Articles Archives - Page 47 of 140 - Pension Policy International

03DecDecember 3, 2021

Old-Age Pensions and Female Labour Supply in India

By Vidhya of Unnikrishnan & Kunal Sen Whether cash transfers have unintended behavioural effects on the recipient household’s labour supply is of considerable policy interest. We examine the impact’ of the Indira Gandhi National Old-Age Pension Scheme (IGNOAPS) on prime-age women’s labour supply decisions in India, where female labour force participation continues to decline over time. We use propensity score matching (PSM) to make households with IGNOAPS recipients comparable with program non-recipients. Further, we use individual fixed effects (FE) to...

December 3, 2021

Articles, Labor Market2021, Income, India, Pension Design. Gender Gap

03DecDecember 3, 2021

EU Pension Taxation: Removing Another Brick in the Wall?

By Hans van Meerten & Philip Bennett On 11 November 2021, the Court of Justice (Third Chamber) decided the case of MH and ILA (Pension rights in case of bankruptcy)(C-168/20). There was no Opinion by the Advocate-General. Although usually a sign thatthe case was not that important,there are exceptions.This seems one o them. This stems from a reference from the High Court of Justice of England and Wales (‘the High Court’) to the Court of Justice. The referred question related to...

December 3, 2021

Articles, Pension design2021, EU, Regulation, Taxation

26NovNovember 26, 2021

An Overview of Retirement Income Planning

By Wade D. Pfau Retirement income planning has emerged as a distinct field within financial planning with the realization that risks change dramatically in retirement. The combination of longevity risk, increasing market risk triggered by taking distributions from assets, and spending shocks create new challenges. Wealth management has traditionally focused on accumulating assets without applying further thought to these differences happening after retirement. Retirees experience reduced capacity to bear financial market risk once they have retired. This calls for different...

November 26, 2021

Articles, Pension design2021, Investment, Risk

26NovNovember 26, 2021

Population Aging and Worklife Duration: Myths and Realities in the Canadian Context

By Gilbert M., Yves Carrière & Marcel Mérette Population ageing is raising concerns about labour shortage and public finance sustainability, on the assumption that increased age-based dependency ratio is a synonym of shrinking working lifespan for financing expanding lifespan consumption. However, such assumptions usually omit an appropriate account of changing labour force participation and hours worked (behavioural components) which could be playing toward or against the tides of populating ageing (structural components). This paper estimates worklife duration in Canada between...

November 26, 2021

Aging, Articles, Labor Market2021, Income, Pension design

26NovNovember 26, 2021

Preventing Reforming Unequally

By Axel H. Boersch-Supan, Klaus Härtl, Duarte Nuno Leite & Alexander Ludwig Population aging has forced policy makers in most developed countries to reform pension systems with the aim to maintain or re-establish financial sustainability. This usually involves cost-cutting measures like later pension eligibility ages and lower replacement rates. Such reforms face harsh trade-offs with the objective of providing adequate pensions. Social welfare and inequality have emerged as crucial concerns about recent pension reforms, stressing that the lack of 'social...

November 26, 2021

Aging, Articles, Regulation2021, Income, Labor Market, Pension Reform

19NovNovember 19, 2021

Ethics of the Environment

By Julia M. Puaschunder Globalization leveraged pressure on contemporary society. Today's most pressing social dilemmas regarding climate change demand for inclusive solutions that marry the idea of sustainable growth with environmental economics. Understanding the bounds of environmental limits to avoid ethical downfalls beyond the control of singular nation states infringing on intergenerational equity – the fairness to provide an at least as favorable standard of living to future generations as enjoyed today – has become a blatant demand. In a...

November 19, 2021

Articles, System Sustainability2021, Climate crisis, ESG, Investment

19NovNovember 19, 2021

Early Retirement of Employees in Demanding Jobs: Evidence from a German Pension Reform

By Johannes Geyer, Svenja Lorenz, Thomas Zwick & Mona Bruns Early retirement options are usually targeted at employees at risk of not reaching their regular retirement age in employment. An important at-risk group comprises employees who have worked in demanding jobs for many years. This group may be particularly negatively affected by the abolition of early retirement options. To measure differences in labor market reactions of employees in low- and high-demand jobs, we exploit the quasi-natural experiment of a cohort-specific...

November 19, 2021

Articles2021, Germany, Pension Reform, Retirement Age

19NovNovember 19, 2021

Asset Allocation: Glide Path Design for Target Date Retirement Funds

By Thomas Present, Sharon Persyn In this thesis, we discuss and compare target date retirement fund strategies that have been used in recent literature. These strategies include the 100% equity, glide path, maximum drawdown, risk budget and target return strategy. We conduct sensitivity analyses in order to obtain optimal parameters for the different strategies. We first compare the strategies with rebalancing between two asset classes: equity (Russell 1000) as the risky asset and bonds (10Y US government bonds) as the...

November 19, 2021

Articles, Investment, Pension Management2021, Pension design, Replacement Rate, Yields

13NovNovember 13, 2021

Quantifying the Impact of Impact Investing

By Andrew W., Ruixun Zhang We propose a quantitative framework for assessing the financial impact of any form of impact investing, including socially responsible investing (SRI), environmental, social, and governance (ESG) objectives, and other non-financial investment criteria. We derive conditions under which impact investing detracts from, improves on, or is neutral to the performance of traditional mean-variance optimal portfolios, which depends on whether the correlations between the impact factor and unobserved excess returns are negative, positive, or zero, respectively. Using...

November 13, 2021

Articles, Investment2021, ESG

13NovNovember 13, 2021

How Will COVID-19 Affect Pensions for Noncovered Workers?

By Jean-Pierre Aubry, Kevin Wandrei, Laura Quinby Federal law allows certain state and local government employees to be excluded from Social Security if they are covered by an employer pension of sufficient generosity. As a result, approximately one-quarter of state and local workers are not covered by Social Security on their current job. Before COVID-19, these “FICA replacement plans” all satisfied the letter of the law in terms of providing benefits of sufficient generosity. This study has three aims. The...

November 13, 2021

Articles, Labor Market, Pension design2021, Coverage, COVID-19, Social Security

December 2021

November 2021