December 2022
12Dec

Macron postpones French pension overhaul to January

French President Emmanuel Macron said Monday that he was pushing back his presentation of a major pensions overhaul denounced by labour unions, citing recent leadership changes at two opposition parties. Both the Greens and the right-wing Republicans have elected new chiefs, and Macron said he would consult with them before unveiling details of the major reform on January 10, instead of Thursday as planned. “This will give a few more weeks for those… who have taken over to discuss some of...

December 12, 2022
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09Dec

French government prepares high-stakes pension reform

The French government is consulting unions and potential allies to see if it could get a highly unpopular pension reform adopted by a fragmented parliament without causing mass protests that could paralyse the country. Details of the reform are expected to be unveiled on Dec. 15 but President Emmanuel Macron has made clear the French will have to work longer, with legal retirement age potentially pushed by as much as three years to 65. Opinion polls show the vast majority...

December 9, 2022
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01Dec

Maintaining reform momentum is essential to strengthen pension systems, says OECD

The current financial and economic uncertainty, as well as the rising cost of living, may lead policy makers, regulators and supervisors to postpone reforms that could improve their pensions systems. However, delaying needed reforms would put at risk the well-being of current and future pensioners. Policy makers should continue to improve pension systems, according to a new OECD report. The OECD Pensions Outlook 2022 says that pension arrangements in which retirement savings are invested to accumulate assets that will finance...

December 1, 2022
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01Dec

Would Boric’s Plan Strengthen Chile’s Pension System?

Chilean President Gabriel Boric on Nov. 2 unveiled his long-planned proposed reform of the country’s pension system. If lawmakers approve it, the reform would do away with the country’s existing private pension managers, known as AFPs, and would also require employers to pay an additional 6 percent of their workers’ wages to a publicly run social security system. How likely is the reform to win congressional approval, and what changes might lawmakers make to it? What are the most...

December 1, 2022
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01Dec

OECD Pensions Outlook 2022

The OECD Pensions Outlook discusses how to introduce, develop and strengthen asset-backed pension arrangements, the role that employers can play in their provision, and the implication of different fee structures on individuals saving for retirement and on providers. The 2022 edition focuses on describing best practices for developing mortality tables and providing policy guidance on how to design, implement and continue the operation of non-guaranteed lifetime retirement income arrangements. Get the report here

December 1, 2022
Books, Books, Pension design, Pension Management, Pension Reform, Regulation, Reports, Slider, Slider, System Sustainability, , , , ,
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November 2022
11Nov

Preparing for Retirement Reforms

By Karen E. Smith, Eugene Steurele, Damir Cosic Each of the three pillars of the US retirement system—Social Security, employer pensions, and private savings—suffers from serious problems that could threaten the financial security of future retirees. Social Security is at risk of becoming insolvent. If policymakers fail to act, Social Security benefits will be cut by about 25 percent starting in 2035, and even with reform, some combination of a slowdown in benefit growth for retirees and higher taxes on...

November 11, 2022
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03Nov

State and Local Pensions: What Now?

By Alicia H. Munnell In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on...

November 3, 2022
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October 2022
18Oct

Swiss parliament committee votes for compensatory measures to reform second pillar pensions

The social security and health committee of the Council of States (SGK-S), the upper house of the Swiss parliament, voted in favour of a proposal to change the second pillar pension system at its meeting last Friday. After in-depth analysis, and disagreements before the summer break, the committee has supported the idea to compensate the first 15 cohorts retiring after the reform enters into force for the reduction of the conversion rate – Umwandlugssatz – used to calculate pension pay-outs,...

October 18, 2022
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September 2022
30Sep

Macron faces strike as French unions flex muscles

A nationwide strike on Thursday disrupted the French energy sector, taking a large chunk of the nuclear production offline, as workers push for a pay hike amid rising tensions between unions and the government over a planned pensions reform. "Thousands of workers are on strike today," said Philippe Martinez, chief of the hard-left CGT union as he attended a protest march in Paris along with several thousand people, many of them waving red labour union flags. "This is a message to...

September 30, 2022
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26Sep

French PM warns retirement reform may be forced through parliament without vote

French Prime Minister Elisabeth Borne says a decision will be taken later this week on the parliamentary method to be used to advance contested government plans to reform retirement and pension legislation. Borne does not exclude the use of the constitutional clause known as 49.3, which allows the adoption of legislation without a vote in the National Assembly. What is certain is that the reform will be discussed at Monday's cabinet meeting. The government knows that the parliamentary debate on the divisive...

September 26, 2022
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