Pensions - Articles - Pensions worldwide are going through major changes

 Retirement systems around the world are going through major changes in 2015. Government changes are driving companies to reconsider their retirement strategies. General increases in life expectancy (highlighted by the latest mortality tables in Canada and the US), and a need to tighten financial budgets has led to governments looking at a range of options including: Many countries are seeing an increase in state retirement ages – how do your company plans fit in with these changes? And is your company prepared for employees working longer?

  

 Some countries are reducing the tax effectiveness of retirement savings including France, Ireland, Netherlands and Mexico; whilst § Other countries are trying to encourage greater retirement savings by offering additional tax efficiencies including Greece and Russia.

  

 Greater public awareness also means that employees are taking more of an active interest in retirement benefits. European legislation through IORP II is driving a shift in attitudes to governance. Sweden and the UK are already looking at additional measures to increase awareness on the pension risks companies are exposed to. This is likely to lead to further de-risking. Elsewhere around the world, changes to pensions systems are causing companies to review their options with a view to finding better risk sharing, sustainable solutions for the future.

  

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