December 2018

03Dec

Effects of Future Pension Benefits on Pre-Retirement Labor Supply: Evidence from Chile

By Oscar Becerra (Universidad de los Andes, Colombia) In this paper, I estimate the effect of future pension benefits on pre-retirement labor supply for a representative sample of Chilean workers. Using non-linear patterns in pension benefit formulas and a reform that changed non-contributory pensions, I estimate the effect of pension accrual and expected pension wealth on labor force and contributory-sector participation, labor earnings, and hours worked. I find that the effect is related to the impact of pension accrual on...

December 3, 2018
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November 2018

30Nov

México. Walmart, Bodega Aurrerá, Sam’s y Superama recibirán aportaciones para el retiro

Walmart se suma a los 16 socios que ya reciben aportaciones voluntarias para el retiro. Los mexicanos podrán ahorrar para el retiro en las tiendas Walmart, Bodega Aurrerá, SAMS y Superama, desde 50 pesos en su cuenta Afore y sin cobro de comisión a partir del 1 de enero de 2019, informó la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar). El órgano regulador informó que logró concretar la alianza con la cadena de tiendas de autoservicio más grande...

November 30, 2018
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30Nov

Perú. SBS y gremio de AFP cuestionan régimen de jubilación anticipada

El gremio de las AFP señaló además que dejaron de invertir en proyectos de infraestructura en el país debido a los escándalos de corrupción. La jefa de la Superintendencia de Banca, Seguros y AFP (SBS), Socorro Heysen, resaltó que el fin de los aportes que realizan los trabajadores a una AFP es conseguir una pensión para su vejez. REJA hasta el 2021 Al ser consultada por la Ley N° 29426 que prorroga hasta el 31 de diciembre del 2021 el Régimen Especial...

November 30, 2018
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09Nov

US. Wells Fargo considering sale of retirement-plan unit

is considering the sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one person, who asked to not be identified because the matter isn't public. The people said deliberations are at an early stage and the bank may decide to keep the business, which offers record-keeping, trust, custody and other retirement-plan services to corporations. A representative for Wells Fargo declined to comment on the potential sale. Wells Fargo,...

November 9, 2018
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08Nov

Report: Just 5% of UK pension funds possess a climate change policy

Just 5% of the UK's largest pension fund managers have a specific policy on climate change in place, despite almost three-quarters (74%) claiming to acknowledge the risks that climate challenges pose to the finance sector. None of the companies surveyed by Pinsent Masons were able to confirm specific targets for decarbonising their own operations The research, conducted by international law firm Pinsent Masons, surveyed 43 UK pension fund managers with £479bn in assets under management on their approach to sustainability. The survey...

November 8, 2018
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08Nov

US. Midterm Elections: What’s The Verdict For Aging Policies?

Yesterday, one of the most significant midterm elections in recent history occurred, with significant implications for the outlook on public policies and legislation affecting aging and older Americans. Health and aging issues drove the midterms more than other issues, including preserving the Affordable Care Act (with special emphasis on threats to pre-existing condition protections), considering Medicare for All proposals and lowering prescription drug costs. The election results make prospects stronger for new policies to lower prescription drug costs, something President...

November 8, 2018
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08Nov

UK. Ageing population a ‘real risk’ to Scottish budget

Scotland's ageing population poses a "real risk" to the country's budget in future, a Holyrood committee has said. The working-age population is set to fall from 2018 onwards, alongside a big increase in the number of over-75s. The rest of the UK is set to see its working-age population grow, which the Scottish Fiscal Commission said would place a drag on economic growth north of the border. The finance committee said this posed "fundamental questions" going forward. At present, Scotland's economy is forecast...

November 8, 2018
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08Nov

Leveraging the Pensions Fund to Promote Mortgage Activities in Ghana.

Ghana’s housing deficit is currently hovering above 1.7 million units. This means the country will require about 700,000 units of houses annually to meet this demand and thus requiring an investment of about $52 billion over a 10 year period. A myriad of factors account for the above mentioned deficit, some of these include; the lack of project continuity resulting from change in governments, rural urban migration, population growth, high cost of mortgage financing etc. On the flip side however,...

November 8, 2018
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07Nov

UK. New type of ‘mega-fund’ pension scheme gets green light from government

A new type of occupational pension scheme which pools workers’ investments into one super-sized pot has been given the green light by the government. Pensions minister Guy Opperman has announced that collective defined contribution (CDC) pensions will be brought forward. CDC schemes pool savers’ investments to create mega-funds, which aim to meet the future pension payouts of scheme members by spreading the investment risk across a variety of opportunities. The government is now consulting on how such schemes, which are used in...

November 7, 2018
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07Nov

UK. Altmann urges govt to act on pension inequality

state pension equalisation day is fast approaching but former pensions minister Ros Altmann has warned the system is far from equal as she urged the government to close a number of loopholes affecting women. After decades of being treated differently tomorrow (6 November) will be the date from which both women and men will be eligible for a state pension from the age of 65. Women's pension age has been rising since 2010, under legislation passed in 1995, but new measures...

November 7, 2018
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