Articles Archives - Page 53 of 140 - Pension Policy International

23JulJuly 23, 2021

The Fintech Gender Gap

By Sharon Chen, Sebastian Doerr, Jon Frost, Leonardo Gambacorta & Hyun Song Shin Fintech promises to spur financial inclusion and close the gender gap in access to financial services. Using novel survey data for 28 countries, this paper finds a large 'fintech gender gap': while 29% of men use fintech products and services, only 21% of women do. The gap is present in almost every country in our sample. Country characteristics and several individual-level controls explain about a third of...

July 23, 2021

Articles, Innovation, Labor Market, Savings2021, Financial Inclusion, Fintech, Gender Gap

23JulJuly 23, 2021

Pensions and Timing of Retirement: The Case of the Public Service Pension Scheme in Uganda

By Kibs Boaz Muhanguzi Unsustainable defined-benefit public pension scheme, rising life expectancy, and high level of unemployment endanger the socioeconomic and political stability of Uganda’s economy. This research approaches the problem from labor supply point of view by: (i) analyzing the effect of the public service pension scheme on timing of retirement; (ii) investigating the required early retirement incentives that would increase employment in the public service; and (iii) determining the predictors of postretirement employment in the public service in...

July 23, 2021

Articles, Pension design2021, Africa, Public Pensions, Retirement Age, Uganda

16JulJuly 16, 2021

Room to Thrive: Why Principles-based Standards Make Sense for Regulating Contingent Pension Plans

By Barry Gros As membership in traditional defined-benefit pension plans declines, plans in which benefits are contingent on the financial status of the plan are becoming more common. Rather than placing all the risk on sponsors to deliver guaranteed benefits to members, these contingent pension plans require members to take on at least some of the risk that benefits may or may not meet expectations. This E-Brief focuses on two types of contingent plans, target-benefit plans and multi- employer pension plans....

July 16, 2021

Articles, Regulation2021, Occupational Pensions

16JulJuly 16, 2021

Public Pension Design and Household Retirement Decisions: A Comparison of the United States and Germany

By David Knapp, Jinkook Lee, Maciej Lis and Drystan Phillips Social Security provides retirement benefits to age-eligible workers and their spouses. Benefits are permanently increased if initial receipt is delayed. For benefits paid to spouses, these incentives reflect a complex interaction of the worker’s and spouse’s earnings histories, benefit claiming decisions, and age difference. We demonstrate that the benefit increment from delaying initial receipt of spousal and survivor benefits is substantial for some households. Past studies find that workers respond...

July 16, 2021

Articles, Pension design2021, Germany, Public Pensions, US

16JulJuly 16, 2021

Private Retirement Systems and Sustainability: Insights from Australia, the UK, and the US

By Nathan Fabian, Mikael Homanen, Nikolaj Pedersen & Morgan Slebos Retirement system sustainability is defined as the ability of plan boards and managers to be responsible investors, active stewards, and allocators of capital to economic activities with desirable social and environmental outcomes. In this paper, we examine the policy frameworks and important structural variables pertinent to private retirement systems in Australia, the UK, and the US. By analyzing various reports, interviewing experts, and using data from the Principles of Responsible...

July 16, 2021

Articles, Investment, System Sustainability2021, Australia, ESG, UK, US

08JulJuly 8, 2021

Pensions for Whom? Redistribution of Public Pension with an Endogenous Income-Longevity Gradient

By Frederik Bjørn Christensen, Frederik Læssøe Nielsen A vast literature on public pensions shows that pay-as-you-go schemes may be preferable to funded schemes despite arguments of return dominance. A heavily cited reason for this is redistribution. One aspect that is rarely considered, however, is that the positive correlation between income and longevity may mitigate or even reverse redistribution. Augmenting a standard, heterogeneous-agent life cycle model with endogenous survival, we conduct a positive experiment and show that pension policy might not...

July 8, 2021

Articles, Pension design2021, Public Pensions, Public Policy

08JulJuly 8, 2021

From welfare to farewell: the European social-ecological state beyond economic growth

By European Trade Union Institute RPS Submitter, Eloi Laurent This working paper is intended to shed light on a pressing issue: the apparent growth-dependency of European welfare states at a time of weak growth prospects and strong criticisms of growth. Indeed, while the notion of going beyond GDP growth is gaining momentum in the European Union, as elsewhere, and seems rational and desirable to a growing number of citizens and policymakers, it might not be feasible. Highlighting a new ‘welfare-growth-transition...

July 8, 2021

Articles, Pension Management, System Sustainability2021, Climate crisis, Europe, Political economy

08JulJuly 8, 2021

Delay the Pension Age or Adjust the Pension Benefit? Implications for Labor Supply and Individual Welfare in China

By Yuanyuan Deng, Hanming Fang, Katja Hanewald, Shang Wu We develop and calibrate a life-cycle model of labor supply and consumption to quantify the implications of alternative pension reforms on labor supply, individual welfare, and government budget for China’s basic old-age insurance program. We focus on urban males and distinguish low-skilled and high-skilled individuals, who differ in their preferences, health and labor income dynamics, and medical expense processes. We use the calibrated model to evaluate three potential pension reforms: (i)...

July 8, 2021

Aging, Articles, Labor Market, Pension design2021, Adequacy, China, DB Pensions, Income, Pension Reform, Retirement Age

08JulJuly 8, 2021

Towards equity and sustainability? China’s pension system reform moves center stage

By Li Yang In this paper I review the latest development of China’s public pension system. Last several decades saw China’s tremendous achievement in various public pension reforms. Especially since the 11th Five-Year Plan (2006-2010), reform has accelerated. By 2019, the public pension system in China has covered almost one billion adults, which makes it the biggest pension system in the world. Together with the expansion of Dibao (Basic living allowance) and the eradication of poverty, the development of pension...

July 8, 2021

Aging, Articles, System Sustainability2021, Adequacy, China, Pension design, Pension Reform

02JulJuly 2, 2021

Pension Incentives and Labor Supply: Evidence from the Introduction of Universal Old-Age Assistance in the UK

By Matthias Giesecke, Philipp Jaeger We study the labor supply implications of the Old-Age Pension Act (OPA) of 1908, which, for the first time, provided pensions to older people in the UK. Using recently released census data covering the entire population, we exploit variation at the newly created age-based eligibility threshold. Our results show a considerable and abrupt decline in labor force participation of 6.0 percentage points (13%) when older workers reach the eligibility age of 70. To mitigate the...

July 2, 2021

Articles, Investment, Savings2021, Behavioral Science

July 2021