October 2020

23Oct

The Changing Nature of Work and Public Pension Coverage: Evidence from the US and Europe

By Axel H. Börsch-Supan, Courtney Coile, Jonathan Cribb, Carl Emmerson, Yuri Pettinicchi We examine non-standard work and its impact on pension coverage via a case study of the US, the UK, and Germany. We find that the share of workers engaged in non-standard work has changed only modestly over time in these three countries, despite the popular perception that a more significant transformation in the nature of work may be underway. We discuss how non-standard work may affect public...

October 23, 2020
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20Oct

Mercer CFA Institute Global Pension Index 2020

By Merced CFA Institute What makes a world-class pension system in 2020? Pension systems around the world are facing additional pressures in 2020. The widespread economic impact due to COVID-19 has had both immediate and long-term implications for retirees. Additionally, increasing life expectancies and rising pressure on public resources to support the health and welfare of older citizens will affect how citizens around the world will retire in the mid to long-term. “The economic recession caused by...

October 20, 2020
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15Oct

2020 Global Retirement Index An in-depth assessment of welfare in retirement around the world

By NATIXIS With the world facing immediate issues resulting from the coronavirus pandemic and the economic consequences from the response of governments around the world, wildfires and other natural catastrophes triggered by changing weather and climate patterns, and heightened concerns about social justice and income inequality, the long-term goal of retirement security may not appear to be a top global concern in 2020. In reality, though, the crises we are experiencing today will have long-range implications for global retirement...

October 15, 2020
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15Oct

The Unequal Burden of Retirement Reform: Evidence from Australia

By Todd Morris As governments try to contain rising expenditure on retirement pensions by increasing eligibility ages, there are concerns that such reforms disproportionately affect poorer households. Using detailed longitudinal data, I examine this trade-off in the context of an Australian reform that increased women’s pension-eligibility age from 60 to 65. While this reform led to significant reductions in net government expenditure, the negative effects on household incomes were concentrated among poorer households. These unequal impacts meant that,...

October 15, 2020
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15Oct

Workforce Aging, Pension Reforms, and Firm Outcomes

By Francesca Carta, Francesco D’Amuri, Till Von Wachter Raising statutory retirement ages has been a popular policy to increase the labor supply of older workers in the face of population aging. In this paper, we quantify the effect of a sharp and unexpected increase in retirement ages on firms’ input mix and economic outcomes using Italian administrative and survey data on employment, wages, value added and capital. Exploiting information on lifetime pension contributions for the universe of employees, we...

October 15, 2020
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15Oct

5 retirement security risks that 2020 made worse

Retirement security was already on shaky ground when the calendar turned to January 1, ushering in a year of unprecedented and unexpected challenges that have compounded threats to global retirement security. According to Natixis Investment Managers’ 9th annual Global Retirement Index, the challenges of 2020 have disrupted financial markets, caused widespread unemployment and demanded urgent response from policy-makers, all of which could have long-reaching impacts on retirement security. The goal of the index is to provide an objective tool for...

October 15, 2020
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14Oct

US. Deaths of despair: Not everyone benefits from the ‘longevity economy’

America recently passed a grim milestone of over 210,000 COVID-19 deaths, with little hope the pandemic will come under control soon. While the coronavirus has been devastating to those who’ve lost loved ones, it has also exacted a vicious toll on a particular group of older Americans: lower-wage workers, minorities and women who have labored for decades in jobs with unstable incomes and without employee benefits. Read also 5 retirement security risks that 2020 made worse We hear a lot...

October 14, 2020
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13Oct

Australia. Release the Retirement Income Review: Labor

Labor MP Stephen Jones has joined ASFA and the Business Council of Australia in demanding the government release the long-awaited Retirement Income Review ahead of more changes to super. Jones, who was speaking at an online event for ASFA, criticised the government's latest raft of superannuation reforms and the early release of super (ERS) program. "The Superannuation Minister [Jane Hume]- who flips and flops between ambivalent and conflicted in her own portfolio - argues that there is no cost...

October 13, 2020
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09Oct

United Kingdom (UK) Pre-Retirement Pensions Market 2020

By Research and Markets The total UK pensions market grew 16.1% to £16.4bn annual premium equivalent (APE) in 2019. Workplace pensions drove growth as minimum pension contributions increased to 8%. Direct benefit to direct contribution transfers continue as companies de-risk and individuals take advantage of pension freedoms. COVID-19 will bring uncertainty to saving for retirement. The UK economy has officially entered into recession and disposable incomes are set to fall as unemployment rises. This will force many individuals to...

October 9, 2020
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09Oct

The Pan-European Pension Product Regulation – Europe’s Solution to the ‘Pensions Gap’

By Sebastiaan Niels Hooghiemstra In July 2012, the European Commission asked the European Insurance and Occupational Pensions Authority (‘EIOPA’), in the broader context of efforts to develop private funded pensions, to advise on a legal framework for a Single Market for PPPs. Following a Discussion Paper, a Preliminary Report, a draft advice and a Final Report published by EIOPA, Regulation (EU) 2019/1238 (‘PEPPR’) was adopted on 20 June 2019. The PEPPR establishes a 2nd regime (also known as the...

October 9, 2020
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