Latest from IPE Magazine – Page 739
-
Features
What to do when the world changes
As part of our coverage of the aftermath of the tragedy in the US on September 11, we invited pension funds to air their feelings and views in a special Off the Record considering the impact of the terrible events on our industry going forward. Your responses were both pertinent ...
-
Features
Working the corridors of power
Since its formation in 1981 the European Federation for Retirement Provision has undergone dramatic structural changes, whilst remaining faithful to the aims set out at its first gathering in Paris in September of that year. Originally established under a brief constitution, the stated purpose of the organisation was to “represent ...
-
Features
Growth continues unabated
Developments in the past year were very encouraging. The data for the year 2000 gives the following picture of the Pensionskassen market in Austria: q assets administered by Pensionskassen in Austria in 2000 were ATS110bn (e8bn), an increase of 9% compared to the year 1999; q some 284,000 beneficiaries are ...
-
Features
Opening up the second pillar
Belgian retirement provision is structured around a three-pillar system. Pillar one is a ‘pay-as- you-go’ system organised by the government on the basis of social security contributions, also known as a repartition system. Pillar two consists of supplementary pension schemes organised on a collective basis by a company or group ...
-
Features
Worries about pension guarantees
Pension guarantees have been the hottest topic in the Danish pension debate in recent years. Another issue high on the agenda is the planned transition from book value to fair value in the accounts. The Danish pension system first pillar The ‘Folkepension’ is administered by the state and is ...
-
Features
Wide-ranging review under way
In Finland, the provision of statutory employment pension cover in the private sector has been designated to private pension institutions. The types of competing pension institutions are pension foundations, pension funds and employment pension insurance companies. Additionally, the employment pension insurance companies compete with each other for clients. Objectives ...
-
Features
Future date with pension funds
Pension funds are on the way in France. The next move will most likely come after the next presidential and parliament elections in spring 2002. This will help to give flexibility to the French retirement system and to meet the objective to provide for a decent replacement ratio and to ...
-
Features
Pensionsfonds - a new way of financing
Due to the deteriorating demographic situation and the high unemployment rate, the recent pension reform tries to ensure stability of medium- and long-term-costs by cutbacks in social security benefits. The net replacement ratio, which is net state pension to net active earnings prior to retirement, will be reduced from the ...
-
Features
Island's simple and effective approach
Guernsey’s first pillar pensions system is simple but effective. The old age pension is payable from age 65 for men and women, at a uniform rate of £107.25 (e175) a week for a single person and £172.75 for a married couple. Benefits at the full rate are payable to all ...
-
Features
A well-constructed system
The Icelandic old age pension system is composed of a tax-financed public pension scheme and mandatory funded occupational pension schemes, mostly run by private pension funds governed jointly by the partners in the labour market. The public pension scheme pays a basic pension from the age of 67 and a ...
-
Features
Changing the face of retirement provision
The pension environment in Ireland is in a period of radical change. This era of evolution began with the launch of the National Pensions Policy Initiative (NPPI), by the Pensions Board (Irish national occupational pensions regulator), in 1996. Since then, we have had a series of developments that collectively will ...
-
Features
New pension funds off the block
Since 1999 Luxembourg has been readying itself for the opening of the European market, the backbone of this preparation being its flexible and innovative laws and regulations. But even though the legislation ought to require only minor changes to be compliant with the European directive in the making, the subsisting ...
-
Features
Modernising law on the way
The Dutch pension system is based on a three pillar system. The first pillar consists of a pay-as-you-go state pension (AOW) providing a flat rate benefit for all residents. The amount for a couple is 100% of the legal minimum wage (singles: 70%). Most workers are also entitled to a ...
-
Features
Ground set for development of schemes
Some rather radical changes have taken place lately within the pension legislation in the private sector. A completely new act on occupational pension schemes – Act of Defined Benefit Schemes – allowing deductible contributions has been passed. This act replaces earlier regulations of defined benefit schemes pursuant to the Taxation ...
-
Features
Increasing role for funded approach
The expansion of private pension funds looks set to continue as reforms are implemented. Portugal’s pay-as-you-go system evolved in stages and a variety of limited regimes have been introduced since the beginning of the century. The social security system comprises two main regimes: the general system, covering private-sector workers, and ...
-
Features
Committed to improving second pillar plans
Article 41 of the Spanish constitution makes a public system of social security obligatory and also allows a free supplementary pension system schemes. In April 2001, the Spanish government reached an agreement with one of the main trade unions and the employers’ organisations containing specific rules for the development of ...
-
Features
The year of the switchover
The national supplementary pension scheme, introduced in 1960, is from this year successively replaced by a new old age pensions system decided by the Riksdag in 1998. Those born in 1937 and earlier will receive a supplementary pension according to the old rules. Those born between 1938 and 1953 will ...
