November 2024
25Nov

Are You One of 38 Million Seniors Who Fear Your Retirement Income Won’t Be Enough? You’re Not Alone.

Social Security is one of the most crucial functions of the U.S. government. Last year, the program paid roughly $1.5 trillion to 68 million Americans, 51 million of whom were retired. Many of these retired Americans rely on the program for a significant portion of their incomes. Originally intended as one of three income sources for retirees along with employer pensions and personal savings, Social Security's role has grown as pensions have become rare for most. Many lower-income earners are unable...

November 25, 2024
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07Nov

UK. Household Support Fund extended

The UK Government’s Department of Work and Pensions (DWP) recently announced an extension of the Household Support Fund (HSF) until 31 March 2025. The fund will offer critical support and advice for struggling households across Bournemouth, Christchurch and Poole (BCP) throughout the winter period, who are finding it difficult to pay for household essentials including food and energy. Local councils are responsible for administering the fund in their area, with BCP Council being allocated £2.65 million of the £421 million national...

November 7, 2024
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05Nov

UK. Pensioners Affected by Winter Fuel Payment Changes Prompt Union’s Legal Challenge

The UK government's plan to scrap universal Winter Fuel Payment for around 12.7 million pensioners has prompted trade union Unite to threaten legal action. In a bid to save money, the Labour government has said that only people over the age of 66 and in receipt of means-tested benefits such as Pension Credit would be eligible, meaning that around 10 million pensioners will no longer receive this one-off annual payment of up to £300. Implications for Pensioners and Government Justifications Ministers claimed...

November 5, 2024
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01Nov

UK. Former miners celebrate ‘hard-fought’ win in pension scandal

Former miners have said they are delighted their “hard-fought campaign has finally paid off” after the government said it would end the pension scandal that left many of them “dying in abject poverty”. In her first budget on Wednesday, Rachel Reeves announced the £1.5bn mineworkers’ pension fund would be handed over in its entirety to ex-miners and their families, after years of campaigning on an unjust agreement that allowed the government to take half of their pension surplus. The pensions...

November 1, 2024
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October 2024
21Oct

UK. DWP to give £812 to some benefit claimants

The Department for Work and Pensions (DWP) is providing a new loan scheme that offers people on benefits an additional £812 boost. This measure, launched by the government department, is designed to further support benefit claimants throughout this year. According to the DWP, recipients of the loan are not required to pay back the sum immediately. The Department has stated, "A Budgeting Loan is interest-free so you only pay back what you borrow. The repayments will be taken automatically from...

October 21, 2024
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18Oct

The Impact of Lump-Sum Retirement Withdrawals on Labor Supply: Evidence from Peru

By Carla Moreno & Sita Slavov  We examine the labor supply impact of a 2016 policy that allows retirementeligible individuals covered by Peru’s private pension system to receive retirement benefits as a lump sum rather than as an annuity. We present a theoretical model predicting that, for liquidity constrained workers, the lump sum option makes formal employment (requiring pension participation) more attractive relative to informal employment (not requiring pension participation); it also encourages early retirement. Using household panel data, we...

October 18, 2024
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16Oct

Mercer CFA Institute Global Pension Index 2024

By Mercer, CFA Institute, Monash Business School The Mercer CFA Institute Global Pension Index benchmarks 48 retirement income systems around the world, highlighting challenges and opportunities within each. Vietnam was added to the mix this year. We used updated data from the OECD and other international agencies and added some new questions to the integrity sub-index. The index is made up of three sub-indices, namely adequacy, sustainability and integrity, to measure each retirement income system against more than 50 indicators. This...

October 16, 2024
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16Oct

Higher Contributions, Net Replacement Rates Make World’s Best Pensions

Which countries have the best retirement systems? The Netherlands, Iceland and Denmark are the top three, according to the 2024 Mercer CFA Institute Global Pension Index. The top three were unchanged from last year’s report. The 16th annual survey benchmarked and compared the retirement systems of 46 countries, with a secondary purpose of highlighting shortcomings in each system and suggesting areas of reform. Among the characteristics present in the top-rated plans, the researchers identified: A public pension for the aged poor of at...

October 16, 2024
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04Oct

UK. Frozen state pensions: thousands of expats receive just £3,000 a year

Thousands of retired Britons living abroad receive just £3,000 on average each year from a “frozen state pension” - £7,000 less than retirees living in the UK - according to new analysis. While British pensioners that move abroad still receive a UK state pension, only some of them benefit from the triple lock. This uprates the state pension each year in line with earnings, inflation or 2.5%, whichever is higher. The new full state pension is likely to increase by more than £400 next April,...

October 4, 2024
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September 2024
30Sep

Two million French seniors live in poverty: charity report

Two million seniors in France live below the poverty line, warns a charity that works to alleviate isolation amongst the elderly. It pointed to a rise in poverty, particularly among older women and people living alone. The poverty level of people aged 60 and older is on the rise, the Petits freres des pauvres (Little brothers of the poor) charity in its annual report published Monday. In 2024, some 11 percent of elderly people live under the poverty line, compared to eight...

September 30, 2024
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