Pension Reform Archives - Page 19 of 37 - Pension Policy International

05AugAugust 5, 2022

The Misery of Spending Down the Nest Egg: The Effect of Annuitization on Consumption and Wellbeing

By Yu Gao, George Loewenstein & Xianghong Wang We study the effects of annuitization compared to spending down a lump-sum on consumption and subjective wellbeing. Analyzing longitudinal data on UK retirees before and after the pension reform that provided greater freedom to draw down savings, we find that annuitization increased retirees’ consumption and life satisfaction. To further examine the behavioral channel of these effects, we conducted a field experiment with college students, giving them a flow or lump-sum payment. As...

August 5, 2022

Articles, Payout, Pension design, Savings2022, Income, Pension Reform, UK

05AugAugust 5, 2022

CFA Society Germany proposes merger of occupational with private pension systems

CFA Society Germany, the association of investment professionals, has proposed the merger between the country’s occupational and private pension systems under a format based on models in place in Sweden and Canada to cut administrative and sales costs that would lead to an increase in the level of pensions. The models would cater for two different market segments, one including savers opting for a standardised, state-run pension product, and another for savers who demand control over investments, the association said...

August 5, 2022

News2022, Germany, Occupational Pensions, Pension Reform, Private Pensions

25JulJuly 25, 2022

Italy. Pensions at the center of the electoral campaign, here are the parties’ proposals

The issue of pensions, like every electoral round, has forcefully entered the center of the campaign for the vote on 25 September. Silvio Berlusconi immediately launched the minimum pensions of one thousand euros, a proposal already in the past relaunched by the Brothers of Italy (to be financed with a cut in citizenship income). The League has already re-proposed Quota 41 (the possibility of going out with 41 years of contributions regardless of age, ed). In the center-left there...

July 25, 2022

News2022, Italy, Pension Reform, Public Pensions

15JulJuly 15, 2022

IMF Engagement on Pension Issues in Surveillance and Program Work

By IMF The International Monetary Fund (IMF) is increasingly involved in offering policy advice on public pension issues to member countries. Public pension spending is important from both fiscal and welfare perspectives. Pension policy and its reforms can have significant fiscal and distribution implications, can influence labor supply and labor demand decisions, and may impact consumption and savings behavior. This technical note provides guidance on assessing public pension systems’ macrocriticality, i.e., sustainability, adequacy, and efficiency; it also discusses the issues...

July 15, 2022

Books, System Sustainability2022, Coverage, Pension Reform, Social Security

11JulJuly 11, 2022

Government creates multisectoral commission to evaluate the Peruvian pension system

The Executive ordered the creation of a temporary multisectoral commission, dependent on the Presidency of the Council of Ministers, which will be in charge of preparing the technical reports that contain an evaluation of the Peruvian pension system, as well as a normative proposal to create the new pension system. pensions. The task of the working group created by Supreme Decree No. 081-2022-PCM, which was published in the newspaper El Peruano, will be to prepare a technical report containing an...

July 11, 2022

News2022, Pension Reform, Perú

06JulJuly 6, 2022

Warning over pension change for South Africa

Retirement funds will have to invest in upskilling trustees to empower them to navigate the complex world of infrastructure investing opened up by the gazetting of the amendments to Regulation 28 of the Pensions Fund Act, says Andrew Davison, chair of the Investments Committee of the Actuarial Society of South Africa (ASSA). The new Regulation 28 investment limits allow retirement funds to invest up to 45% of assets in South African infrastructure projects, effective from the beginning of January 2023. Infrastructure...

July 6, 2022

News2022, Investment, Pension Reform, South Africa

29JunJune 29, 2022

South Africa. Treasury sheds light on retirement reform proposals

At a recent conference, National Treasury’s Acting Director-General expounded on the two-pot retirement system, the governance of umbrella funds and changes to Regulation 28. Ismail Momoniat, Acting Director-General at National Treasury, addressed the Pension Lawyers Association Virtual Conference in May with an update on retirement reform developments. He confirmed that retirement reform is alive and well, although there is still a need to consolidate the various proposals. He focused on five main areas: 1. Two-pot system proposal On the two-pot system proposal, which...

June 29, 2022

News2022, Pension Reform, South Africa

20JunJune 20, 2022

Gustavo Petro and Francia Márquez: A new era for Colombia

"What is coming here is real change, real change," Colombia's new President-elect, Gustavo Petro, promised his cheering supporters at his victory speech on Sunday night. As the country's first-ever left-wing leader - with a running mate, Francia Márquez, who will become the first black vice-president - Mr Petro's belief that Colombia has voted for change is hard to deny. Even before his victory, the country had voted for a departure from the status quo, with the outgoing president's nominated candidate failing...

June 20, 2022

News2022, Colombia, Pension Reform, System sustainability

19MayMay 19, 2022

Progressing Towards Efficiency: The Role for Labor Tax Progression in Reforming Social Security

By Krzysztof Makarski, Joanna Tyrowicz & Oliwia Komada We study interactions between progressive labor taxation and social security reform. Increasing longevity puts fiscal strain that necessitates the social security reform. The current social security is redistributive, thus providing (at least partial) insurance against idiosyncratic income shocks, but at the expense of labor supply distortions. A reform which links pensions to individual incomes reduces distortions associated with social security contributions, but incurs insurance loss. We show that the progressive labor tax...

May 19, 2022

Articles, Savings, System Characterization2022, Pension Reform, Poland, Social Security, Taxation

25AprApril 25, 2022

Colombia presidential candidates agree need for pension reform

Candidates most likely to win Colombia's presidential elections on Friday agreed for the need to reform the country's unbalanced pension system so that it provides greater coverage for millions of poor people and redirects subsidies. Ideas for financing the reform ranged from a bulky tax reform to more radical plans such as using savings from private funds to pay the pensions of older adults who have not managed to save enough for their retirement, among others. Colombia's public pensions are beset...

April 25, 2022

News2022, Colombia, Pension Reform

August 2022

The Misery of Spending Down the Nest Egg: The Effect of Annuitization on Consumption and Wellbeing

CFA Society Germany proposes merger of occupational with private pension systems

July 2022

Italy. Pensions at the center of the electoral campaign, here are the parties’ proposals

Government creates multisectoral commission to evaluate the Peruvian pension system

Warning over pension change for South Africa

June 2022

South Africa. Treasury sheds light on retirement reform proposals

Gustavo Petro and Francia Márquez: A new era for Colombia

May 2022

April 2022

Colombia presidential candidates agree need for pension reform