System sustainability Archives - Page 2 of 18 - Pension Policy International

10SepSeptember 10, 2024

Reflecting on this summer’s global IT outages – lessons for pension schemes

After the Capita Cyber Security incident of March/April 2023 (which we discussed at the time here) and, more recently, BBC cyber security incident of May 2024 (which we also discussed here), the pensions industry arguably did not need another reminder of the importance of cyber security for its schemes and stakeholders. However, the global IT outage that took place this summer (July 2024) has provided another such reminder – highlighting the heavy reliance of modern society on our digital infrastructure, and equally,...

September 10, 2024

NewsRegulation, Security, System sustainability

31JulJuly 31, 2024

The Bulgarian Pension System: Caught Between Adequacy And Sustainability

By Jean-Jacques Hallaert During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions. However, not matched by revenue measures, they have widened the deficit of the pension system. Reforms that increase the incentives to contribute to the pension system and thus revenue would improve the financial sustainability of the pension system and reduce fiscal risks. Source SSRN

July 31, 2024

Adequacy, Articles2024, Adequacy, Bulgaria, System sustainability, Taxation

31JulJuly 31, 2024

Pension Systems (Un) Sustainability and Fiscal Constraints: A Comparative Analysis

By Michael Wickens, Vito Polito & Burkhard Heer Using an overlapping generations model, two new indicators of public pension system sustainability are proposed: the pension space, which measures the capacity to pay for pension expenditures out of labour taxation, and the pension space exhaustion probability reflecting demographic uncertainties. These measures reveal that the pension spaces of advanced economies are strikingly different. Most nations have little scope to further finance pensions out of labour income taxation over the next thirty years....

July 31, 2024

Articles, System Sustainability2024, Aging, Public Pensions, System sustainability, Taxation

09JulJuly 9, 2024

UK. Three things the new Labour govt must do for pensions

Three things need to be put at the top of Labour's list for solving the UK's pension problem, Aviva's Alistair McQueen has said. The head of savings and retirement for Aviva told FT Adviser he welcomed the reforms outlined by new chancellor Rachel Reeves this morning (July 8) but said the pensions profession was not hoping for "any new, flashy ideas." "The three priorities should be to implement the 2017 auto-enrolment reforms, implement the pension dashboard, and conclude the advice/guidance boundary review." According to McQueen,...

July 9, 2024

NewsSystem sustainability, UK

23MayMay 23, 2024

There’s a bold fix to America’s broken retirement system

By Teresa Ghilarducci In March, Blackrock CEO Larry Fink made headlines with a shareholder letter warning about our broken retirement system, noting that "nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. Nothing in a pension. Zero in an IRA or 401(k).” The American worker knows the retirement system is broken and they don’t like it. In a recent national survey, 79% of those who responded said that America is facing a...

May 23, 2024

News, OP Ed, Op-EdSystem sustainability, US

10MayMay 10, 2024

US. Congress Should Incentivize Pension Plan Creation, NIRS Report Says

The National Institute on Retirement Security has published a report providing recommendations to Congress about how to increase defined benefit plan creation in the private sector. The report was commissioned by the Senate Committee on Health, Education, Labor and Pensions. The report makes six core policy recommendations: reduce Pension Benefit Guaranty Corporation insurance premium rates; formally recognize risk-sharing plans; provide more flexibility for overfunded plans; allow pre-tax employee contributions; and permit transfers between defined contribution and DB plans. Lower Insurance Premiums The PBGC charges...

May 10, 2024

NewsPublic Policy, System sustainability, US

07MayMay 7, 2024

Assuring the sustainability of the Canada Pension Plan: A new consensus is required

By: Keith Ambachtsheer, Malcolm Hamilton, Ed Waitzer The creation of the Canada and Quebec pension plans in the 1960s and subsequent amendments to them in the 1990s is a compelling story of how governments worked together to create and sustain one of Canada’s greatest public-policy achievements. Today we are faced with the thorny issue of how to determine a fair basis on which Alberta might choose to exit the CPP. When the CPP was created, Ontario requested a provision to allow...

May 7, 2024

News, OP Ed, Op-EdCanada, System sustainability

26AprApril 26, 2024

Ghana. SSNIT reserves projected to hit zero in 12 years – ILO

This was revealed in an actuarial valuation study of the Social Security and National Insurance Trusts (SSNIT) viability. According to ILO, total income including contributions, investment income and other income, will no longer be sufficient to pay for annual expenditures including benefit payments to pensioners by 2029. “Starting in 2029, total income (contributions, investment income and other income) is no longer sufficient to pay for annual expenditures. "The reserve starts to decrease. During the year 2036, the reserve drops to zero” the...

April 26, 2024

NewsFunding, Ghana, System sustainability

25AprApril 25, 2024

China’s unique retirement plan: why children still matter when it comes to support in old age

At the end of last year, the number of people in China aged 65 and above reached 217 million, making up 15.4 per cent of the total population. This has led to concerns that with rapid ageing, the existing pension system may fail to keep pace. As a result, elderly people have turned to raising children to look after them in their old age. This is commonly known as yang er fang lao. Here, the Post explains the phenomenon. What is it ? Simply put yang...

April 25, 2024

NewsAging, China, System sustainability

09AprApril 9, 2024

UK. Cover story: Pensions are on life support – but how do we save them?

We are in the midst of a pensions crisis. For a long time, experts have warned that UK adults aren’t saving anywhere near enough money to ensure a comfortable, or even moderate, retirement. But now it feels as though we’ve reached breaking point. If pensions were a person, it’s probably safe to say they’d be on life support. Let’s take a quick look at the facts. Around a fifth of working-age private-sector employees — approximately 3.5 million people — do not pay anything...

April 9, 2024

Newssavings, System sustainability, UK

September 2024

Reflecting on this summer’s global IT outages – lessons for pension schemes

July 2024

The Bulgarian Pension System: Caught Between Adequacy And Sustainability

Pension Systems (Un) Sustainability and Fiscal Constraints: A Comparative Analysis

UK. Three things the new Labour govt must do for pensions

May 2024

There’s a bold fix to America’s broken retirement system

US. Congress Should Incentivize Pension Plan Creation, NIRS Report Says

Assuring the sustainability of the Canada Pension Plan: A new consensus is required

April 2024

Ghana. SSNIT reserves projected to hit zero in 12 years – ILO

China’s unique retirement plan: why children still matter when it comes to support in old age

UK. Cover story: Pensions are on life support – but how do we save them?