November 2022
21Nov

India. Government pension funds need more lucrative investment avenues to quell controversy between old and new schemes

By Gautam Mukherjee When the Vajpayee administration introduced the new pension system (NPS) for Central and other government employees commencing on 1 January 2004, the motivation was to ensure long-term viability. It is mandatory for the Central government employees and a few other entities. Much greater longevity had complicated the calculations on the old pension system (OPS). The threat of a bankrupt state defaulting on pensions, such as West Bengal, Kerala or Punjab today, was already beginning to loom large in...

November 21, 2022
News, , , ,
Read more...
16Nov

68% of Brits back pension triple lock

‘Attacking’ it would be a ‘seriously high-risk and deeply unpopular move’ More than two-thirds of UK adults support an inflation-matching increase in the state pension next year, AJ Bell research has found. Of the 4,000 Brits asked if they backed increasing the state pension in line with wage growth, inflation, or not at all, the overwhelming majority (86%) felt the state pension should increase next year. Most (68%) said they backed an inflation-linked increase, while a further 18% said it should be...

November 16, 2022
News, ,
Read more...
15Nov

UK. Sunak gives strongest hint he will protect pensions triple lock

PM, also under pressure to raise benefits and public sector pay with inflation, claims ‘compassion’ will be at heart of autumn statement Rishi Sunak has given his strongest hint the government will protect the triple lock on pensions, saying pensioners “will always be at the forefront of my mind”. The rule, which applies to UK state pensions, means pensions must rise each year in line with the highest of three possible figures: inflation, average earnings, or 2.5%. Sunak is likely to face...

November 15, 2022
News,
Read more...
10Nov

US. Here’s why you should be worried about state and local pensions

Public pensions may be facing a massive fiscal shortfall, according to two economics professors Right now, across America, about 26 million people are relying on state and local pension plans to take care of them in their retirement years. That figure includes 15 million retired teachers, police officers, firefighters and other public sector workers, and another 11 million who are still working. On the other side of the leger all the taxpayers— 330 million of us, give or take —who are...

November 10, 2022
News, ,
Read more...

October 2022
28Oct

UK. State pensions triple lock to stay, hints Nadhim Zahawi

Guarantee of at least a 2.5pc rise could be kept to help ‘uniquely vulnerable’, even though No 10 refused to commit to the pledge The state pension triple lock will be kept in place, Nadhim Zahawi has suggested, after Number 10 refused to commit to the pledge. Mr Zahawi, the new chairman of the Conservative Party, said pensioners were "uniquely vulnerable" amid the cost of living crisis and ahead of next month's Autumn Statement, which is expected to result in wide-ranging...

October 28, 2022
News, ,
Read more...

July 2022
28Jul

Wait Your Turn: Pension Incentives, Workplace Rules and Labor Supply Among Philadelphia Municipal Workers

By David McCarthy & Po Lin Wang Little academic work has examined the labor supply response to pension incentives at the intensive margin. We explore this issue using individual-level administrative and pension data for Philadelphia city employees, where workers have some choice about whether or not to perform overtime, which is pensionable. We document large variation across workers in the incentives to do overtime provided by pension rules. Although standard regressions show that worker overtime is positively associated with own...

July 28, 2022
Articles, Labor Market, Pension design, , , ,
Read more...

May 2022
26May

The National Landscape of State Retirement Benefits. How Good Are Public Retirement Systems at Putting Employees on a Path to Retirement Income Security?

By Jonathan Moody & Anthony Randazzo  Retirement security is ultimately about retirement income. Families and individuals want to know that during their retirement years they will have enough weekly, monthly, or annual income to live comfortably and meet their basic needs. Of course, many people aspire to more than just the basics. Ask even a handful of individuals about how they want to live in retirement, and you’ll hear a wide range of preferences. Expenses can vary from family-to-family, too,...

May 26, 2022
Adequacy, Books, System Characterization, , ,
Read more...
12May

US. State pension funding soars to 83.3% in fiscal year 2021 – Wilshire

U.S. state pension plans' estimated aggregate funding ratio at the end of fiscal year 2021 jumped to 83.3% from 70% in the previous year, a report from Wilshire Advisors shows. Based on more than 100 state plans' most recent annual reports, most of which provide data as of June 30, the aggregate funding ratio is based on $3.957 trillion in aggregate assets and $4.752 trillion in aggregate pension liabilities, according to Wilshire's 2022 Report on State Retirement Systems. Asset levels rose...

May 12, 2022
News, , ,
Read more...

February 2022
24Feb

GEPF Annual Report 2020/2021

By GEPF Economic environment The financial year ending 31 March 2021, was a ‘tale of two worlds’, with strong recovery from developed financial markets being contrasted by weak economic growth in most emerging markets. This effect was also mirrored by the divergence in vaccination rates between developed and emerging markets. Locally, the picture has been familiar. There was very strong growth in financial markets, however, this needs to be contrasted by the stark economic climate in South Africa. The impact...

February 24, 2022
Books, Pension Management, Reports, , ,
Read more...

January 2022
21Jan

UK. MPs criticise ‘shameful’ underpaying of state pensions

The long-term underpayment of thousands of state pensioners, mainly widows, divorcees and women who rely on their husband’s pension contributions for some of their pension, is a “shameful shambles”, according to the public spending watchdog. About 134,000 people have had their state pension underpaid to the tune of £1bn, according to a Department for Work and Pensions (DWP) estimate. The vast majority of those affected are women who should have had their pension topped up when their husband retired even if...

January 21, 2022
News, Slider, , ,
Read more...