December 2023
15Dec

Social security developments and trends – Americas 2023

By International Social Security Association The new ISSA report Social security developments and trends – Americas 2023 gives readers an insight into the complexities of societal and social security developments in the region. It presents initiatives and innovations of governments and institutions to overcome challenges and strengthen social security systems, schemes and services. The report starts by taking a look at notable reforms across the region. While some reforms – such as developments in unemployment insurance and social pensions – are a direct...

December 15, 2023
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15Dec

Charting a Course Towards Universal Social Protection: Resilience, Equity, and Opportunity for All

By World Bank Group Charting a Course Towards Universal Social Protection: Resilience, Equity, and Opportunity for All, known as the Social Protection and Jobs Compass updates the World Bank strategy for social protection amid rapid change both within the sector and beyond. The Compass puts at its heart the vision of universal social protection. It recognizes that the progressive realization of universal social protection, which ensures access to social protection for all whenever and however they need it, is critical...

December 15, 2023
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15Dec

Subjective survival beliefs and social networks

By Seung Jeonga, Iqbal Owadallya, Steven Habermana & Douglas Wright People's perceptions about their chances of survival are known to deviate from the objective survival probabilites derived statistically from mortality data. This is crucial because it may explain why people save too little, why their retirement plans are inadequate, and why they do not buy financial security products such as life insurance and annuities which could protect them and their family in the event of early death or in old...

December 15, 2023
Aging, Articles, , , ,
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15Dec

Innovative Combo Product Design Embedding Variable Annuity and Long-Term Care Insurance Contracts

By Yang Shen, Michael Sherris, Yawei Wang & Jonathan Ziveyi This paper presents a novel combo insurance product design consisting of a variable annuity contract embedded with guaranteed minimum income benefits and long-term care insurance. This combo product provides enhanced benefits when the policyholder is functionally disabled. The Hamiltonian Monte Carlo simulation technique is utilised for numerically valuing the combo product whose underlying fund is proportionally invested in multiple asset classes. Product features including the elimination period and the maximum...

December 15, 2023
Articles, Pension design, , ,
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15Dec

Scale Economies, Bargaining Power, and Investment Performance: Evidence from Pension Plans

By Tjeerd de Vries, S. Yanki Kalfa, Allan Timmermann & Russ Wermers We explore the relation between the size of a defined benefit pension plan and its choice of active vs. passive management, internal vs. external management, and public vs. private markets. We find positive scale economies in pension plan investments; large plans have stronger bargaining power over their external managers in negotiating fees as well as having access to higher (pre-fee)-performing funds, relative to small plans. Using matching estimators,...

December 15, 2023
Articles, Pension Management, ,
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15Dec

The Shift that Redefined Retirement Security

By Shashwat Vidhu Sher Retirement plans have been a standard feature of public and private sector employers in the United States since the early 1900s. Although Defined Benefit plans were the mainstay of most pensions plans for much of the twentieth century, there was a massive shift in the 1980s, mainly in the private sector, towards Defined Contribution plans like 401(k). The paper argues that government policies for the private sector, new employer-employee relationship, job-switching, and familiarity with the financial...

December 15, 2023
Articles, Pension design, , , ,
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15Dec

The Employment Landscape of Older Migrant Workers in China’s Aging Society: The Role of City-Level and Industry Specialization

By Haobin Fan & Ting Zhang As China’s population ages, more older workers are participating in the labor market, including a significant number of older migrant workers moving to urban areas. However, surprisingly little research has been done on their destination city and employment patterns. This paper addresses this gap by investigating the impact of city-level and industry specialization on the employment prospects of older migrant workers. Using both individual- and city-level data, we find that unlike prime-age migrant workers, older migrant workers have higher...

December 15, 2023
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15Dec

Playing the Long Game: How Longevity Affects Financial Planning and Family Caregiving

By Surya Kolluri, Janet Weiner & Mary Naylor Since 1935, when Social Security set the age to receive full benefits at 65, average life expectancy in the United States has risen by 17 years. This increased longevity has clear implications for financial planning, both in terms of the timing of retirement and the need to plan for a longer period of retirement. But there are less obvious implications as well, in terms of the likelihood and length of time that...

December 15, 2023
Articles, Pension design, , , ,
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12Dec

Un estudio internacional del sistema de pensiones para el régimen de pensiones mexicano

Por Alfredo Prieto Gómez & María Enriqueta Mancilla-Rendón Los gobiernos de los países del mundo buscan apoyar a los beneficiarios del régimen de pensiones que son aplicables en la etapa improductiva de la vejez; en ocasiones este propósito no se alcanza, trayendo consigo reflexiones sobre si un sistema de pensiones sea el apropiado. Por ello, el objetivo de nuestro estudio fue analizar el sistema de pensiones de algunos países de la Unión Europea (UE), Estados Unidos, Canadá y Chile, para...

December 12, 2023
Artículos, Caracterización del Sistema, , ,
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08Dec

Global Public Pensions 2023

By Official Monetary and Financial Institutions Forum The Global Public Pensions 2023 report explores how public pension and sovereign funds are building optimal investment strategies to address the uncertain economic environment and factor sustainability into their portfolios. The report draws on surveys, discussions, and written contributions from 22 global public funds across the world with combined assets under management of $4.3tn. These include the likes of Singapore’s GIC, Canada’s CDPQ, Australia’s Future Fund and India’s National Infrastructure Investment Fund. It...

December 8, 2023
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