Using data from a stated preferences experiment in the Netherlands, we find that replacing fulltime pension schemes with schemes that offer gradual retirement opportunities induce workers to retire one year later on average. Total life-time labour supply, however, decreases with 3.4 months because the positive effect of delayed retirement on labour supply is cancelled out by the reduction in working hours before full retirement.

Many pension plans in the Netherlands guarantee that the (nominal) benefits will never decrease. The benefits can increase if the financial position of the fund allows, according to the so-called conditional indexation rule.

China is becoming an ageing society. The social security system in urban China aims to protect the standard living of the elderly. However, the actuarial model predicts that the gender gap in pension benefits will tend to enlarge over the coming decades.

Pensjonsforum ønsker alle medlemmer en riktig god jul og et godt nytt år. Vi ser frem til å kunne invitere til ny møter med spennende og dagsaktuelle temaer på pensjonsfeltet på nyåret.

Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment.

Continued market volatility, changing regulatory regimes, and maturing pension liabilities continue to push managing pension risk up the agenda of corporate executives. Aon Hewitt's global pension risk study looks at the pension risk management attitudes and actions of plan sponsors around the world, as well as providers of pension risk management solutions (including asset managers, banks, and insurance providers). By looking at multiple regions and perspectives, Aon Hewitt's study aims to provide comprehensive data on the latest thinking and practices in global pension risk management.

The Department for Work and Pensions is issuing this guidance to set out standards for default options in automatic enrolment defined contribution (DC) pension schemes. This default options guidance is principles-based and is a statement of good practice intended to support existing legislation. By this we mean it sets out high-level, non-regulatory principles to help establish good decision making when developing default options.

The good practices reflect what pension regulatory and supervisory authorities usually expect to examine when assessing the risk management of pension funds that use alternative investments and derivatives. They outline how supervisors should oversee such investments and suggest possible regulatory controls.

The character of the good practices emphasises the overriding principle that it is the responsibility of pension funds to develop their own alternative investment and derivatives policies in a responsible manner. As such, they may also help and encourage pension funds to improve their risk management practices and thereby use these instruments safely and effectively.