Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Pension - Social Security
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

DW Simpson
Actuarial Jobs

Visit our site for the most up to date jobs for actuaries.

Actuarial Salary Surveys
Property & Casualty, Health, Life, Pension and Non-Tradtional Jobs.

Actuarial Meeting Schedule
Browse this year's meetings and which recruiters will attend.

Contact DW Simpson
Have a question?
Let's talk.
You'll be glad you did.


Reply
 
Thread Tools Search this Thread Display Modes
  #111  
Old 08-04-2016, 04:44 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

JAPAN

http://www.bloomberg.com/news/articl...-whales-losses

Quote:
$75 Billion Stock Binge Looms After Japan Pension Whales’ Losses

Pension funds combined managed $1.9 trillion as of March
Japanese shares are among worst performers this year
Share on Facebook
Share on Twitter
There’s no time like the present for Japan’s pension whales to buy stocks and sell local bonds, according to Bank of America Merrill Lynch.
“Bond prices are high, and stocks are cheap, so it’s a good opportunity to sell high and buy low,” said Shuichi Ohsaki, the chief rates strategist at Merrill Lynch in Tokyo. “If they’re going to do it, they should do it now.”
The Government Pension Investment Fund and its three smaller peers, which manage a combined $1.9 trillion, have room to purchase $75 billion in Japanese stocks and offload $98 billion in domestic debt after an equity rout and tumbling yields sent the weightings in those securities veering off from their targets, according to Bloomberg calculations based on the money managers latest fiscal year results as of March.
__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #112  
Old 08-10-2016, 04:57 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

Quote:
Originally Posted by campbell View Post
more:
http://www.dw.com/en/chile-pushes-un...orm/a-19462463

Quote:
Chile pushes unpopular pension reform
Chile's president has proposed requiring heftier contributions from employers and independent workers in order to reform a Pinochet-era system. Critics say the public safety net would perpetuate inequality.

Chile's President Michelle Bachelet appeared on national television Tuesday to propose a hike to contributions employers make to pensions and eventually make contributions from self-employed workers mandatory.

"This increase in contributions will allow us to build the foundation for collective savings with solidarity. Part of it will enable raising current pensions and the other part will be used to ensure more equity in future pensions," she said.

Bachelet also proposed eliminating unpopular fees charged by the funds, using a single mortality table for both men and women and strengthening a program that provides a minimum pension for Chileans who have not contributed to a pension fund.

But critics of the plan have vowed to hold demonstrations on Wednesday. Chile's six private pension funds, which collectively manage $160 billion (143.5 billion euros) in assets, have come under fire from protesters who say they do not guarantee a dignified old age and only perpetuate rising inequality.
.....
That has caused outrage among many Chilean workers, who regularly agitate for a more equitable system. As recently as July 24, hundreds of thousands of people poured into the streets to demand an end to the Pinochet-era pension system.

__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #113  
Old 08-12-2016, 04:54 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

UNITED KINGDOM


http://abcnews.go.com/Health/wireSto...nsion-41263663

Quote:
UK Top Court Split on Transgender Woman's Pension Right

Britain's top court said Wednesday it was unable to agree on the case of a transgender woman who was denied a female pension because she refused to divorce her wife.

Five Supreme Court judges said the Court of Justice of the European Union must decide the case.

The claimant, who is now 68, applied for her state pension at age 60 in 2008, but was refused because she did not hold an official "gender recognition certificate." She was told she would have to wait till 65, the age for men.

Under the law at the time, to get a certificate the applicant would have had to end her marriage to the wife she wed in 1974, when she was a man.

The judges said the claimant is a Christian and "she and her wife continued and still continue to live together and wish to remain married. For religious reasons, they are unwilling to see their marriage annulled."

The Supreme Court justices said the Luxembourg-based European court would have to decide whether, under EU law, Britain had the right to insist that "a person who has changed gender must also be unmarried in order to qualify for a state retirement pension."

Britain voted in June to leave the EU but is likely to remain a member for several years while complex divorce proceedings are worked out.

Britain legalized same-sex marriage in 2014, and transgender people can now receive recognition of their new gender while remaining married.

The government is also raising the pension age for women so that it converges with the age for men.

__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #114  
Old 08-14-2016, 04:27 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

PHILIPPINES

http://thestandard.com.ph/news/-main...-adjusted.html

Quote:
154,000 retirees’ pensions adjusted
posted August 13, 2016 at 12:01 am by The Standard
THE Social Security System released a total of P7.21 billion in pension adjustments to over 154,000 qualified retirees in June this year, after the agency completed its special project on the manual verification and reposting of members’ contributions for the period 1985 to 1989.

The pension adjustments resulted from the management’s initiative in examining the lumped 1985-1989 contributions of members affected by a system upgrade in the late ‘80s.

In the past, pensioners submitted individual requests for manual verification for possible pension adjustment. But in 2011, the SSS management created a special team which focused on all records of pensioners without the need for submission of an individual request and pay whoever is qualified for a pension adjustment.

“We initiated this project to give pensioners what is due them without demanding for it. We already sent out letters to qualified pensioners who received their pension adjustment last June. For others, they may call the SSS Hotline at (02) 920-6446 to 55 or email at member_relations@sss.gov.ph to verify the details of their pension adjustment, if any,” said SSS president and chief executive officer Emilio S. de Quiros Jr.

Not all pensioners are entitled to pension adjustments for there are members whose contributions for 1985 to 1989 were already manually verified during the processing of their benefit application. There were also cases where the reposting had no bearing on pension computation so there were no corresponding pension adjustments.

De Quiros said that 90 percent of the 154,357 retirees under the first tranche of pension adjustments received an average back payment per pensioner of P51,883, while the remaining 10 percent received P100 or less in accrued differential amounts which were disbursed along with their regular monthly pension.

“The average amount of monthly pension increase per pensioner for all 154,357 retirees covered by the first tranche of pension adjustments was P515. This also translates to an additional payout of P79.5 million per month,” he said.
__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #115  
Old 08-17-2016, 05:42 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

CANADA

http://www.marketwatch.com/story/can...lan-2016-08-17

Quote:
Canada proposes to dramatically expand the Canadian pension plan

......
Before describing the proposal, a word about the CPP. The CPP covers workers in all Canadian provinces except Québec, which has a similar provincial program. In exchange for mandatory contributions of 9.9 percent of covered earnings, split equally between employers and employees, the program pays pensions, for retirement at age 65, roughly equal to 25 percent of average indexed covered earnings. These pensions supplement the government’s Old Age Security demogrant, which provides a flat payment roughly equal to 15 percent of national average earnings to all long-term Canadian residents age 65 or over.

The proposed expansion of the CPP will increase its replacement rate from 25 percent to 33 percent and increase the upper earnings limit to 114 percent of the Yearly Maximum Pensionable Earnings (YMPE), or roughly $82,700 upon full implementation in 2025. The proposed expansion is shown in Figure 1.

To finance the CPP expansion below the YMPE, starting in 2019 the government would raise taxes gradually over a five-year period on earnings below the YMPE. In 2023, the contribution rate is estimated to be one percentage point higher for both the employer and employee. Starting in 2024, a separate contribution rate (estimated at 4 percentage points each for the employer and employee) would be imposed on earnings between 100 percent and 114 of the YMPE – that is between $72,500 and $82,700 projected for 2025.

The expansion of the CPP is truly extraordinary and appears to have occurred with little controversy. It is only one of the ways, however, to improve pension coverage. In the U.S., where the Social Security program is considerably larger than the CPP, the more sensible alternative is to require employers to enroll their employees in a retirement plan. This initiative should be undertaken at the federal level and applied uniformly across the country. Absent federal legislation, the U.S. is proceeding on a state-by-state basis. Perhaps, we could learn something from our Canadian friends!!

__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #116  
Old 08-17-2016, 05:43 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

CHILE

http://www.cato.org/blog/attack-chil...pension-system

Quote:
The Attack on Chile’s Private Pension System

Last month, a scandal erupted in Chile. The media discovered that the former director of the Chilean gendarmerie, the country’s penitentiary service, was receiving a pension of about $8,000 per month. Chile privatized its pension system in 1980. Instead of sending retirement money to the government, workers there put their money in private accounts that invest and accumulate savings to be used in old age. When Chile approved the reform, the military and some law enforcement agencies (such as the gendarmerie) remained in the old public system.

Although the abuse occurred within the old public pension system, which benefits a minority of Chileans, and the beneficiary in this case was a socialist political activist and ex-wife of the head of the lower house of Congress (also a socialist), the episode was used to attack the private system to which almost every Chilean worker belongs. The left declared that the private accounts managed by the private pension fund companies (known by their Spanish acronym AFP) provide low pensions, something that incensed many Chileans who saw that the AFPs do not pay the same level of pension evident in this particular case.

Before long, protests involving hundreds of thousands of people took place throughout the country under the slogan “No + AFP,” and demanded a return to the old pension system. Last week, President Michelle Bachelet announced a series of reforms that would give the state a larger role in peoples’ retirement.

The extent to which the campaign against the private pension system relies on deception, falsehoods, and distortions is impressive. The Chilean case matters because it is the model that has inspired reforms in dozens of countries around the world, from Sweden to Hong Kong, and from Peru to Poland. To avoid falling victim to demagoguery, it is important to contrast facts with ill-founded criticisms, something that neither the Chilean AFPs nor many others in the region do well.

Critics in Chile assert that the average pension provided by the private pension fund companies is around $340 per month, which is not better than the public pension system. But as the Chile-based Liberty and Development institute (LyD) has shown, that is like comparing apples to oranges. To calculate the private system’s figures, all those affiliated with it are taken into account, even if they have only contributed to their accounts once in their lifetime. The corresponding figure for the public pension system, however, only takes into account the pensions of those who have contributed for a minimum of 10 to 15 years, something that leaves out half of the people affiliated with that system. In addition, pensions under the private system are obtained through contributions that amount to 10 percent of wages, while in the public system the contribution is 20 percent. Correcting for those distortions shows that the value of the pensions the AFPs provide is three times higher than that of the public system.


To properly evaluate the private system, one has to consider its performance with respect to those who have contributed to it regularly. According to data from AFP Habitat, a pension fund company, the average monthly pension for those who have contributed for more than 30 years is almost $1,000 for men and $500 for women. And while it’s true that many Chileans do not contribute regularly to their retirement accounts because too many work outside the formal sector and getting work is still too precarious for many, that is a problem that affects any pension system, whether public or private, and can only be solved with labor reforms.

__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #117  
Old 08-17-2016, 06:02 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

CHILE


http://www.bna.com/chile-pension-reform-n73014446376/

Quote:
Chile: Pension Reform Planned Amidst Growing Discontent

By Tom Azzopardi

Aug. 10—The Bachelet government is planning to send legislation to Congress this year to introduce changes to the pension system amidst growing discontent over the benefits paid out by Chile's pioneering privately administrated scheme.

The government has called parties from the ruling Nueva Mayoría coalition to a meeting on Aug. 18 to discuss proposals.

The bill would join legislation already in Congress to create a state-owned pension fund administrator (or AFP from its initials in Spanish) to compete with the six current private-sector funds, including those of Metlife and Principal Financial Group.

In the 1980s, Chile instituted what was then a revolutionary private-contributions pension system, a model that has been emulated by a dozen countries around the world, including Argentina, Poland and Peru. At the end of June 2016, Chile's AFPs controlled assets worth approximately 111 billion pesos ($170 million).

__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #118  
Old 08-22-2016, 06:02 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

CHILE

http://www.reuters.com/article/us-ch...-idUSKCN10W10T

Quote:
Chileans step up pension reform demands with nationwide protests


Hundreds of thousands of Chileans took to the streets throughout the country on Sunday, seeking to increase pressure on the government to throw out Chile's private pension system in favor of one that would provide better retirement benefits.

Under the current system, which was started in the 1980s during the dictatorship of Augusto Pinochet, six private pension funds, known as AFPs, manage some $160 billion in assets.

Opponents of Chile's private pension system say it forces workers to give their earnings to for-profit funds that do not ensure a dignified old age for all Chileans.

"We expect the president and her government to open a dialogue and listen to the citizens of the country, and not just the owners of the AFPs," said Luis Mesina, spokesman for a group called No More AFPs, which organized the march.

Organizers of the protest said 350,000 participated in the capital, Santiago, alone. Local police put the number at 80,000.

Some marchers carried signs reading: "Chileans Ripped Off".

President Michelle Bachelet has offered a plan to hike the pension contribution rate by 5 percentage points. That would cost about $3.8 billion a year, with the state paying $1.5 billion, the government said earlier this month.

But the protesters said they wanted the current system dismantled. Any reforms must be passed by Congress, where there is broad support for boosting pensions.



__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
  #119  
Old 08-22-2016, 07:24 PM
Don Quijote Don Quijote is offline
Member
 
Join Date: Sep 2001
Posts: 1,407
Default

Quote:
At the end of June 2016, Chile's AFPs controlled assets worth approximately 111 billion pesos ($170 million).
That number is so far wrong, it almost qualifies for the innumeracy thread.

Maybe they were looking at something from a few years ago when the AFP's assets were 111 billion USD, but they are near 200 billion USD now.

I don't think either Principal or MetLife would have made such a big deal about acquiring slices of a $170 million dollar AUM market.
Reply With Quote
  #120  
Old 08-22-2016, 09:12 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,676
Blog Entries: 6
Default

yeah, sounded small.
__________________
It's STUMP - meep on public finance, pensions, mortality, and more

LinkedIn Profile
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 07:48 PM.


Powered by vBulletin®
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.25942 seconds with 9 queries