September 2023

¿Cómo financiamos la protección social que necesitamos?

Por Guillermo Montt Un sistema de protección social tiene dos mecanismos de financiamiento: el componente contributivo y el impositivo. En el primer caso, como su nombre lo indica, se refiere a que existe una relación más o menos directa entre el aportante, sus derechos, sus aportes y los programas de los cuales se va a beneficiar. Esta fuente de financiación proviene del aporte que realizan los trabajadores, las trabajadoras y los empleadores como parte de la relación de trabajo. Es...

2023 401 (k) Participant Study

By Charles Schwab  • The 2023 401(k) Participant study is an online study conducted by Logica Research. • The study was conducted from April 19 through May 2, 2023. • 1,000 401(k) plan participants completed the survey. • Ages 21-70 • Work for companies with 25+ employees that have 401(k) plans • Currently contribute to their companies’ 401(k) plans • Survey respondents include participants served by approximately 15 different retirement plan providers. • The typical (median) survey length was 10 minutes. Read book “here”

Welfare Analysis of Housing in the Presence of Interest Rate Risk

By Servaas van Bilsen, Theo Nijman & Emiliana van Erk  We model the welfare losses of (i) the presence of a mortgage with required repayments, (ii) a minimum pension savings constraint, and (iii) imposing a suboptimal investment strategy. We develop a life-cycle model which considers housing and interest rate risk. For a reasonable set of parameter values, we find welfare losses of up to 2.41% (5.02%) if a homeowner with a 30-year fixed-rate (adjustable-rate) mortgage faces a minimum savings constraint of...

Risk Aversion and Savings Behavior

By Antoine Bommier, Francois Le Grand & Lionel Wilner This paper investigates the relationship between lifetime savings and risk aversion. First, we take a theoretical approach in a two-period framework with a very general non-parametric model. We show that risk aversion reduces savings in the presence of mortality risk. We then verify the negative impact of risk aversion on savings in a numerical exercise, with a multi-period setting where mortality risk is calibrated on actual demographic life-tables. Finally, we check...

Solving the Puzzle within the Annuity Puzzle: Incorporating Irrevocability Aversion into Annuity Choice

By Spencer Look, Tao Guo & Yuanshan Cheng  Researchers have found that annuities provide substantial benefits to retirement investors. Income annuities, which require the purchaser to irrevocably exchange an insurance premium for future income, are typically considered the most efficient vehicle to generate lifetime income. However, the Life Insurance Marketing and Research Association (“LIMRA”) estimated that the actual sales of income annuities only accounted for 12% of income-focused annuity sales (LIMRA, 2022a). Most of the sales are attributable to deferred...

La última reforma de las pensiones en Francia: entre equilibrio económico y resistencia social

Por Matthieu Chabannes  La reforma de las pensiones en Francia constituye, sin lugar a duda, un tema complejo y controvertido. El objetivo de este trabajo es ofrecer una visión general del sistema de pensiones en Francia y los desafíos que enfrenta en la actualidad. Con tal fin, tras una breve descripción del sistema vigente, emprenderemos un recorrido por las diversas reformas implementadas desde 1993, las cuales han tratado de realizar ajustes paramétricos sin conseguir, sin embargo, la sostenibilidad a largo...

Una población que envejece exige más pensiones y más salud

Por Organización de las Naciones Unidas  En 2021, 761 millones de personas en todo el mundo tenían 65 años o más, cifra que aumentará a 1600 millones en 2050. Un informe de la ONU aboga por replantear la protección social a medida que el mundo tiene cada vez más canas, instando a los Gobiernos a adoptar medidas concretas. Fuente @NacionesUnidas

Extending contribution-based social security schemes for workers in the informal economy and self- employed in Nepal

By International Labour Organization This brief was prepared by André F. Bongestabs and Suravi Bhandary based on the technical note produced by Pierre Plamondon, Senior Actuary, with the support of ILO’s Actuarial Services Unit, as part of the technical support provided by the ILO to the Social Security Fund of Nepal. The brief discusses various considerations that needs to be placed during the design and implementation of contribution-based social security for workers in the informal economy and self-employment. It is...

Review of climate-related disclosures by occupational pension schemes

By The Pensions Regulator From 1 October 2021, new regulations came into effect for trustees of certain schemes aimed at improving governance and reporting of climate-related risks and opportunities. Reports under these regulations started to be published from mid-2022. Here, we set out our preliminary observations and feedback to industry, based on our review of a selection of the tranche one climate-related disclosures published by occupational pension schemes Libro completo “aquí”

Policy Forum: Pensions, Retirement Incentives, and the Role of Inflation

By Tammy Schirle This article describes the role of wage and price inflation for the retirement plans and well-being of registered pension plan members. The federal Public Service Pension Plan is used as an example to illustrate how wage and price inflation can be accounted for in pension design. Alternative scenarios illustrate the importance of pension plan provisions for the standard of living afforded retirees as well as incentives to delay retirement and continue working at older ages. Source @SSRN