该私募市场的兴起带来了日益严峻的挑战，伦敦证交所首席执行官Julia Hoggett表示，私募市场对该交 易所的威胁可能比其他交易所更大。私募市场通常比公开上市股票透明度和流动性更低，如果市场状况 发生变化，可能带来更大的风险。英国监管机构正在调查包括养老金在内的机构在面临经济衰退时会如 何反应，以及这可能如何对国家的金融稳定造成压力。由养老金保护基金覆盖的固定收益基金拥有超过 1万亿英镑（约合1.4万亿美元）的资产。当公司破产且其养老金计划出现缺口时，该基金会向员工提供 补偿。 美股频道更多独家策划、专家专栏，免费查阅>> 1月30日，英国固定收益养老金计划正大量涌入私营公司，目前其股票风险敞口中近一半由非上市股份 组成，这对提振伦敦金融城公开市场的努力构成了打击。根据养老金保护基金（PPF）的一份报告，去 年非上市股票平均占其股票风险敞口的45%左右，而2020年这一比例还不足18%。 责任编辑：山上 ...

本周，特朗普威胁要对反对其夺取格陵兰岛控制权的欧洲国家加征关税，这一表态让外国持有者抛售美 国资产的讨论再度浮出水面。不过，特朗普于周三撤销了关税计划，称已就该岛屿问题达成"未来协议 框架"。 彼得森最初的表态是在特朗普软化立场之前做出的，他随后表示，坚持此前关于基金重新评估美国投资 的言论。 若格陵兰养老基金决定抛售美国资产，这将是一项显著转变——毕竟美国股票市场地位举足轻重，摩根 士丹利资本国际全球指数（MSCI World）中约70%为美国股票，其近几十年来的出色表现催生了"美国 例外论"的说法，对几乎所有投资者而言，这都是一个难以忽视的庞大市场。 在欧洲，部分养老金基金本周已宣布抛售美国国债，但暂未完全退出股票市场。丹麦养老基金 AkademikerPension表示，计划月底前清空约1亿美元的美国国债持仓；瑞典最大的私人养老金基金 Alecta自2025年初以来，已抛售了大部分美国国债。 65岁的彼得森承认，该基金持有的美国国债规模微乎其微，即便抛售美国股票，对美国资本市场的实际 影响也十分有限。他还指出，抛售股票的决策比出售美国国债更为复杂。 "这会是一个公平的决定吗？毕竟只有半数美国民众投票支持 ...

Core Insights - The number of individuals in South Korea applying for early pension benefits has surpassed 1 million, reflecting the financial pressures faced by retirees due to factors like "income cliff" and healthcare system adjustments [1][2] Group 1: Early Pension Claims - As of July 2025, the number of early pension claimants reached 1,000,700, marking the first time this figure has exceeded 1 million since the pension system's inception in 1988 [1] - The gender distribution shows that male claimants account for 660,000, approximately double that of female claimants [1] - Early pension claims have increased significantly since 2020, rising from over 670,000 to 1 million, a growth rate of about 49%, representing 16% of all pension recipients [1] Group 2: Financial Pressures and Policy Changes - The pension eligibility age has been gradually raised since 1998, with the latest increase from 62 to 63 years in 2023, contributing to the surge in early claims due to the "income gap" phenomenon [2] - A significant change in the healthcare subsidy eligibility criteria in September 2022 has led many retirees to opt for early pension withdrawals to avoid increased healthcare costs [2] - The trend of early pension claims has expanded beyond traditional low-income groups, with those earning over 5 million won per month increasing to 3.2 times compared to 2021, while those earning below 1.5 million won have decreased [2] Group 3: Implications for Pension System - Early pension claims can reduce benefits by up to 30%, potentially exacerbating elderly poverty [2] - The increasing number of involuntary early claimants, alongside the retirement of the baby boomer generation, may place additional strain on the national pension system [2]

Group 1 - The core viewpoint of the article is that European countries are considering shortening their debt issuance periods due to reduced demand for long-term bonds stemming from reforms in the Dutch pension system [1] - The potential shift towards shorter-term financing strategies in the Eurozone may follow the examples set by the UK and Japan [1] - The change is driven by the Dutch pension funds transitioning to a fixed contribution model over the next two years, which may lead to a decrease in the purchase of ultra-long-term bonds as there is no longer a need to match assets with liabilities [1] Group 2 - According to European Central Bank data, Dutch pension funds hold approximately 65% of the sovereign debt within the region's pension institutions [1]

Core Viewpoint - Chile has made significant progress in pension reform, bringing key indicators closer to the OECD average, particularly in net replacement rates for average income workers [1] Group 1: Pension Reform Impact - Chile's net replacement rate ranking for average income workers improved from 28th in 2023 to 19th [1] - The net replacement rate for male workers increased from 38.5% in 2021 to 61.3%, while for female workers it rose from 35.4% to 61.1% [1] - The difference between Chile's male and female net replacement rates and the OECD averages is only 2 percentage points and 1 percentage point, respectively [1] Group 2: Contribution Rate Changes - The reform includes a significant increase in the mandatory contribution rate, which will rise from 1.5% to 8.5% by 2033 [1] - This increase aims to enhance universal coverage and improve benefits for low-income groups and female retirees [1] - The shift to a defined contribution system is expected to elevate future pension levels [1]

Core Viewpoint - The reform of Germany's pension system is currently stalled, facing significant debate and opposition due to its implications for fiscal sustainability and intergenerational equity [1][4]. Group 1: Pension Reform Details - The new pension proposal includes measures for "welfare protection" and "labor incentives," with the core provision extending the "pension level floor" until 2031, ensuring that the replacement rate does not fall below 48% [2][3]. - The government estimates that maintaining this minimum replacement rate will cost federal finances significantly, starting at €3.6 billion in 2029 and escalating to €11 billion by 2031 [3]. - The "mother's pension III" provision extends childcare credits for parents of children born before 1992, resulting in an additional annual expenditure of approximately €5 billion, fully funded by the state [2]. Group 2: Economic Implications - The proposal's reliance on tax subsidies to maintain a fixed replacement rate is criticized for shifting the financial burden onto younger contributors and potentially creating long-term fiscal risks [4][5]. - The "active pension" policy allows retirees to work while receiving full pensions, with a tax exemption on earnings up to €2,000 per month, expected to reduce tax revenue by about €890 million annually [2][5]. - Critics argue that this policy may not effectively increase labor participation, as it primarily benefits those already inclined to work, rather than attracting new labor [5][6]. Group 3: Broader Context and Comparisons - Germany's demographic challenges are not unique, as the EU faces similar issues, with the old-age dependency ratio projected to exceed 50% by 2050 [7]. - Other European countries are implementing various strategies to address aging populations, such as raising retirement ages and linking pensions to life expectancy, with examples from Spain and France [8].

Core Insights - Traditional defined benefit pensions are declining, with employers shifting the responsibility of saving and investing onto employees [1] - An increasing number of public-sector pension plans are adopting risk-sharing designs, with approximately half of state and local government workers covered by such plans [2] Summary by Sections - **Evolution of Pension Plans** - Risk-sharing features in pension plans gained traction after funding declines post-financial crisis, with a notable increase from 34 plans in 2007 to 80 plans by 2014 [3] - As of 2025, 108 state and local pension plans incorporate risk-sharing, covering about 55% of active members, although this may overstate the actual impact on workers [4] - **Methods of Risk Sharing** - A plurality of plans utilize COLA-based risk sharing, adjusting cost-of-living increases based on pension performance and funded ratio [5] - Some plans only provide COLAs from "excess return" accounts, while others link increases directly to the funded ratio or recent investment returns [6] - Variable employee contributions are another common method, allowing worker contributions to fluctuate based on funding needs, which can affect take-home pay [7] - A hybrid approach is also prevalent, combining a smaller traditional pension with defined contribution or cash balance plans to limit employer exposure to risks [8]

Core Viewpoint - OMERS is restructuring its private equity division by eliminating its Asian acquisition team, indicating a strategic reassessment of its operations in the region [1] Group 1: Strategic Changes - The decision to dissolve the Singapore-based private equity team will take effect on December 31 [1] - OMERS maintains that the Asia-Pacific region remains a core geographical area in its global investment strategy [1] Group 2: Commitment to the Region - Despite the adjustments to the local team, OMERS has reaffirmed its commitment to pursuing suitable opportunities in the Asia-Pacific region [1]

Core Viewpoint - The UK government announced the formation of an investment alliance called "Sterling20," consisting of 20 major pension funds and insurance institutions, aimed at promoting economic growth across England, Scotland, Wales, and Northern Ireland [1] Investment Initiatives - The investment alliance will mobilize billions of pounds into the UK's "Build Back Better" plan, focusing on affordable housing, improving broadband in remote areas, supporting high-growth industries such as artificial intelligence and fintech, and playing a key role in infrastructure and regional business expansion [1] Institutional Commitments - Legal General Group has committed to invest approximately £2 billion (about 191 billion RMB) by 2030 to support the construction of around 10,000 affordable housing units and create approximately 24,000 jobs [1] - The UK National Employment Savings Trust has pledged to invest £500 million (about 47 billion RMB) in the UK private market, with £100 million (about 9.5 billion RMB) expected to be allocated for domestic investments in the coming years, alongside increased funding for broadband projects in Scotland and Northern England [1] Government Perspective - The UK Chancellor of the Exchequer, Reeves, stated that this initiative is a crucial step in revitalizing construction in the UK by bringing together savings, investors, and regional strengths to expand housing, infrastructure, and industries nationwide, thereby creating quality jobs [1] Economic Strategy - Analysts view this action as a significant step in the UK government's "regional economic rebalancing" strategy, opening new long-term investment channels for pension funds and providing new infrastructure construction and investment opportunities for various regions, which is expected to boost local employment, enhance regional development levels, and strengthen the overall economic recovery of the UK [1]

Core Points - The German federal cabinet approved a draft law to introduce an "active pension" plan starting January 1, 2026, aimed at addressing the shortage of skilled workers in Germany [1][2] - The plan allows employees to earn up to €2,000 per month tax-free if they continue working past the standard retirement age, which is gradually increasing to 67 years [1] - The government estimates that approximately 168,000 employees will benefit from this policy [1] Financial Implications - The annual tax exemption cost of the "active pension" plan is estimated at €890 million, to be shared equally between the federal and state governments, with the remaining portion allocated to municipal governments [2] - The German Institute for Economic Research (DIW) suggests that the policy could generate additional revenue for the state amounting to several hundred million euros annually as it develops [2] Industry Reactions - The German Employers' Association (BDA) criticized the plan, stating that the government is simultaneously encouraging longer work hours while allowing for early retirement without penalties [2] - The German Trade Union Confederation (DGB) expressed concerns that the plan could cost billions without effectively addressing existing issues [2] - Despite criticisms, both the coalition parties and the Social Democratic Party are optimistic about the draft law's approval and its potential implementation by early 2026 [2]