August 2020

11Aug

Switzerland. Pension reform initiative runs out of steam at early stage

The campaigners announced they had failed to collect the required minimum number of signatures and saw no chances of doing so by the deadline in early October. “Without any doubt I have been miscalculating a few things. The coronavirus did the rest for us,” said the main promoter of the initiative. Josef Bachmann said citizens were aware of the flaws in the current system, but under the restrictions imposed to fight the pandemic, it was much more difficult to...

August 11, 2020
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04Aug

Greece. New pension reform in the pipeline

A new overhaul of Greece’s pensions system is being prepared, in which first-tier, or main pensions, will be higher and second-tier, or auxiliary, pensions will be invested, providing an element of risk. The proposal, prepared by a committee under Cypriot-British Nobel laureate Sir Christopher Pissarides, is expected to be made public Monday for public consultation before being adapted into a bill and tabled in Parliament. Kathimerini understands that there will be significant changes in the pension system’s structure. Specifically,...

August 4, 2020
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July 2020

28Jul

‘We’re Going for More’ Say Chileans After Pensions Reform Crosses Free Market Rubicon

Within minutes of Chilean lawmakers approving a bill that allows citizens to draw down 10% of their pensions to help make ends meet during the coronavirus pandemic, a phrase started trending on Twitter: "We're going for more." The bill's authors insisted the raid on the private retirement system introduced in the 1980s under the Augusto Pinochet dictatorship was just an emergency measure but as it snowballed in popularity, so have the ambitions of those backing it. Lawmakers who voted...

July 28, 2020
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24Jul

Ticking Time Bomb: The Hidden Pension Deficit’ – Critical Study of Post Crisis Reforms and Financial Viability of Current Pension System

By Bhanu Laur Management of pension schemes has always been a difficult task for governments and the challenges that governments are facing today are growing faster than many countries anticipated. Pension plans have evolved overtime as public and private sector schemes slowly switching to PAYG system of funding and the uncertainty over current contributors’ future is growing. However, the recent financial crisis turned attention towards this hidden deficit of the countries where pension funds around the world lost significant...

July 24, 2020
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24Jul

Changes under Mexico’s planned pension reform

Mexican workers will see a major boost to their retirement benefits after the government and private sector ironed out the details of a pension reform that lawmakers are expected to pass into law by early 2021. Following are key changes and aspects of the planned reform according to the Mexican finance ministry: - Retirement benefits for the average worker are forecast to increase by 40%. - Under the plan, total contributions will rise from 6.5% to 15% of salary...

July 24, 2020
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23Jul

Mexico Unveils Pension Reform Bill that will Boost Worker Pensions

Mexican workers will get a major boost in their retirement benefits after the government and private sector ironed out the details of a pension reform that is expected to become law by early next year, the Finance Ministry said on Wednesday. Read also Changes under Mexico’s planned pension reform The plan presented by Finance Minister Arturo Herrera sees pensions for the average worker rising some 40%, even as worker contributions to the pension system remain unchanged. "This is a big,...

July 23, 2020
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23Jul

Chile’s Senate approves pension reform law

Chile's Senate on Wednesday approved a measure allowing citizens to withdraw up to 10 percent of their pension funds to help mitigate the effects of the coronavirus pandemic. Read also COVID-19 Relief Packages Help Fuel Ultra-Low Interest Rates The bill, approved by a 29-13 vote with one abstention, will now return to the lower house Chamber of Deputies where it has already been given the green light for a final and decisive vote. Read also Covid-19 May Destroy Chile’s Iconic...

July 23, 2020
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20Jul

France delays retirement reform that caused mass strikes

France''s government is delaying a divisive overhaul of the country''s retirement system until at least the end of the year because of the economic crisis unleashed by the pandemic. Prime Minister Jean Castex announced after meeting with unions Friday that the pension reform “will be maintained.” But he added that the government will extend negotiations on details of the plan over the coming months, instead of pushing to finalise it this summer. The plan would end some specific pension...

July 20, 2020
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16Jul

UK. Govt’s ‘landmark’ pensions bill proceeds to Commons

The Pension Schemes Bill, which includes rules for pension dashboards and new powers for the Pensions Regulator, has cleared its first hurdle in the House of Lords. Read also UK. Does benchmarking DB transfers against a workplace pension make sense? The bill, originally announced in the October Queen’s Speech, will now pass into the House of Commons where MPs will debate its measures before it receives Royal Assent and is written into law. Read also UK. Proposed Legislation for Losses...

July 16, 2020
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16Jul

Sint Maarten. Government and APS hosting meeting on pension reform

The pension reform legislation has been approved by Parliament, effective July 1, a positive development that will introduce important changes to secure the sustainability of the pension system for the future. The most important changes in the pension reform will be addressed via Zoom video meetings hosted by the General Pension Fund of St. Maarten APS and the government of St. Maarten. There will be two options to attend the virtual meetings and ask questions: Thursday, July 16, 1:00-2:30pm; or...

July 16, 2020
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