Public Pensions Archives - Page 28 of 34 - Pension Policy International

28OctOctober 28, 2020

US. How to start defusing NYC’s pension bomb

Gotham’s public-health crisis risks becoming a financial crisis — including by ravaging the underfunded retirement systems promised to public workers. Four essential steps could avert catastrophe. Even before the crisis, the city had set aside just 2 percent of the savings needed to cover retiree health benefits for city workers, while its pension funds contained only 79 cents for every dollar needed to cover projected benefits. These fringe benefits consumed one-third of the city’s municipal payroll and one-tenth of...

October 28, 2020

News, Slider2020, Public Pensions, US

27OctOctober 27, 2020

US. State Liability Burdens Fall to 5%; Five States Top 20% Driven by Pensions

Fitch Ratings-New York-26 October 2020: Long-term liabilities burdens fell for a fourth straight year for U.S. states and hit a notable threshold last fiscal year, according to Fitch Ratings in its latest annual survey of state direct debt and pension liabilities. Read also US. Most Workers Believe COVID-19 Will Affect Their Retirement Planning Long-term liabilities relative to personal income declined to 5% in fiscal 2019, from 6% in fiscal 2016. "The downward trend does not necessarily reflect an enduring...

October 27, 2020

News, Slider2020, COVID-19, Public Pensions, US

23OctOctober 23, 2020

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

Articles, System Sustainability2020, Coverage, Germany, Income, Public Pensions, UK, US

20OctOctober 20, 2020

Govt seeks to overturn Pension Schemes Bill amendment defeats

The government is seeking to overturn the four Pension Schemes Bill amendment votes it lost in the House of Lords in the summer by removing them from the bill. In a House of Commons Notices of Amendments publication, Pensions Minster, Guy Opperman, outlined the removal of the House of Lords’ amendments. The amendments relate to commercial pensions dashboards, transaction facilities on dashboards, reporting on fairness to members of collective defined contribution (CDC) schemes, and open defined benefit (DB) schemes...

October 20, 2020

News, Regulation, System Sustainability2020, Digital Financial Services, Private Pensions, Public Pensions, Technology, UK

20OctOctober 20, 2020

Pensions In Spain Will Be Revalued By 0.9% In 2021

The Government is forecasting a 0.9% revaluation in public pensions in 2021, following the increase already applied this year. This would allow for ensuring pensioners’ purchasing power, as it is included in the 2021 Budget Plan which the Executive sent last Thursday to Brussels. The increase corresponds to the government’s forecast for the GDP deflator, the index closest to the CPI, for next year, which predicts a rise of 0.9%. However, the government must now negotiate this rise with...

October 20, 2020

News, Slider2020, Public Pensions, Spain

19OctOctober 19, 2020

Kenya.Pension Bill for Members of Council Assembly gets governors’ backing

Governors will support MCAs in their push for a law that will give them pension after service. Read also Kenya mulls reforms to attract pension funds to invest in infrastructure projects The new legislation that is developed by the Council of Governors on the welfare of governors and deputy governors will also cover county assembly speakers and MCAs. Read also US. Pension Fund Freezes New Investment With Apollo Over Founder’s Epstein Ties Council of Governors chairman Wycliffe Oparanya said the proposed...

October 19, 2020

News, Slider2020, Kenya, Public Pensions, State Pensions

15OctOctober 15, 2020

The DC Future Book: In association with Columbia Threadneedle Investments

By Lauren Wilkinson, Daniela Silcock and John Adams Compared to previous generations of pensioners, current and future retirees will: • Live longer on average, • Receive their State Pension later, • Be more likely to be dependent on Defined Contribution (DC) savings, • Have no, or low, levels of Defined Benefit (DB) entitlement, and • Flexibly access their DC savings. These changes increase the risks borne by pension scheme members and the complexity of decisions people must make at and...

October 15, 2020

Books, Pension designDC schemes, Private Pensions, Public Pensions, UK

14OctOctober 14, 2020

Does NZ spend less on pensions than most wealthy countries?

AAP FactCheck Investigation: Does superannuation cost New Zealand 4.4 per cent of GDP each year – and is this low by international standards? THE STATEMENT “The reality is we are way below the international cost of superannuation, we are about 4.4 per cent of GDP.” Winston Peters, New Zealand First leader and deputy prime minister, October 8, 2020. THE ANALYSIS New Zealand First leader and deputy prime minister Winston Peters has defended the cost of New Zealand’s superannuation scheme,...

October 14, 2020

News, Slider2020, New Zealand, Public Pensions

12OctOctober 12, 2020

South Africa. Deflation puts brakes on retired SA public servants’ pensions

For the first time since the 1990s, nearly 15,000 retired South Australian public servants will see their indexed pensions frozen until consumer prices bounce back – but the state Treasurer has intervened to ensure they don’t lose money. After this year’s record fall in the consumer price index, State Treasurer Rob Lucas has used his legislative discretion to maintain pension payments at their current level to more than 14,300 people in the pre-1986 scheme administered by Super SA....

October 12, 2020

News, Slider2020, COVID-19, Public Pensions, South Africa, State Pensions

09OctOctober 9, 2020

Pensions for State and Local Government Workers Not Covered by Social Security: Do Benefits Meet Federal Standards?

By Laura Quinby, Jean-Pierre Aubry, Alicia H. Munnell Federal law allows certain state and local governments to exclude employees from Social Security coverage if the employees are provided with a sufficiently generous pension. Approximately 6.5 million such workers were not covered by Social Security in 2018. Retirement systems for non-covered workers have become less generous in recent years, and a few plans could exhaust their trust funds within the next decade, putting beneficiaries at risk. This article examines data...

October 9, 2020

Articles, System Sustainability2020, Funding, Pension design, Public Pensions, State Pensions, US