Pension Reform Archives - Page 8 of 37 - Pension Policy International

02JanJanuary 2, 2024

South Korean president set to reform pensions, labor and education

South Korean President Yoon Suk-yeol has shown a steadfast commitment to implementing sweeping reforms in labor, education, and pensions, as he acknowledged in his recent New Year address. The President’s pledge mirrors his unwavering resolve to address the long-standing rigidity of the nation’s job market, enhance the quality of education, and ensure the sustainability of the pension system. This commitment marks these policy areas as likely focal points for his administration’s significant legislative and practical efforts. Addressing Labor Concerns President Yoon’s...

January 2, 2024

NewsPension Reform, South Korea

21DecDecember 21, 2023

UK. 2023’s pension proposals need political consensus

At a technical level, not an awful lot changed in the world of pensions in 2023, but a huge number of changes have been proposed – and some of those are seismic. Perhaps the most significant of those in the first half of the year was the announcement by chancellor Jeremy Hunt that the lifetime allowance would be scrapped, followed within minutes by the pledge from the opposition that it would be reinstated should they gain power. As it was, the charge was...

December 21, 2023

News2023, Pension Reform, Regulation, UK

05DecDecember 5, 2023

Yet another twist for South Africa’s new pension system

The standing committee on Finance has once again changed the implementation date of the two-pot retirement system. In the new retirement system, up to one-third of all retirement savings will be placed into a “savings pot”, which will be accessible before retirement. A minimum of two-thirds of a pension fund will then be placed into a “retirement fund”, which can only be accessible at retirement. This is designed to ensure that South Africans can access some funds in case of emergency while...

December 5, 2023

NewsPension Reform, Regulation, South Africa

28NovNovember 28, 2023

Swiss government reviews first and second pillar pensions

The Swiss government has adopted several changes to the regulation on old-age and survivors’ insurance (AHVG), and other laws also relating to occupational pensions (BVV2), to review and strengthen supervision in the country’s first and second pillar pension systems. In the second pillar, the reviewed ordinance clarifies the definition of pensioners’ portfolios, which can be transferred from one pension scheme to another, in addition to the definition of sufficient funding. This gives experts in the field of occupational pensions a clearer...

November 28, 2023

NewsPension Reform, Switzerland

21NovNovember 21, 2023

Pension Reforms, Longer Working Horizons and Absence from Work

By Giorgio Brunello, Maria De Paola & Lorenzo Rocco Using matched employer-employee data for Italy and newly available information on sick leaves certificates, we study the effect of an exogenous increase in the length of the residual work horizon – triggered by a pension reform that increased minimum retirement age - on middle-aged employees' absence from work due to sick leaves. We find that this effect is positive for females and negative for males. After excluding health as a plausible...

November 21, 2023

Articles2023, Italy, Labor Market, Pension Reform

16NovNovember 16, 2023

German government drafts law to reform second pillar pension system

The German government has drafted the law to reform the second pillar occupational pension system, Rolf Schmachtenberg, state secretary for the Labour and Social Affairs Ministry, announced during the Handelsblatt conference on occupational pensions yesterday. The 24-point draft law – called Betriebsrentenstärkungsgesetz 2024 – deals with the difficult topic of opening up the social partner model to third parties not bound by collective bargaining agreements, the state secretary said, adding that the ministry is examining the legal aspects of such change...

November 16, 2023

NewsGermany, Pension Reform, Regulation

14NovNovember 14, 2023

Malaysia. Pension system needs upgrading as nation heads towards ‘super-aged society’

MALAYSIA is undergoing a significant demographic shift towards an ageing population. The World Bank has projected that with 14% of the population aged 65 and above by 2044, it will officially be an “aged society”. By 2056, Malaysia is expected to become a “super-aged society”, with over 20% of its population in that category. While this brings challenges in areas such as employment, income security and aged care, the shift also presents economic opportunities, particularly in the field of aged care services. Meanwhile,...

November 14, 2023

NewsAging, Malaysia, Pension Reform, Public Policy

10NovNovember 10, 2023

Sustainability of pension schemes: Building a smooth automatic balance mechanism with an application to the us social security

By Frédéric Gannon, Florence Legros & Vincent Touzé We build a “smooth” automatic balancing mecanism (S-ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the expenditures of a pension scheme. The S-ABM obtains from minimizing a sum of discounted quadratic loss function under the constraint of an intertemporal budget balance. One advantage of this model of “optimal” adjustment is its ability to analyse various configurations in terms of ABMs by controlling the adjustment pace. Notably, this S-ABM...

November 10, 2023

Articles, Sustainability2020, Pension Reform, Social Security

06NovNovember 6, 2023

South Africa: Potential Major Changes Affecting Occupational Retirement Plans

The South Africa government has proposed that changes to the two-pot retirement system, which gives workers access to pension funds before retirement, be delayed by a year. Employer Action Code: Act Draft legislation to amend South Africa's Income Tax Act and the Pension Funds Act would allow members of occupational retirement plans to access part of their future retirement accruals during employment, with the remainder accessible only upon retirement or death (known as the "two-pot" system). Existing payout rules would still...

November 6, 2023

NewsOccupational Pensions, Pension Reform, South Africa

17OctOctober 17, 2023

Majority of employees back proposed reforms to UK pension system

The majority (88 per cent) of employees back the Pensions and Lifetime Savings Association’s (PLSA) proposed reforms to the UK pensions system, research by the association has found. In particular, the research found that more than half (53 per cent) of employees agree that contribution levels should rise gradually over the next decade from 8 per cent to 12 per cent, while 21 per cent of respondents were unsure. In addition to this, nearly half (46 per cent) agreed that employers...

October 17, 2023

NewsPension Reform, savings, UK

January 2024

South Korean president set to reform pensions, labor and education

December 2023

UK. 2023’s pension proposals need political consensus

Yet another twist for South Africa’s new pension system

November 2023

Swiss government reviews first and second pillar pensions

Pension Reforms, Longer Working Horizons and Absence from Work

German government drafts law to reform second pillar pension system

Malaysia. Pension system needs upgrading as nation heads towards ‘super-aged society’

South Africa: Potential Major Changes Affecting Occupational Retirement Plans

October 2023

Majority of employees back proposed reforms to UK pension system