This paper provides a detailed chronological account of the governance-cum-management reform of National Pension Fund in Korea and analyzes its success factors, drawing lessons for other countries. A review of the current governance structures with the fund versus OECD guidelines and international good practice is also provided, along with suggestions for further reform.

A growing literature shows how consumers make mistakes in a variety of different settings pertinent to financial decision-making. Using data from a randomized experiment in Chile, we show how different ways of presenting pension management fees shape consumer choices, and how responses to pension fee information varies by level of financial literacy. Our results indicate that, in choosing pension funds, those with lower levels of education, income, and financial literacy rely more on employers, friends, and coworkers, than on fundamentals. We also find that such individuals are more responsive to information framing when interpreting the relative benefits of different investment choices.

The 21st wave of the Retirement Confidence Survey (RCS) finds that Americans’ confidence in their ability to afford a comfortable retirement has plunged to a new low at the same time that the recent declines in other retirement confidence indicators appear to be stabilizing. Instead of making fundamental adjustments to their spending and saving patterns in response to the decline in confidence, workers continue to change their expectations about how they will transition from work to retirement in what has been called an age of “the new normal.”

The objective of this paper is to examine how employers’ non-wage costs for their workforce affect voluntary early retirement, using the case of the Swedish private sector. The results show that a 1 percentage point increase in non-wage costs in relation to wage costs increases retirement by 6 percent. Further, given the wage sum and workforce structure, large firms spend more on non-wage compensation than small firms.

We analyze a natural experiment generated by the interaction of the Social Security DI and OA programs at Full Retirement Age, when DI beneficiaries are automatically converted from the DI program to the OA retired worker program.

Premiepensionssystemet är den fonderade delen av det allmänna ålderspensionssystemet.
Vid årsskiftet 2010/2011 omfattade premiepensionssystemet knappt 6,3 miljoner personer. Tanken med en fonderad del av pensionssystemet är att den enskilde har möjlighet att utjämna risken i den allmänna pensionen utifrån sin egen ekonomiska situation.

Förra året, 2010, blev ett år med pensioner i fokus. Det svenska pensionssystemet är konstruerat så att det inte betalas ut högre pensioner än vad systemet långsiktigt kan finansiera. Pensionssystemet följer sysselsättningsutvecklingen och den ekonomiska utvecklingen. Bra år märks, och dåliga år märks. 2010 och 2011 sänktes pensionerna och pensionerna blev därför en stor fråga
i höstens valrörelse.

Second pillar pension funds, built up during employment and which supplement the basic state pension, are facing serious challenges in the Netherlands. Active and retired employees find themselves having to deal with the consequences of financial problems affecting the funds. Retired employees in particular want to have more say in managing the funds. Employers are in consultation with the unions about shifting responsibility for part of the pension risk to employees.

Most countries have separate pension plan for public sector employees. The future fiscal burden of these plans can be substantial as the government usually is the largest employer, pension promises in the public sector tend to be relatively generous, and future payments have to be paid out directly fromgovernment revenues (pay-as-you-go) or by funded plans (pension funds) which tend to be underfunded. The valuation and disclosure of these promises in some countries lacks transparency, which may be hiding potentially huge fiscal liabilities that are being passed on to future generations of workers.

Having weathered the financial crisis, pension fund asset levels in most countries continue to show strong growth and are on the way to returning to pre-crisis levels. During 2010, both economic and financial indicators showed signs of further recovery. However, the outlook for future economic growth in developed economies remains uncertain and sluggish.

Forventa yrkesaktivitet er ein indikator for å måla lengda på yrkeskarrierer basert på yrkesaktiviteten i einskilde år. Ein 15-åring i 2010 kunne forventa ein yrkeskarriere tilsvarande 30,9 årsverk. Dette er noko lågare enn i 2008 og 2009, og skuldast auken i arbeidsløysa etter finanskrisa.

Med innføringen av pensjonsreformen fra nyttår 2011 ble det mulig å ta ut alderspensjon før fylte 67 år. I denne artikkelen gis det en analyse av hva som kjennetegner de som valgte å benytte seg av denne muligheten, sammenlignet med dem som ikke gjorde det.