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FIAP > Boletín – Recientes > FIAP Pensions Note: 7 recommendations for the decumulation stage of the Individually-Funded Pension Systems
2 May, 2017

FIAP Pensions Note: 7 recommendations for the decumulation stage of the Individually-Funded Pension Systems

This note highlights the fact that the individually funded pension systems in the region are approaching maturity, which is why their decumulation stage must be improved before there is a huge increase in pension payments. 7 recommendations have been proposed:

  1. Regularly updated the life expectancy tables, so as to correctly calculate pensions and reserves.
  2. Regularly update the parameters of the individually funded systems, so that the pensions provided meet the system’s objectives.
  3. Separate pensions as such from fund reimbursements.
  4. Have non-contributory pension programs to assist the elderly who cannot access an adequate contributory pension, or other income.
  5. Establish pension modes that satisfy people’s requirements.
  6. Provide adequate advisory service to members when choosing a pension mode.
  7. Implement a consultation and pension amounts offers system that enables members to access information in a simple way, while increasing competition between the different pension modes and providers.
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FIAP > Boletín – Recientes > FIAP Pensions Note: 7 recommendations for the decumulation stage of the Individually-Funded Pension Systems
2 May, 2017

FIAP Pensions Note: 7 recommendations for the decumulation stage of the Individually-Funded Pension Systems

This note highlights the fact that the individually funded pension systems in the region are approaching maturity, which is why their decumulation stage must be improved before there is a huge increase in pension payments. 7 recommendations have been proposed:

  1. Regularly updated the life expectancy tables, so as to correctly calculate pensions and reserves.
  2. Regularly update the parameters of the individually funded systems, so that the pensions provided meet the system’s objectives.
  3. Separate pensions as such from fund reimbursements.
  4. Have non-contributory pension programs to assist the elderly who cannot access an adequate contributory pension, or other income.
  5. Establish pension modes that satisfy people’s requirements.
  6. Provide adequate advisory service to members when choosing a pension mode.
  7. Implement a consultation and pension amounts offers system that enables members to access information in a simple way, while increasing competition between the different pension modes and providers.