#pension systems

[exxos-von-steamboldt]

(via The UK Plans To Rob Citizens Of Their Pension - YouTube)

[worklabournewsresearch]

World’s Best (and Worst) Pension Systems

“The Netherlands and Denmark have the best pensions systems in the world, according to a global study that shines a light on how nations are preparing aging populations for retirement.”

“The countries took the top two slots in the Melbourne Mercer Global Pensions Index published Monday, both earning an A grade for the level of financial security provided in retirement. Australia came in third, with a B+ grade, while the top 10 was rounded out with Finland, Sweden, Norway, Singapore, New Zealand, Canada and Chile all on B.”

“The survey of 37 nations, which covers almost two-thirds of the world’s population, uses 40 metrics to assess whether a system leads to improved financial outcomes for retirees, whether it is sustainable and whether it has the trust and confidence of the community.“

“’Systems around the world are facing unprecedented life expectancy and rising pressure on public resources to support the health and welfare of older citizens,’ said David Knox, the report’s author and senior partner at Mercer. “’t’s imperative that policy makers reflect on the strengths and weaknesses of their systems to ensure stronger long-term outcomes for the retirees of the future.’”

Bloomberg, October 20, 2019: These Are the World’s Best (and Worst) Pension Systems,” by Matthew Burgess

The wealth effect of pension assets

“A strong correlation exists between the levels of pension assets and net household debt, with growth in household debt in developed and growth economies paired with the growth in assets held by pension funds, according to the 2019 Melbourne Mercer Global Pension Index (MMGPI).”

“The MMGPI, supported by the Victorian Government of Australia, is a collaborative research project between our research centre, Monash Centre for Financial Studies (MCFS), and professional services firm, Mercer.

The report is the first international study of its kind to document the “wealth effect” – i.e. the tendency for spending to increase with rising wealth – in relation to pension assets. The MMGPI’s data suggests as pension assets increase, individuals feel wealthier and therefore are likely to borrow more.

Monash University, October 2019: “Global pension index uncovers strong correlation between household debt and pension assets”

Mellbourne Mercer Global Pension Index 2019 (86 pages, PDF) 

[mystlnewsonline]

FRANKFORT, Ky. | Court nixes pension law that prompted teacher protests

FRANKFORT, Ky. | Court nixes pension law that prompted teacher protests

FRANKFORT, Ky.— The Kentucky Supreme Court on Thursday struck down a law that made changes to one of the country’s worst-funded public pension systems, a victory for teachers who shut down schools across the state to protest the law earlier this year.

Democratic Attorney General Andy Beshear, who filed the lawsuit that led to Thursday’s ruling, called it “a landmark win for all of our public…

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[netbuzzafrica]

Pension systems at risk of creating inter-generational equity issues

Pension systems at risk of creating inter-generational equity issues

– The Melbourne Mercer Global Pension Index shows that South Africa have issues, mandatory contributions and increased preservation to improve its pension system

– Sustainability of some current systems is under threat

– Denmark maintains #1 position for sixth year

– Index expanded to include Colombia, New Zealand and Norway

Unsustainable pension systems in some countries need to learn from…

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[theswitchproject]

The recent economic crisis has provided a stress test for the vulnerability of social institutions. This paper assesses the vulnerability of social institutions in light of the current crisis, and surveys past episodes, when social institutions faced similar challenges. Public pay-as-you-go pension systems have generally weathered the crisis well, but private pension funds were severely affected by the financial crisis. While health care spending drifted up further in the early part of the crisis, it levelled off in 2010 and 2011, on average in the OECD, for an unprecedented two years with no spending growth.

[theswitchproject]

Recent reforms have made pension systems more financially sustainable and pensioners have higher living standards than ever before. But future generations are likely to find their pension entitlements much less generous than today’s and many may face a serious risk of pensioner poverty, according to a new OECD report.