Social Security Agency (25.02.2021) On December 11, Québec's government approved a law introducing the Target Benefit Pension Plan (TBPP), an occupational pension plan that combines certain features of existing defined contribution (DC) and defined benefit (DB) plans. Like a DC plan, a TBPP is funded with employee and employer contributions paid at fixed rates and does not provide guaranteed benefits. However, by pooling its members' assets and setting a target benefit level, a TBPP can provide workers with a predictable periodic pension at retirement like a DB plan.
Old age Pensions
Social Security Administration (25.02.2021) Singapore Introduces Government Match for Provident Fund Catch-up Contributions In January, Singapore's Central Provident Fund (CPF) Board introduced the Matched Retirement Savings Scheme, a program that provides a dollar-for-dollar government match of up to S$600 (US$450.56) per year in catch-up contributions for qualifying CPF members from 2021 to 2025.
Social Security Association (25.02.2021) On January 1, Mexico's government implemented reforms to the country's mandatory individual account pension program that include increasing employer contributions, adjusting government contributions, reducing the minimum contributions required for an old-age pension, boosting the guaranteed minimum pension, and capping administrative fees. The government finalized the changes on December 16, 2020, after reaching a reform agreement with Mexico's largest private-sector employer and trade union associations in July 2020.
Social Security Admninistation (31.01.2021) As part of its efforts to provide relief to individuals and businesses affected by the COVID-19 pandemic, Kosovo enacted a law on December 7 that allows participants of the country's mandatory individual account pension program to withdraw up to 10 percent of their account balances. According to the law outlining the package, withdrawals from all individuals with savings under 9,999 euros will be reimbursed by the Government from 2023 onwards.
Social Security Admnistration (31.01.2020) On December 21, Denmark's parliament approved a law that will allow citizens and certain other individuals with at least 42 years of employment by age 61 to receive a new means-tested early pension (tidlig pension) up to 3 years before the normal retirement age of 67. Specifically, starting on January 1, 2022, individuals can retire up to 1 year early with 42 years of employment from age 16 to age 61, 2 years early with 43 years of employment, or 3 years early with 44 years of employment.
El Peruano (23.12.2020) The Government published the Emergency Decree No. 137-2020, which authorizes transfers to central government entities and regional governments, for the payment of extraordinary bonus established in Law 31083, equivalent to a minimum vital remuneration (930 soles) to pensioners of the Social Security Normalization Office (ONP). The extraordinary bonus will be paid from January 11, 2021. It will be paid automatically in the same account in which the pension is deposited, together with the pension for the month of January.
El Peruano (03.12.2020) Law N ° 31068 approved on November 18 authorizes that people who have not worked on the payroll in the last 12 months will be able to withdraw up to four tax units (UIT), that is, 17,200 soles. The first deposits would be made before January 9, 2021.
ProVida (10.12.2020) All members of an AFP (contributors, non-contributors and pensioners) can request their Second Retirement withdrawal up to 10% of the total saving in their Mandatory Account, with a maximum amount of 150UF (around $ 4,300,000). Survival Pension beneficiaries can also make a Retirement request for those balances. Members can apply from December 10, 2020, until December 2021.