Global Retirement Perspective Team
Our Global Retirement Perspective and related material cover the pension landscape, tracking both financial and human resource issues as they develop.
Below, you can access past issues of the Global Retirement Perspective.
Proposals to align European pensions’ regulation with Solvency II ill-conceived
The European Commission’s proposals to align European pensions’ regulation with Solvency II fail to recognize fundamental differences between insurance and pensions, and the practical impact on pension funds and their sponsors. This article considers what would be a pragmatic resolution over the short and medium term.
Another turning point: End of the euro crisis?
Have we seen the worst of the European crisis? All over the world, the drivers of inflation and economic growth are shifting. What can companies do to protect themselves in a financially volatile environment? This article considers risk reduction steps that companies can and should take now for their accounting, funding and benefit planning.
Retirement’s Lost Decade?
The term “lost decade,” more commonly associated with Japan, is beginning to appear in the context of Europe and the future of its workforces. The decline in the working population and continuing sluggish economic growth present problems for employers and governments alike. This article looks at how companies can position themselves to be successful in this new environment.
Effective employer-sponsored retirement savings programs mean happier employees
This article considers how multinationals can drive down costs, enhance returns, and simplify investment management and governance of their cross-border retirement saving programs by using cross-border asset pooling. It is only a matter of time before assets accumulate to a critical level and key players realize the significant benefits of creating a win-win situation.
Developing a global policy for controlling your defined contribution plans
With knowledge of best practices as well as modern tools and information systems, multinationals can create effective global DC plan policies that will deliver success. This article takes a look at the criteria that could be used as a benchmark for a given multinational’s DC plan around the world.
Pension Fund Volatility - Suffer, Solve or Ignore?
Volatility in equity and other financial markets wreaked havoc on pension plans this past summer, and there is no sure relief in sight. This article looks at the consequences of this turbulence on pension plans and considers both the short- and long-term actions organizations should think about.
Internation (Offshore) Pension Plans - A Growing Trend?
With an increase expected in the use of International Pension Plans (IPPs) for globally mobile employees, we take a look at the reasons an organization would provide these plans and the IPP options available. We then review some of the principle concerns around plan design and eligibility.
The challenges of retirement provision in Africa
Economic development in Africa is on the rise, with multinationals expressing interest in growing their businesses there. But given Africa’s significant informal employment sector, setting up retirement provisions requires multinationals to carefully consider the unique cultural behaviors of each country. This article takes a look at the challenges of setting up retirement plans in this vast continent.
International Accounting Standard 19 - Amendments for Defined Benefit Plans (2011)
On June 16, the International Accounting Standards Board published amends to "IAS 19 - Employee Benefits", which will change significantly how companies recognize, present and disclose defined benefit plan obligations. In this GRP article, we explain the implications of the amendments and discuss the actions employers should take in preparation for 2013, when the changes come into effect.
Corporate finance in relation to pension funds: An industry perspective
Pension legacy obligations are exerting significant pressures on many companies, and continue to expose those companies to financial risks. Companies with pension risks that are highly correlated to business and economic risks have reason to be particularly concerned. A comprehensive risk management strategy should be favored, that considers all of the relevant environmental factors for the business and the pension fund together.
Governance: Tackling the global information challenge
Governance is top of mind for multinationals, as DB plan deficits force CEOs and CFOs to manage the financial risks within companywide strategies. This article takes a look at the gap between the desire for good governance and what companies are actually achieving, examining possible measures to close this gap.
Highlights from Mercer's Innovation Conversations: The future of retirement
In early 2011, in one of its Innovation Conversations events, Mercer facilitated a conversation between its own thought leaders and major clients, exploring some innovative solutions that are being used to address some of the critical retirement plan issues facing multinationals.
Risk series: Borrowing to fund pension debt
The economic crisis over the past several years has severely jeopardized the funded status of most DB plans, prompting sponsors to explore new ways to manage the inherent risks associated with benefit, investment and funding policies. In this article, we examine the advantages of borrowing to fund pension debt and highlight the key issues to consider.
Financing defined benefit plans with captives
Multinationals are beginning to investigate the use of insurance companies to internally insure or reinsure their own risks. Such “captives” offer opportunities for financing DB pension obligations. This article takes a look at the benefits and challenges of such an arrangement in the specific context of financing of DB pensions.
Longevity, investment risk and defined contribution: Planning for failure? Lessons from Australia
For members of DC plans, if calculations are based on investment and longevity averages, retirement objectives will only be met 50% of the time. This article explores why taking a more nuanced approach to DC planning (particularly in the retirement phase) is required to better consider longevity and investment risks.
Mastering global mobility
Expansion into new geographies brings many challenges for multinationals. But the commercial rewards for getting it right from the beginning can be great. Critical to success is often globally mobile employees. In this article, we take a look at the changing profile of these nomads, including their motivations and expectations, and the ways they can contribute to successful outcomes.
Risk management is a key concern for multinationals, but the attention has recently been refocused from asset volatility to declining discount rates – especially for bonds. This article looks at recent volatility and discusses why companies need to perform a full risk analysis and the advantages of implementing a de-risking framework now.
With one of the highest longevity rates and one of the lowest birth rates in the world, Hong Kong is a ticking retirement time bomb. In this article, Mercer sheds some light on what Hong Kong can do to keep one step ahead of this demographic and social challenge.
The tax advantages of offering an enterprise annuity (EA) plan are closely examined in this follow-up article. Given the recent clarifications on tax treatment of EA plans, and the potential additional support from the government, EA plans may deserve a closer look from employers in China, as the supplementary pension market continues to develop.
The combination of longevity, market volatility and global competition has severely threatened the financial security of retirees worldwide. In this article, based on an adaptation from an award-winning paper by a former Mercer consultant, we take a look at a proposed US solution to establishing a financially sustainable retirement system that has some global application.
With retirement systems around the world under severe stresses, some fresh thinking is needed to address the problems. Mercer has developed a comprehensive global retirement design in response to this crisis, and in this article we explain the key issues employers can and should address now.
Managing pension risk is a key issue for multinationals - an imperative driven home during the recent financial crisis. In this second article of our two-part series, we examine how plans have fared in a number of countries during this tumultuous time and take a look at some innovative de-risking frameworks that companies are now implementing.
While the EU goal of providing pan-European pensions is admirable and necessary, the reality is that little progress has been made – until now. Here we take a look at Mercer’s timeline for these pensions and why there is good news on the horizon.
In December 2009, the State Administration of Taxation clarified the income tax treatment of enterprise annuities (EAs). However, a recent survey reveals that many companies once considering offering these funds are now exploring other options because EAs lack sufficient tax advantage.
Pension risk has become a key issue for companies, and especially for multinationals, as most of them have significant exposure in at least one country. In this article, we present the key factors contributing to this situation and offer some guidance to help multinationals review their global pension strategies in the context of their businesses.
In Japan, the once-popular Tax-Qualified Pension Plan (TQPP) is scheduled to be eliminated by 2012. Many companies have already taken action to deal with the plan conversions, but there are still approximately 20,000 TQPPs left, including those for many multinational companies. Once the plan conversion is completed, there are other important decisions companies need to make in order to effectively manage the cash flow and minimize other risks.
Mercer’s 2009/2010 global benefits governance survey collected information from more than 100 multinational organizations. Survey findings indicate that the desire to follow governance best practices is a key motivating factor. In this article, we examine the relationship between common governance practices and best practices, and consider what multinationals are doing now, the changes they anticipate making and the further efforts that are needed to achieve best practice.
The world is aging rapidly, and the workforce and retirement implications of this trend will have a tremendous impact on businesses. In this article, we examine what companies need to consider when developing benefit policies and workforce strategies to help them stay vital and competitive, now and in the future.
The business case for a DC plan
Improving end-of-service accounting in the GCC region
Our Global DC Survey revealed some key insights from defined contribution sponsors in 33 countries, including their approaches to and objectives for DC management, their reactions to the recent financial crisis, what investment strategies (including lifestyling) they are pursuing, and how they manage their plans. With employers characterizing their role as facilitators, this article explores their approaches to communication, education, governance and investment options.
Defined contribution plans, now the global norm for retirement provision, require plan members to make decisions about joining, accumulation and retirement. Drawing on the same insights and studies from a range of academics in the field of behavioral finance we used for the first two articles, this last article focuses on decisions employees make during the payout or decumulation period and the strategies trustees and plan sponsors can adopt to help participants achieve retirement objectives.
Retirement income systems around the world have considerable diversity, with a mix of public and private provisions and a variety of designs and government requirements. But which country has the best system? Unique to research in this area, the Melbourne Mercer Global Pension Index uses more than 40 indicators to compare the pension systems of 11 countries in terms of adequacy, sustainability and integrity.
Defined contribution plans, now the global norm for retirement provision, require plan members to make decisions about enrollment, accumulation and draw-down. Based on insights and studies from a range of academics in the field of behavioral finance, this article explores how understanding plan member behavior beyond the enrollment stage, discussed in Part 1 of our series, can help trustees and plan sponsors structure their DC plans during the accumulation phase of a member’s lifetime in order to make them work more effectively.
The comparison of different national retirement incomes is controversial, as each system reflects that country's particular social, economic and political circumstances. For the first time, the retirement systems of eleven countries have been compared using the newly developed Melbourne Mercer Global Pension Index. This article discusses the evaluation process, the indicators that affect provision of retirement income and the countries included in this groundbreaking report.
Tim Jenkins examines the adequacy and sustainability of Australia's retirement income system in the wake of the global financial crisis and an aging population. In this article, which is a synopsis of the recent Mercer report, “Securing Retirement Incomes: Risks and opportunities for Australia's retirement income system,” the author offers some suggestions that would help ensure a secure retirement income system, noting that the Australian public, the superannuation industry and the government are all ready for reform.
Despite signs of economic recovery in the global market, many organizations are still trying to find ways to cut costs. People costs are not immune, and retirement benefits, which place a significant financial burden on some employers, are a particular area of focus. This article discusses various approaches that retirement plan sponsors might consider to reduce the cost of their retirement programs.
Defined contribution plans – now the norm for retirement provision worldwide – require plan members to make decisions about joining, investment options and drawdown in retirement. Drawing on the work of academics in the field of behavioral finance, this article explores the psychology behind plan member behavior at enrollment and provides ideas for trustees and plan sponsors on strategies for making plans work effectively in light of this behavior.
The economic downturn has caused many multinationals operating in China to consider localization to reduce the cost of expatriate packages. While localizing elements such as cash, allowances and short-term benefits (for example, health care) is relatively easy, long-term benefits, such as pension plans, present greater challenges. In this article, we discuss the pension situation in China and the various options available to multinationals.
Authorities and employers around the world are struggling to design the perfect DC plan, one that manages company risks while generating long-term growth for the provision of pension benefits. While many good examples of programs exist worldwide, the Asia Pacific region has several large, mature DC systems that have developed and improved over many years. This article covers some of the key lessons from the experiences of the mandatory DC systems of Australia, Malaysia and Singapore.
DC schemes often provide lower pensions than do DB plans. Although there are inefficiencies in the DC system, these are fundamentally solvable. The shortfall in DC schemes actually stems from the tax system, which will not allow for proper DC accrual. With much at risk, governments may need to rethink their strategies concerning DC schemes – or watch their second pillar erode over time.
A bleak economy and demographic changes are forcing governments to modify their benefit and pension systems. In this article, we look at some of the trends in different countries, their impact on multinationals’ plans and what companies should consider going forward.
Governments worldwide are amending their pension rules to help relieve the financial pressures, caused by the economic recession, on multinationals sponsoring DB and DC plans. This article looks at the actual changes made or proposed by governments and legislators, and some actions companies might take in response.
Severe economic conditions have raised the stakes for multinational sponsors of retirement plans. Here we look at not only the challenges companies face, but also the opportunities available for making strategic changes as they try to shape future retirement plans.
The impact of the economic crisis has had significant effects on both young and older workers, reflecting their concerns about retiring with adequate money. This article addresses the challenges companies face and the urgent need for them to address members’ concerns and offer guidance.
Retirement plans are in the spotlight, with companies challenged to demonstrate their value, not their cost; their opportunities, not their risks; and their relevance rather than their benevolence. Achieving the right balance can be made easier by establishing clear objectives and priorities early on. Here, we look at retirement design from four perspectives – market; cost and risk; the employee; and the employer – and illustrate the opportunities available for plan redesign in the current difficult environment.
International pension plans: Selecting a provider
In the Middle East, the need for retirement plans has never been stronger. With the region’s unprecedented economic growth, and the longer work assignments for expatriates in the GCC region, statutory end-of-service benefits are no longer adequate. This article looks at why today’s companies are introducing retirement plans that offer a competitive advantage, increase employee engagement and provide an enhanced benefit guarantee that is both transparent and secure.
Defined contribution (DC) plans continue to grow in prevalence, size and importance around the world. This article reviews how employers can manage their DC plans more effectively by using Mercer's new DC Global Plan Management (DC/GPM).
It’s no secret that the current financial crisis has sent shock waves throughout the world’s markets. We would be remiss if we didn’t consider the substantial impact the current economic climate is having and will continue to have on retirement plans and their investments. Our dedicated site, Unprecedented times, contains articles and podcasts that provide Mercer's evolving views on the implications of the present situation.
Risk and response: Getting commercial
The explosion in the number of expatriates is forcing multinationals to create benefit programs that are globally consistent yet appropriate for each location. Drawing from Mercer's recent survey findings on expat benefits, we look at why the traditional approach to providing benefits may no longer be sufficient for these globally mobile employees.
With private pension systems expanding in India, more flexible investment options have surfaced. This article examines the revised investment pattern in this country and the opportunities it offers for companies’ plans.
In this the final article in the Gullible's Travels series, the author explores the implications of the current financial crisis from a unique perspective - that of changing human values - and examines how political, economic and social changes may trigger a transformation in pension plan design in the future.
This article provides an overview of the World Economic Forum’s report, in partnership with Mercer, on an ageing society, the impact on pensions and health care provision and the implications for businesses and societies worldwide.
Pension plan design: Implications of an ageing population
In this article, the author adopts the perspective of a multinational sponsor of DB plans and reflects on the potential consequences of each of the Forum’s three scenarios for financing and managing these plans.
This article tracks the impact of the macro forces identified by the Forum’s report on the future health of the global workforce, on companies’ financial health and on global economic growth.
Businesses worldwide face many challenges as they try to shape a future workforce that will fit their needs. Here we look at how companies can meet these challenges and prepare for the future by using workforce planning.
This article discusses - Are people an investment to be managed or an expense to be reduced? Are benefit plans up to local management or an activity for headquarters to orchestrate?
This article briefly describes what a Pan-European pension plan is, with an overview of the potential benefits and a point of view on how multinationals can move toward implementing such an arrangement.
This article briefly describes the impact of the credit crisis on pension liabilities in transactions.
This article discusses defined contribution (DC) plans across Europe and introduce some common themes as well as cultural differences that will help multinational plan sponsors find opportunities to streamline their DC plan designs and plan management practices across borders.
This is an article from Edition 17 of our Global Retirement Perspective. Perter Horan looks at the challenges acquisitions in Eastern Europe pose.
The world's population is aging at an unprecedented rate. This article examines the effects of an aging workforce and explores how businesses can achieve competitive advantage by keeping older employees in the workforce longer and leveraging their skills.
This is an article form Edition 17 of our Global Retirement Perspective. It is our second article looking at the changing HR and benefits situation in the Middle East.
This article provides an overview of retirement benefits in India and examines relevant issues that are important from an employer’s point of view. It covers income replacement ratio, the fringe benefit tax (FBT), and the challenges that employers are facing.
Addressing the rapidly rising expatriate population in the United Arab Emirates (UAE), Mercer's Middle East Survey 2007/2008 lifts the lid on the changing face of multinationals' benefit and HR practices in this very dynamic Gulf state. The article focuses on the growing demand for Western-style remuneration practices, notably the emerging trend for multinationals to offer supplemental pension and medical plans, and provides invaluable insight into what we can expect during 2008 and beyond.
Cross-border mergers and acquisitions are on the rise. While all M&As carry risks, cross-border ones come with unique types of challenges and opportunities. Mercer recently worked with an Asian multinational on its purchase of a US company. Here we discuss some of the key issues involved.
This article outlines the basic issues an employer should consider in deciding whether to establish a contract-based governance structure. Using the United Kingdom as a country case study, we cover the risks and pitfalls of both putting a formal governance structure in place and, just as important, of failing to do so.
Employers with any US taxpaying employees who participate in their non-US retirement plans must become familiar with Section 409A of the US Internal Revenue Code. Here we review the serious tax implications for companies of not complying with Section 409A.
Recently, pension plan sponsors have been looking hard at the risks that they carry and how to mitigate them. New solutions and players in the market have expanded dramatically. This article puts the markers back on the map to help you achieve a risk-free pension plan.
China’s explosive economic growth paradoxically has created significant labor shortages, creating workforce challenges for many multinationals (MNCs) doing business there. Consequently, many MNCs have begun to look at their total rewards programs, including their pension plans, as a solution. Using results from Mercer’s Total Benefits Trend Survey, we take a look at where retirement plans fit within the total benefits equation.
In our second article in the Design for the Future Series, we explore insights from behavioral economists and psychologists on how individuals perceive risks associated with planning for retirement. This article explores straightforward approaches employers can adopt to better engage their employees and the implications for plan designs.
The new ITP, the long-anticipated Swedish pension plan for white collar workers in the private sector, launched on 1 July 2007. This article discusses the fundamentals of the new ITP plan and how this will affect all businesses in Sweden.
This article examines behavioural economics and Enterprise Risk Management and explores how employers can use risk analysis to better manage their financial risks by both redesigning their plans and changing their investment strategies.
Our new DC series kicks off with a look at the history of DC plan growth and the key features that have evolved to engage members to contribute adequately to their retirement funds.
Our survey addict delves into some of the surveys published recently on pension plan funding around the world.
We look at how multinationals operating in Korea are responding to the Employee Retirement Security Act and its impact on retirement planning for these companies
In this article we look at why Germany's top companies are attracted to Contractual Trust Arrangements (CTAs) as a means of funding their pension schemes, and consider what the alternatives have to offer.
Brazil's supplementary pension system is currently enjoying a rise in popularity and is expected to double in size in the next five years.
In this article: the effects of the recent pension reform legislation in the US on DB plans is examined.
This article introduces Value at Risk methodologies for managing corporate exposure to defined benefit pensions.
The final article in our series on plan governance takes a look at how fiduciaries might align their own governance structures with those of their corporate sponsor, particularly those organisations which are aspiring to world-class corporate governance. We look at why this is an issue now, how fiduciaries can bridge the gap between where they currently reside in terms of governance and where they aspire to be, and the pay-off they can expect as a result.
We look at Russia's three-pillar approach to retirement provision and the new trend for corporate pension plans introduced by Russia's big multinationals.
It is six years since Turkey's Private Pension System was introduced. This article outlines the system and examines what has been achieved in that time.
Increased labour costs in China and India have led business leaders to look for alternatives in the region. In this article we explore the retirement systems, legislative updates and the trend towards defined contribution in Southeast Asian countries.
We consider -in this second part of our series on global governance - the steps companies need to take to overcome the internal and external challenges that may inhibit their ability to build effective governance frameworks.
We look at how to find and implement an appropriate strategy, focussing on some key potential solutions, regardless of whether pension plans are defined benefit or defined contribution.
Now that companies have had a chance to start absorbing the new legislation in the US, we follow up our previous article.
Mercer recently surveyed a representative group of multinational companies on their thoughts and intentions about key pension issues. Their answers uncovered some very specific trends and opinions.
Earlier this year, Mercer won a unique competition – designing Hong Kong’s future retirement system. Mercer’s winning entry was designed to address not only Hong Kong’s issues, but also some of the broader retirement challenges facing many countries.
Thailand is planning to introduce a mandatory retirement plan in 2008. The new legislation was supposed to take effect in 2007 but has recently been postponed. The recent political events might cast additional doubt on the effective date.
Decisions on pensions can have a significant impact on a company. Making effective decisions in this complex area is crucial – but this requires scarce executive time to understand the exposure a business faces from its pension liabilities.
Companies that sponsor DB plans and their actuaries are left with difficult decisions about what allowance to make for future age improvements when determining cash and accounting costs.
Actuaries continue to develop more sophisticated tools for establishing assumptions, and these have been generally well-received by clients and auditors. However, the key to successful and supportable disclosure lies in a well-defined process document.
The evolving Mexican retirement landscape offers multinational companies opportunities to restructure their retirement arrangements around solid fiscal principles.
The US Congress has finally passed pension reform. Pundits are calling it the most significant piece of pension legislation since the Employee Retirement Income Security Act of 1974 (ERISA).
This article considers the issues underlying active management of pension fund interest rate exposure and offers practical ways of adopting some of the solutions now available.
This article looks at the challenges facing companies looking to re-engineer executive compensation and outlines the options and alternatives available.
New legislation has changed the landscape of pension provision in the UK. The new rules have practical consequences for executives but also introduce new options for employers and individuals alike.
In this first of a series of related articles we examine what is driving the change, and what issues employers should consider if they are thinking of transitioning to DC. The article has a US focus but a global relevance.
The events of the last decade have made it clear that providing lifetime pensions to a population is a risky proposition. Traditional social security systems and defined benefit plans are proving to be more expensive than expected.
As companies become more global, with headquarters countries comprising an increasingly smaller percentage of the total employee population, employees on senior management fast tracks are now moving around globally with no clear home country.
Employer-sponsored plans have traditionally been final salary defined benefit (DB) plans, but there has been a very strong trend to career average DB plans in recent years.
The Financial Accounting Standards Board (FASB) is on course to overhaul employers' accounting for pension, retiree medical and other postretirement benefits. The latest development is the March 31 release of an exposure draft.
Here we take a look at a recent innovative plan design - the Retirement Shares Plan - that might be ideal for plan sponsors who want to maintain a defined benefit plan for their employees, but reduce their exposure to investment, interest rate, and mortality risks.
In part two of our three-part series on expatriate retirement issues, we examine the traditional approaches to providing retirement benefits to expatriates, including the structure, administration, and monitoring of such programmes.
Recent pension legislation is leading to significant changes in the French corporate pension system. This article reviews some of the key changes and identifies potential shifts that may occur in the marketplace as a result.
In this Pension News Flash, we review how 2005 ended up, and discuss trends in discount rates, asset returns, and other critical assumptions.
A look at alternative strategies for using retirement benefit packages to facilitate global mobility and long-term employment. We describe recent developments and the results of our 2005 survey on expatriate benefits as we outline best practices.
For a typical multinational company, providing retirement benefits to employees in the Asia-Pacific region presents several challenges. Mercer's Phil Shirley examines those challenges.
In a country like India, where social security measures are insignificant and individuals are often either ill-organized or inattentive to planning and providing for their old age, the employer has a significant financial and social role to play.
It is an interesting time of transition for the Austrian pension market. It will be important for multinationals with Austrian operations to watch the pension landscape so they can anticipate changes and modify benefit design programs accordingly.
Recent developments affecting the Australian superannuation industry have lessons for other countries that are likely to experience similar trends. This article examines what lessons and insights can be observed from the Australian experience.
New pension legislation is shaping the corporate pension system in Korea. In addition, Korea is one of the few remaining industrialised countries that does not require GAAP accounting for pensions. We explore the changing face of Korean pensions.
We consider the impact of current economic factors and the recent changes in UK pension legislation from the point of view of multinationals with UK subsidiaries.
The economic environment and increasing auditor scrutiny make each year end more challenging, and 2005 promises to be no exception. In this Pension News Flash, we highlight issues on setting key assumptions for pension programs around the globe.
The 2004 financial reporting season is over, with over 5,000 companies having labored diligently to comply with Section 404 requirements of the Sarbanes-Oxley Act. A review.
We consider the extent of these changes and their implications for multinational companies.
Here we look at the effects of these changes on plan design, administration, and corporate governance.
Here we explore how difficult economic conditions are affecting retirement programs not only in the US but also worldwide.
We examine their considerable impact on governments, individuals, families, and companies in providing retirement security for millions of citizens.
The financing of pension liabilities is now firmly a boardroom issue for most multinationals. This article covers several issues of concern to pension plan sponsors, including pension risks, how pension liabilities affect the balance sheet, and some insights into how analysts are viewing pensions.
China's economy is growing at an unprecedented rate and the country is firmly on the path of changing from a developing to a developed one. This article looks at changes in the private pensions market and examines some of the complex issues facing multinationals regarding Chinese pension plans.
Germany is well known as a country with many unfunded pension liabilities. However, many companies are reviewing their approach to pension funding and there is a move towards the concept of matching assets to pension liabilities. This article will take a look at some of the issues driving this trend and identify areas of further analysis that sponsors of German pension plans may want to explore.
Asian economies are grappling with the challenges of aging and financing the retirement of future generations. This news summary covers some important legislation that addresses some of these concerns.
In contrast to approaching retirement programs locally, many multinationals are now adopting a global strategy, introducing equivalent pension plans across many countries. Here we cover the challenges global benefits managers face in implementing a DC plan in Japan.
Recently passed UK tax legislation will materially affect pensions for expatriates to and from the UK. Here we take a look at some of the short and long-term implications.
Employers are questioning the merits of offering DB pension plans. This article explains why they can be a source of substantial value to both employers and employees