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March 2017

14Mar

Personalized Information as a Tool to Improve Pension Savings: Results from a Randomized Control Trial in Chile

By Olga Fuentes; Jeanne Lafortune; Julio Riutort; José Tessada Félix Villatoro We randomly offer to workers in Chile personalized versus generalized information about their pension savings and forecasted pension income. Personalized information increased the probability and amounts of voluntary contributions after one year without crowding-out other forms of savings. Personalization appears to be very important: individuals who overestimated their pension at the time of the intervention saved more. Thus, a person’s inability to understand how the pension system affects them...

March 14, 2017
Articles, Labor Market, Savings, , , ,
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13Mar

Is There a Positive Incentive Effect from Privatizing Social Security: Evidence from Latin America

By Truman G. Packard (World Bank) There is increasing concern among policymakers that social security reforms that involve a transition to individual retirement savings accounts may exclude certain groups of workers from coverage against the risk of poverty in old age. While most public pay-as-you-go systems pool the risk of interrupted careers and periods of low earnings over the covered population, the reformed systems shift the burden of these risks to the individual. Adequate coverage under a system of individual...

March 13, 2017
Articles, Labor Market, Regulation, , ,
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10Mar

Does Financial Regulation Unintentionally Ignore Less Privileged Populations?

By Maya Haran Rosen & Orly Sade (Hebrew University) In 2014, the Israeli insurance and long term savings regulator reached out to the Israeli population to help individuals find inactive retirement plans and withdraw inactive funds. We find that the government's effort did not result in withdrawals of the majority of the accounts, and did not reach all subpopulations equally. Provident fund records indicate that those who took financial action and withdrew funds following the campaigns live in localities in...

March 10, 2017
Articles, Labor Market, Regulation, , ,
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08Mar

Problems of Reforming the Institute of Early Pensions for Work in Harmful and Hazardous Conditions

By Yury Mikhailovich Gorlin, Nadezhda Galieva, Elena E. Grishina, Marina A. Eliseeva, Vladimir Kartavtsev & Anna Cheremnykh (RANEPA) One of the main lines of the strategy for long-term development of the pension system of the Russian Federation, approved by the Resolution of the Russian Government is the reform of early retirement institute. In this area Russian Government set an additional tariff of insurance premiums for employers who offer hazardous work; a special assessment of the working conditions is being made,...

March 8, 2017
Articles, Labor Market, Pension design, Regulation,
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08Mar

Embedded Flaws of the Bulgarian Pension Funds or the Code Against the Insured

The Bulgarian pay-as-you-go publicly managed pension system is complemented by default and voluntary defined contribution pension funds, managed privately. The regulatory regime of the private pension funds is such that turns them into: unsuitable, uncompetitive and ineffective pension products. Privately managed pension funds are unsuitable, because they are not aligned with the investment horizon and the risk tolerance of individual investors. They are uncompetitive since their track record is of delivering below market returns for above market fees and charges....

March 8, 2017
Articles, Pension design, Regulation,
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08Mar

Using Panel Tax Data to Examine the Transition to Retirement

By Peter J. Brady & Steven Bass (Investment Company Institute); Jessica Holland & Kevin Pierce (Government of the United States of America - Internal Revenue Service) Using panel data from the Internal Revenue Service’s Statistics of Income (SOI) Division, we find that most individuals do not experience a reduction in inflation-adjusted spendable income after claiming Social Security. We also examine the composition of income after claiming and find that both Social Security benefits and non-Social Security retirement distributions typically represent...

March 8, 2017
Articles, Labor Market, Pension design, ,
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08Mar

Automatic Adjustment Mechanisms in Asian Pension Systems?

By Elif C. Arbatli, Csaba Feher, Jack Ree, Ikuo Saito & Mauricio Soto (International Monetary Fund) Automatic adjustment mechanisms (AAMs)-rules ensuring that certain characteristics of a pension system respond to demographic, macroeconomic and financial developments, in a predetermined fashion and without the need for additional intervention-have been introduced in many OECD countries to tackle public pension schemes' deteriorating financial sustainability. Incorporating AAMs-in particular linking retirement age to life expectancy-can be an important part of pension reforms in Asia. If implemented...

March 8, 2017
Articles, Pension design, Regulation, System Sustainability, ,
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08Mar

Financial Inclusion and Consumer Protection in Peru

As part of its Global Policy Initiative, CGAP partnered with the Superintendence of Banks, Insurance and AFPs of Peru in late 2008, with the purpose of enhancing the understanding of the issues and trends in consumer relations when financial services are delivered through branchless banking, particularly through agents, which are used in ever increasing scale in Peru. The product was this joint report. The Superintendence and CGAP coordinated closely on data and information gathering, as well as on writing this...

March 8, 2017
Articles, Corporate Governance, Regulation, System Sustainability, ,
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01Mar

The Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2017

The general levy on occupational and personal pension schemes recovers the core funding provided by the Department for Work and Pensions (DWP) for 3 public bodies: The Pensions Regulator The Pensions Advisory Service The Pensions Ombudsman This consultation seeks views on the proposed rates of the levy for the financial year 2017/18 onwards. This consultation is primarily aimed at pension scheme trustees, managers and administrators. We also welcome comments from the wider public. (more…)

March 1, 2017
Adequacy, Articles, Pension design, Regulation, , ,
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February 2017

28Feb

Retirement Spending and Biological Age

By Huang Huaxiong, Moshe A. Milevsky & T. S. Salisbury (York University) Abstract:     We solve a retirement lifecycle model in which the consumer's age does not move in lockstep with calendar time. Instead, biological age increases at a stochastic non-linear rate in chronological age, which one can think of as working with a clock that occasionally moves backwards in time. Our paper is inspired by the growing body of medical literature that has identified biomarkers of aging which --...

February 28, 2017
Adequacy, Aging, Articles, Savings, , , , , ,
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