(14.11.2024) Population ageing is exerting unprecedented fiscal pressure on social security systems around the world. In response, many governments are implementing or planning pension reforms, often aimed at encouraging later retirement. Recent years have seen a surge in empirical research on retirement behavior and the impact of pension reforms. This column presents a new eBook that reviews insights from the newest advances in research on retirement policy and provides fresh perspectives on how to (re)think pension reforms.

oecd.org (02.12.2024) The design and governance of asset-backed pensions should be enhanced to foster more inclusive and resilient systems, secure better outcomes for individuals and contribute to sustainable economic growth and innovation, according to new analysis from the OECD. Pension assets in OECD countries grew by 10% in 2023, reaching over USD 56 trillion, more than triple the level seen two decades ago. Total assets hit USD 63 trillion after adding pension reserve funds held by governments.

jdsupra.com (25.11.2024) Pension systems, designed when populations were younger and life expectancy shorter, are now under immense pressure. To mitigate the impact of an ageing population, governments around the world are starting to implement a raft of measures. While there is no one-size-fits-all solution, nations are amending pension laws and updating regulations to adapt to the changing demographics. Let’s delve into the details together to examine how countries are reacting to demographic shifts across countires.

Benefits Canada.com (15.11.2024) Earlier this year, Mexico’s senate approved the creation of a new pension fund to help provide more retirement security for low-income citizens. “Congress approved this change to the pension system, which basically established a new welfare pension fund,” says Pedro Trejo, retirement director at WTW Mexico. “The fund was created to help employees with their retirement savings and the general population that’s involved in the social security system will get the benefit. That means more than 80 per cent of the population in Mexico could benefit from this reform.”

reuters (24.09.2024) China's move to raise retirement ages is a starting point to plug gaping pension deficits and bolster a shrinking workforce but more pain lies ahead as the economy slows, making further reforms urgent, say economists and demographers. Aging populations are a global phenomenon, but the issue is particularly stark in China due to the legacy of its one-child-policy, which was in place for three decades and has exacerbated its demographic challenges.

ipe.com 817.09.2024) Pension funds should report annually about the progress they make in meeting their CO2 reduction targets. They must also provide more insight into their sustainable investments, Dutch pension regulator DNB announced on its website.

Xinhua (13.09.2024) Chinese lawmakers on Friday voted to adopt a decision on gradually raising the statutory retirement age in the country, marking the first adjustment in the arrangement since 1950s. According to the decision adopted at the 11th session of the Standing Committee of the 14th National People's Congress, the statutory retirement age for men will be gradually raised from 60 to 63 in the course of 15 years starting 2025, while that for women cadres and women blue-collar workers will be raised from 55 to 58 and from 50 to 55, respectively.

The Japan Times (05.09.2024) Japanese people are living longer, but with a struggling pension system and the highest inflation in decades, more are delaying retirement until their 70s or later to make ends meet. Japan has some of the longest lifespans in the world, with men living an average of 81 years and women 87 years. This longevity strains the nation’s pension system, making it a case study for other developed countries with similar demographic trends.

Reuters (20.08.2024) China will beef up its 2.88 trillion yuan ($406 billion) social security fund, making it bigger and stronger to help support its rapidly ageing population as the number of new births and younger workforce to support its seniors shrinks. The National Social Security Fund will "effectively" respond to population ageing and "improve the policy mechanism for the development of the elderly care industry," the fund's party secretary Ding Xuedong said.

NBER (August 2024) Germany, like many other countries, has undergone a series of pension reforms since the 1980s which generally decreased benefit generosity and increased the retirement age due to demographic pressures. This paper investigates whether these reforms have increased income and wealth inequality among retirees.