Retirement

Norway

Norway extends pension scheme access

The Norwegian government passed new legislation introducing the right for all employees (including low-paid workers and part-time employees) to participate in their employer’s existing private occupational pension scheme.

The legislation entered into effect on 1 January 2022, with an adjustment period to allow for gradual implementation by 30 June 2022.

Greece

Greece to introduce a new individual retirement account system for 2022

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 […]

Netherlands

Netherlands releases pension reform framework [Updated]

Update: The Dutch government recently announced that the pension reform will be delayed. The new pension system is now expected to come into force by 1 January 2023, one year later than originally planned, with a transition period from 2023 […]

Poland

Poland changing the occupational pension landscape [Update]

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 […]

Mexico

Mexico to reform social security pension system [Updated]

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 […]

Ireland

Ireland’s pension reform

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 […]

UAE

UAE DIFC mandatory retirement plan final guidance

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, […]

Bermuda

Bermuda amends national pension scheme

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 […]

Australia

Australia ends salary sacrifice superannuation loophole

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 […]