The Greek government recently passed legislation creating a mandatory individual supplemental retirement account program known as the Hellenic Auxiliary Pensions Defined Contribution Fund (TEKA). The new funded Defined Contribution (DC) regime is intended to gradually replace the existing mandatory supplemental […]
Update: As of 1 January 2021, all companies based in Poland and employing less than 20 employees are required to implement Employee Capital Plans (PPKs) by 23 April 2021. Employers who fail to comply with the obligation to establish PPKs […]
Update: On 16 December 2020, the Mexican government passed amendments to the social security and retirement savings systems laws. The new pension reform is effective as of 1 January 2021. Click here for a Dec. 2020 report (Spanish) prepared by Lockton […]
The Irish government’s decision to reverse the increase in the state pension age from 66 to 67, effective 1 January 2021, has firmly put the topic of retirement planning back on the agenda. The Irish government had come under pressure […]
Update: Final guidance has been issued by the DIFC, a special economic zone in Dubai, on the implementation of the new DIFC Employee Workplace Savings plan (DEWS), which replaces the current end-of-service gratuity payment plan for expatriate employees. The plan, […]
On 30 December 2019, Bermuda government passed the National Pension Scheme (Occupational Pensions) Amendment Act 2019 (NPS), which enhances the registration and maintenance of occupational pension plans and introduces new provisions related to foreign workers to ensure that local Bermudians […]
On 28 October 2019, the Australian parliament approved new legislation intended to end the current loophole that allows employers to use their employees’ salary sacrifice contributions to reduce their minimum compulsory Superannuation Guarantee (SG) contributions. The bill entered into effect […]
The Korean government passed a bill mandating all companies established in South Korea contribute to a compulsory corporate pension plan, including defined contribution, defined benefit and individual retirement pension plans. The new law is expected to enter into force in […]
On 23 October 2019, the Brazilian Senate approved the final constitutional amendment of a pension reform which would: Increase workers’ pension contributions rates and requirements Create a minimum retirement age Introduce a new mechanism for benefits calculation While most provisions […]
Update: Final guidance has been issued by the DIFC, a special economic zone in Dubai, on the implementation of the new DIFC Employee Workplace Savings plan (DEWS), which replaces the current end-of-service gratuity payment plan for expatriate employees. Click here […]
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