Pension design Archives - Page 19 of 46 - Pension Policy International

11MayMay 11, 2023

UAE. ‘Shourak’, the new scheme by the GPSSA to provide more sustainable returns and secure retirement

WAM: The General Pension and Social Security Authority (GPSSA) has said that insured members under the GPSSA's umbrella who opt to join “Shourak” must do so within six months of their end-of-service date and merge their end-of-service benefits within one month when joining a new entity. “Shourak”, which means “preference” in English, aims to provide Emiratis with a more sustainable insurance return for themselves and their families and a secure pension scheme. The programme's procedures do not apply to employment years...

May 11, 2023

NewsPension design, UAE

09MayMay 9, 2023

India’s pension scheme returns ‘exceedingly good’ versus benchmarks – regulator

India's national pension scheme offers "exceedingly good" returns of 9-12%, compared to most benchmarks, a top official at the pension fund regulator said on Tuesday. The National Pension Scheme, adopted in 2004, has recently come under criticism for inadequate returns, leading to a few state governments reverting to an earlier pension plan considered fiscally unviable. Following this, the federal government set up a committee to review the country's pension system. "The equity scheme, since inception, has given an annual return of close...

May 9, 2023

NewsAdequacy, India, Pension design

03MayMay 3, 2023

Everything You Ever Wanted To Know About Annuities But Were Afraid To Ask

Everything You Ever Wanted To Know About Annuities But Were Afraid To Ask If your well-rounded financial portfolio is a meal, then annuities should be part of the main course. Annuities are technically insurance products, but many people view them as investments—because, for all intents and purposes, they are treated similarly. There are many different types of annuities, but the main type is what people refer to as Lifetime Income Annuities, which work like a “Personalized Pension Plan.” These provide...

May 3, 2023

NewsPension design

25AprApril 25, 2023

PPG Industries unloads $309 million in U.S. pension liabilities

PPG Industries Inc., Pittsburgh, purchased a group annuity contract in March to transfer $309 million in U.S. pension plan liabilities to insurance companies. The chemical company disclosed the transaction in its 10-Q filing with the SEC on April 21. The filing did not disclose the number of insurers or their names. It is at least the third pension risk transfer transaction completed by the company in the past seven years. In 2016, PPG Industries purchased two group annuity contracts to transfer $1.6...

April 25, 2023

NewsPension design, Risk, US

14AprApril 14, 2023

PensionBee. Annual Report and Financial Statements 2022

By PensionBee PensionBee is a leading online pension provider in the UK, with a mission to make pensions simple, so that everyone can look forward to a happy retirement. We are a direct-to-consumer financial technology company with approximately 183,000 Invested Customers and £3.0bn of Assets under Administration (‘AUA’) as at 31 December 2022 (2021: 117,000 Invested Customers and £2.6bn of AUA). We deliver a leading customer proposition to pension holders in the UK defined contribution pensions market, catering for the mass...

April 14, 2023

Books, Books, Pension Management, Reports2023, Fintech, Pension design, Technology, UK

12AprApril 12, 2023

China. Personal pension system holds room for more development

China's latest attempt at launching a personal pension system will result in the leapfrogging development of securities firms both in terms of additional income and business models, said experts. In mid-April 2022, the State Council, China's Cabinet, rolled out a plan to introduce the personal pension system. Thereafter, the multilayered system has begun to develop in China, comprising basic pension insurance, annuities and personal pensions. The plan officially kicked off in late November, with people in 36 Chinese cities and regions...

April 12, 2023

NewsChina, Investment, Pension design

10AprApril 10, 2023

UK. £1 million in savings are needed for a comfortable early retirement, experts say”

Savers hoping to retire early with a “comfortable” income will need a pension worth £1m – and to save more than £11,000 a year throughout their career to build up the pot. Early retirement is currently in vogue, with 565,000 workers having left the workforce since the start of the pandemic, according to the House of Lords. While the reasons behind the exodus are unknown, the primary driver is thought to be early retirement among those aged between 50 and...

April 10, 2023

NewsPension design, UK

05AprApril 5, 2023

Mandatory Pension Contributions: Effects on Household Consumption and Savings

By Linda Sandris Larsen, Ulf Nielsson, Mara Nutu & Jesper Rangvid Using rich register data from Denmark, we study whether people save enough to maintain their pre-retirement level of consumption during retirement. We find that 77% of retirees do. This high fraction is driven by mandatory labour market contributions. The 23% of individuals who do not save enough to maintain their pre-retirement level of consumption are less likely to have mandatory pension schemes and do not compensate for the lack...

April 5, 2023

Articles, Savings2023, Pension design, savings

28MarMarch 28, 2023

Ghana. Government rolls out pension scheme for cocoa farmers

Government, through Ghana Cocoa Board (COCOBOD), has rolled out the Cocoa Farmers Pension Scheme (CFPS) to ensure a decent pension for cocoa farmers, improve their welfare, and also make farming attractive to the youth. This comes after the Cocoa Management Systems (CMS) recorded some momentous strides after piloting the scheme for three weeks in August 2021 in New Edubiase and some other districts in the Ashanti Region. Just as government and private sector workers contribute during their working life, it has...

March 28, 2023

NewsGhana, Informal Sector, Pension design

08MarMarch 8, 2023

UK. New figures show Gender Pension Gap remains stubbornly high

New statistics from trade union, Prospect, provide their latest estimate of the Gender Pensions Gap. They put the gap at 40.5% for 2020-21, essentially unchanged since the figure was first estimated half a decade ago. This is significantly more than the gender pay gap, and represents an average annual £7,100 shortfall. The latest figures show that despite an increased focus on the gap, current government policies are failing to provide any improvement. This has led Prospect to warn of a “ticking...

March 8, 2023

NewsGender Gap, Pension design, UK

May 2023

UAE. ‘Shourak’, the new scheme by the GPSSA to provide more sustainable returns and secure retirement

India’s pension scheme returns ‘exceedingly good’ versus benchmarks – regulator

Everything You Ever Wanted To Know About Annuities But Were Afraid To Ask

April 2023

PPG Industries unloads $309 million in U.S. pension liabilities

PensionBee. Annual Report and Financial Statements 2022

China. Personal pension system holds room for more development

UK. £1 million in savings are needed for a comfortable early retirement, experts say”

Mandatory Pension Contributions: Effects on Household Consumption and Savings

March 2023

Ghana. Government rolls out pension scheme for cocoa farmers

UK. New figures show Gender Pension Gap remains stubbornly high