April 2025
04Apr

UK. Taxpayers have until 5th April to top up their state pension by making NICs

Taxpayers with missing National Insurance Contributions (NICs) have until 5th April to make backdated payments to accrue more state pension, say leading audit, tax and business advisory firm, Blick Rothenberg. Robert Salter, a Director at the firm, said: “As part of the changes to state pensions, the Government temporarily extended the time limit to make backdated NIC payments, so that people with missing contribution history can make voluntary NICs for all tax years from 6th April 2006 onwards.” He added: “Before this, UK...

April 4, 2025
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01Apr

US. Secure 2.0 Act Changes Some Key 401(K) Guidelines for 2025

These changes are very important to know for small employers with existing 401(k) plans and those considering starting a 401(k) plan. Also, if you are a part-time employee or an employee over the age of 50, these changes will affect you. 401(k) retirement plans are employer sponsored, qualified retirement plans that are available to employees. The employee can elect to have an amount or percentage of their pay deducted either before or after taxes — Roth 401(k) — and invested...

April 1, 2025
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March 2025
26Mar

Policy certainty and structural reforms required to ‘boost’ pension investment in UK assets

Policy uncertainty and regulatory hurdles are preventing UK pension funds from investing more into UK productive assets, the Local Government Pension Scheme (LGPS) pool Border to Coast Pensions Partnership has warned. Its report called on the government to provide policy certainty, remove structural blockers to investment, and incentivise growth-driving capital allocation to enable increased pensions investment into UK productive assets. Border to Coast Pensions Partnership said there is a “significant” appetite for institutional investment in the UK, demonstrated by the fact that...

March 26, 2025
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25Mar

India. New Unified Pension Scheme Set to Launch in 2025

The Pension Fund Regulatory and Development Authority (PFRDA) has announced the introduction of the Unified Pension Scheme (UPS), set to take effect on April 1, 2025. This new scheme will provide an alternative for central government employees currently enrolled in the National Pension Scheme (NPS). The UPS aims to streamline pension benefits and enhance financial security for government employees, with specific eligibility criteria and contribution requirements outlined in the recent gazette notification. Who Can Participate in the UPS? The UPS is...

March 25, 2025
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14Mar

2024 financial services monitor know better do better

By Old Mutual The key objective of the Old Mutual Financial Services Monitor is to provide a deep understanding of the working Ghanaian market, uncovering financial attitudes, perceptions, and behaviour in the informal and formal sectors. What makes Old Mutual’s Financial Services Monitor unique, is that its core objective is to support Old Mutual’s drive to champion the financial well-being of Ghanaians. This is aligned to Old Mutual’s overall purpose of becoming our customers’ first choice to sustain, grow and protect...

March 14, 2025
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14Mar

Ghanaians prioritise savings as economic challenges persist – Report

Amid economic uncertainties and rising financial stress, Ghanaians are shifting their focus towards savings and long-term financial security. The 2024 Old Mutual Financial Services Monitor has revealed a significant decline in the number of people dipping into their savings to cover shortfalls, signaling a growing emphasis on financial discipline. According to the report, only 18% of working Ghanaians used their savings to make ends meet in 2024, a sharp decline from 61% in 2023. This change suggests that more individuals are...

March 14, 2025
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12Mar

Malaysia to mandate 2% pension fund contribution from foreign workers

Malaysia is set to require its 2.5 million foreign workers to contribute 2% of their monthly salaries to the national pension fund, with employers obligated to match the same amount. Foreign workers will earn dividends on their contributions and can withdraw their savings when they permanently return to their home countries, according to new regulations under the national pension scheme, Employees Provident Fund, which is set to take effect in the last quarter this year, according to The Straits Times. The 2%...

March 12, 2025
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05Mar

More Than Half of U.S. Households Have Retirement Accounts, CRS Says

More than half of U.S. households had retirement accounts in a just-released study by the Congressional Research Service. That’s 54%, to be exact, according to the CRS in “Distribution of Retirement Account Balances: Analysis of the 2022 Survey of Consumer Finances,” released on Feb. 26, 2025. The CRS defines “retirement account” for purposes of this study as defined contribution (DC) plans and individual retirement accounts (IRAs). It recognizes, however, that U.S. households have other sources of income during retirement as...

March 5, 2025
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February 2025
17Feb

UK. The growing problem of small pension pots and why consolidation is key to better retirement savings

Urgent reform is needed to ensure individuals can manage their retirement savings more effectively. The IFS report identifies small ‘deferred’ pension pots as a major issue in the UK’s pension landscape. Nearly 20 million defined contribution (DC) pension pots worth under £10,000 are no longer being contributed to, with 12.1 million of these containing less than £1,000 (‘micro pots’). Such fragmentation complicates retirement planning for savers and increases administrative costs across the pensions industry. This growing issue not only creates unnecessary...

February 17, 2025
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17Feb

Kenya. Tax reforms usher in new era of retirement security

Kenyans can now contribute more towards their pension without significantly reducing their disposable income following the passing of the Tax Laws (Amendment) Act 2024. The new reforms, which came into effect in December last year, signify a new era of retirement security with a focus on financial stability and healthcare planning, as discussed at a pension stakeholder workshop in Nairobi over the weekend. According to John Keah, the Assistant Director of Market Conduct and Industry Development at the Retirement Benefits Authority...

February 17, 2025
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