pensions system are creating new opportunities for asset managers. This report, jointly authored by KPMG China and ASIFMA, explores the background to China’s evolving three-pillar pensions system and the demographic factors that necessitated the current reforms, and shares insights from market players on the challenges as well as the opportunities. Pillars 2 and 3 of the pensions assets industry in China could grow to as much as 15-21 trillion RMB by 2030 under...

July 23, 2023

Books, Books, Reports, System Characterization2023, China, Pension Reform, Private Pensions

23JulJuly 23, 2023

Public pensions reporting act

By Minister of Justice A valuation report filed pursuant to this section shall be prepared in a manner consistent with the guides and Recommendations for the preparation of an actuarial report in connection with a pension plan, published by the Canadian Institute of Actuaries, and shall include such additional information as the Minister may from time to time require. Read book “here”

July 23, 2023

Books, Books, Regulation, Reports2023, Canada, Public Pensions

23JulJuly 23, 2023

Defined benefit pensions with Liability Driven Investments

By Work and Pensions Committee The economic uncertainty experienced in the UK in September 2022 brought to the fore risks associated with the use of Liability Driven Investment (LDI) strategies by pension schemes. LDI strategies aim to reduce volatility in scheme funding levels by investing in assets whose value moves in the same direction as that of the scheme’s liabilities. Leverage allows schemes to do this in a capital efficient way, freeing up capital that they can invest in ways...

July 23, 2023

Books, Books, Reports, System Characterization2023, DB Pensions, UK

23JulJuly 23, 2023

The pensions regulator’s annual report and accounts 2022-2023

By The Pensions Regulator The Pensions Regulator (TPR) is the UK regulator of workplace pension schemes. We make sure that employers put their staff into a pension scheme and pay money into it. We also make sure that workplace pension schemes are run properly so that people can save safely for their later years. Read book “here”

July 23, 2023

Books, Books, Regulation, Reports2023, Inflation, Public Policy, supervision, UK

23JulJuly 23, 2023

Relationship between Social Security Programs and Elderly Employment in Japan

By Takashi Oshio, Satoshi Shimizutani & Akiko S. Oishi This study examines how elderly employment is associated with social security programs and how it responds to recent reforms in Japan. To this end, we employed a rich and longitudinal dataset of middle-aged and older individuals collected between 2005 and 2018. By incorporating various factors related to social security incentives into a single index of implicit tax (ITAX), we confirmed that the index successfully captured the incentives and their changes incorporated...

July 23, 2023

Articles, Labor Market2023, Aging, Japan, Social Security

23JulJuly 23, 2023

COVID-19, Home Equity and Retirement Funding

By Vishaal Baulkaran & Pawan Jain We investigate the impact of COVID-19 on using home equity to fund retirement income. We show that financial planners believe that COVID-19 positively influenced their clients’ willingness to utilize home equity products to fund retirement income in particular, sell and downsize and HELOC options. For consumers, COVID-19 does not seem to have a major impact on the outlook on residential property, retirement income, retirement plan, or perceived/actual standard of living during retirement. However, there...

July 23, 2023

Articles, System Characterization2023, COVID 19, Funding, Retirement Planning

23JulJuly 23, 2023

Early Retirement Provision for Elderly Displaced Workers

By Herman Kruse & Andreas Steinvall Myhre This paper studies the economic effects on re-employment and program substitution behavior among elderly displaced workers who exogenously lose eligibility for their early retirement option. We use detailed Norwegian matched employer-employee data containing information on bankruptcy dates and individual income, wealth, pensions and social security benefits. As job displacement before a certain age cut-off results in the loss of eligibility for early retirement benefits between ages 62–67 years in Norway, we are able...

July 23, 2023

Articles, Labor Market2023, Aging, Norway, Retirement Planning, Social Security

23JulJuly 23, 2023

Mortality Regressivity and Pension Design

By Youngsoo Jang, Svetlana Pashchenko & Ponpoje Porapakkarm How should we compare welfare across pension systems in presence of differential mortality? A commonly used standard utilitarian criterion implicitly favors the long-lived over the short-lived. We investigate under what conditions this ranking is reversed. We clearly distinguish between the redistribution along mortality and income dimensions, and thus between mortality and income progressivity. We show that when mortality is independent of income, mortality progressivity can be optimal only when (i) there is...

July 23, 2023

Articles, Pension design2023, Longevity, Pension Payout

23JulJuly 23, 2023

Accounting for Pension and Post-Retirement Benefits in Companies

By Anetha Kumanireng, Reniati Marimpan & Veronika Tombi Layuk After leaving work, retirement is an importan phase in one's life. Companies must prepare for retirement well. One of the elements that must be considered is the accounting for pensions and post-retirement benefits. This article will discuss the importance of this accounting for companies. Source @SSRN

July 23, 2023

Articles, Pension design2023, India, Occupational Pensions

23JulJuly 23, 2023

Strengthening Retirement Income Security: Fairer Tax Rules and More Options Needed

By Alexandre Laurin & George Turpie Simple changes to tax rules can improve retirement security for Canadians, as well as make the retirement system more equitable among different classes of savers, and more efficient at managing longevity risks for capital decumulation. This E-Brief provides a discussion of needed retirement-related tax changes impacting members of capital accumulation plans, such as RRSPs and defined-contribution (DC) plans, divided into the accumulation and decumulation phases. Among the key tax changes recommended for the accumulation phase:...

July 23, 2023

Articles, Savings2023, Income, Retirement Planning, Taxation

July 2023