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News & Press: DCIIA News

Just Published: Initial Impacts of Coronavirus on Global Defined Contribution Plans

Monday, July 13, 2020   (0 Comments)
Posted by: Karen Witham
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DCIIA is pleased to announce the publication of Initial Impacts of Coronavirus on Global Defined Contribution Plans. This report provides a snapshot of initial policy responses related to participant access to DC plans in various global markets as of May 15, 2020.

Access the report in our Resource Library

Read the report PDF

Many thanks to our contributors:

John Mitchem, JM3 Projects
James Martielli, Vanguard
Kristin O’Donnell, Wellington

Countries covered in this paper include Australia, Canada, Chile, Denmark, Hong Kong, Ireland, Japan, Malaysia, New Zealand, Peru, Singapore, United Kingdom, and United States.

As noted in the paper, “Policymakers face a delicate challenge: how to allow plan participants to access DC savings that they own (which is not the case with defined benefit pensions and related first pillar global programs) while ensuring that these short-term withdrawals do not impair the long-term strategy of building retirement savings. Notwithstanding the potential for emergency access, it’s clear that careful calibration of managed savings, managed investments and managed loans and withdrawals has become a vital consideration for plan participants, sponsors, service providers and governments.”

If you have questions, please contact us on info@dciia.org.