Articles Archives - Page 15 of 140 - Pension Policy International

15MarMarch 15, 2024

An Assessment of the 2019 and 2020 Pension Reforms in Mexico

By Boele Bonthuis In recent years the Mexican pension system has changed significantly. In 2019 the existing means-tested social pension was made universal – covering everyone over the age of 65 – and the benefit level increased. In 2020, the main regime of the private sector was substantially reformed, increasing contribution rates for the funded defined contribution system, lowering the minimum years of contributions needed to receive an earnings-related pension, and increasing minimum pensions. This paper tries to assess the...

March 15, 2024

Articles, System Characterization2024, Defined Benefit, Mexico, Pension design, Pension Reform

08MarMarch 8, 2024

Gender Pension Gap in EU Countries: A Between-Group Inequality Approach

By Antonio Abatemarco, Elena Lagomarsino & Maria Russolillo Pension entitlements are influenced by individual career paths and labor market conditions, which often result in gender-based disparities. Women face several challenges during their working lives, such as late entry into the labor market, the gender pay gap, discontinuous working careers, and early retirement due to family caregiving, which lead to lower pension incomes. This paper investigates the gender pension gap in nine European Union countries from 2004 to 2020. Our study...

March 8, 2024

Articles, System Characterization2023, Equality, Europe, Gender Gap, Labor Market

08MarMarch 8, 2024

The gender pension gap: What does it tell us and what should be done about it?

By Miglena Abels, Loli Arribas-Banos & Gustavo Demarco Despite recent attention in the media, progress in closing the gender pension gap in most countries has halted. These sources point to a stark disparity in retirement outcomes, with women receiving pensions that are between 25% to 30% lower than those of men. Methodological differences to estimate the gap don’t make it less striking and are no excuse for inaction. Source World Bank

March 8, 2024

Articles, System Characterization2023, Equality, Gender Gap, Pension design, Public Policy

01MarMarch 1, 2024

Fiscal Stimulus or Debt Relief: The Effect of Federal Pandemic Aid on State and Local Pensions

By Grace Brang, Sewin Chan & Travis St. Clair Between 2020-2021, the U.S. federal government passed four major pieces of legislation that included nearly $1 trillion in aid to state and local governments. One concern with distributing federal stimulus in the form of intergovernmental transfers is that subnational governments may use the aid to pay down unfunded pension liabilities or other debt rather than preserve employment. We examine the effect of fiscal stimulus passed in response to Covid-19 on public...

March 1, 2024

Articles, System CharacterizationCOVID-19, Public Pensions, US

01MarMarch 1, 2024

Lessons from the Pan-European Personal Pension product (PEPP)

By Hans van Meerten Europe has come up with legislation for a new individual pension product: the PEPP. This introduces an individual retirement account that can be rolled out in the entire European Union (EU). And can be offered to citizens worldwide. Europe – like most continents - is ageing at a rapid pace. In 2060, there will be two people at a working age for every pensioner, in comparison with four people at a working age at the present time....

March 1, 2024

Articles, Pension design2024, EU, savings, System Characterization

01MarMarch 1, 2024

Financial Fragility, Financial Resilience, and Pension Distributions

By Robert L. Clark & Olivia S. Mitchell We evaluate Americans’ financial robustness during the Covid-19 pandemic, using measures of financial resilience and financial fragility derived from US surveys of persons age 45-75 from 2020 to 2022. We analyze which factors were associated with resilience and fragility, discuss how these measures changed during the pandemic, and assess whether pre-pandemic resilience led to better outcomes during the period. Results show that stronger resilience was protective in terms of financial fragility, and financial literacy...

March 1, 2024

Articles, System Characterization2024, COVID-19, Income, Retirement security, US

22FebFebruary 22, 2024

The Government Pension Identity Crisis

By T. Leigh Anenson, J.D., LL.M., Ph.D. & Hannah R. Weiser, J.D., M.B.A. The Contract Clause once dominated the docket of the Supreme Court. But now the clause belongs to the museum of constitutional law. This artifact, however, is gaining new life in ongoing litigation over public pension reform that significantly impacts the financial benefits of government workers such as teachers, firefighters, and even judges. And, unlike private sector workers, for public servants there is no federal safety net in...

February 22, 2024

Articles, Pension design2024, Pension Reform, Public Pensions, Retirement security, US

22FebFebruary 22, 2024

Can ChatGPT Plan Your Retirement?: Generative AI and Financial Advice

By Andrew W. Lo & Jillian Ross We identify some of the most pressing issues facing the adoption of large language models (LLMs) in practical settings, and propose a research agenda to reach the next technological inflection point in generative AI. We focus on four challenges facing most LLM applications: domain-specific expertise, an ability to tailor that expertise to a user’s unique situation, trustworthiness and adherence to the user’s moral and ethical standards, and conformity to regulatory guidelines and...

February 22, 2024

Articles, Operation, Pension design2024, AI, Retirement Planning, Technology

21FebFebruary 21, 2024

Social Spending in Mexico: Needs, Priorities and Reforms

By Swarnali A Hannan, Juan Pablo Cuesta Aguirre & David Bartolini Poverty in Mexico was high before the COVID-19 pandemic and has been exacerbated by the pandemic, with significant variation across states. Education losses from the pandemic are likely to be large and worsen pre-existing disparities; unless mitigated soon, they could contribute to heightened scarring over the medium term. Using state-level and cross-country comparisons, this paper reviews key social programs as well as priorities in education and health. It finds that...

February 21, 2024

Articles, Pension design2021, Income, Mexico, Pension Reform

16FebFebruary 16, 2024

Does Pension Automatic Enrollment Increase Debt? Evidence from a Large-Scale Natural Experiment

By John Beshears, Matthew Blakstad, James J. Choi, Christopher Firth, John Gathergood, David Laibson, Richard Notley, Jesal D. Sheth, Will Sandbrook & Neil Stewart Does automatic enrollment into retirement saving increase household debt? We study the randomized roll-out of automatic enrollment pensions to ~160,000 employers in the United Kingdom with 2-29 employees. We find that the additional savings generated through automatic enrollment are partially offset by increases in unsecured debt. Over the first 41 months after enrollment, each additional month...

February 16, 2024

Articles, Operation2024, Occupational Pensions, savings, UK

March 2024

An Assessment of the 2019 and 2020 Pension Reforms in Mexico

Gender Pension Gap in EU Countries: A Between-Group Inequality Approach

The gender pension gap: What does it tell us and what should be done about it?

Fiscal Stimulus or Debt Relief: The Effect of Federal Pandemic Aid on State and Local Pensions

Lessons from the Pan-European Personal Pension product (PEPP)

Financial Fragility, Financial Resilience, and Pension Distributions

February 2024

The Government Pension Identity Crisis

Can ChatGPT Plan Your Retirement?: Generative AI and Financial Advice

Social Spending in Mexico: Needs, Priorities and Reforms

Does Pension Automatic Enrollment Increase Debt? Evidence from a Large-Scale Natural Experiment