December 2023
18Dec

UK. Voluntary NI contributions surge 85% as people boost state pension

Voluntary contributions, also known as class 3 national insurance contributions, stood at £391.9mn for the year ending March 31, 2023. According to Hargreaves Lansdown, this is an 85 per cent surge on the £212.3mn paid the previous year. Class 3 contributions are voluntary contributions that can be used to fill gaps in national insurance records to boost state pension entitlement. Individuals can fill gaps going back six tax years though there is an opportunity for some people to fill gaps going back...

December 18, 2023
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September 2023
29Sep

Motivated Saving: The Impact of Projections on Retirement Contributions

By George Smyrnis, Hazel Bateman, Loretti Dobrescu, Ben R. Newell & Susan Throp Projections of future benefits can assist pension plan participants prepare for retirement. Here we measure the effects of projections of retirement incomes and lump sum balances on voluntary contributions and plan interactions of retirement savers. Data from a two-year field trial in a large Australian pension plan show that the frequency and average amount of participants’ voluntary contributions and interactions with the plan rose significantly in the...

September 29, 2023
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May 2023
12May

Retirement Plan Reforms in the Absence of a Retirement Policy

By Natalya Shnitser The US retirement system is currently characterized by tremendous diversity of instruments, institutions, and intermediaries in pursuit of the same goal. While the goal – achieving financial security in retirement – is widely accepted by policymakers and participants, for individuals in the United States, the nature of the “investment” experience in the retirement context varies considerably based on the identity, savviness, and size of the intermediaries, as well as the particular legal regime to which such intermediaries...

May 12, 2023
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April 2023
20Apr

Kenya. Retirements Benefits Authority Woos The Jua Kali Sector

The Retirement Benefits Authority (RBA) is eyeing the jua kali sector as it begins to roll out its services to counties, RBA Deputy Director Peter Ngunyi has said. Ngunyi who was speaking during the launch of RBA service desk at the Nyeri Huduma Centre, said that in addition to bringing services closer to retirees in the counties, they were also looking to tap into the informal sector which constitutes 80 per cent of the labour market. He further explained that the...

April 20, 2023
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11Apr

Ghana. Traditional leader urges informal sector workers to join tier-three pensions

Nana Akrapim Baffo Agyentaduahene IV, the Paramount Chief of the Nkoranza Traditional Area in the Bono East Region, has urged artisanal workers to register and join pension schemes for their own good. He said pensions did not only provide financial security for the aged, but also help the aged live stress and depression free lives. He said the aged required stress-free life to live longer and achieve their goals and aspirations. The Paramount Chief gave the advice when personnel of the Bono...

April 11, 2023
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September 2022
12Sep

India. Universal Pension Scheme: New EPFO scheme may cover unorganised workers

If the scheme gets approved, the unorganised sector workers will put in a fixed amount with a flexibility of making voluntary payments. The Employees’ Provident Fund Organisation (EPFO) may extend its pension scheme to workers from both organised and unorganised sectors, irrespective of their monthly income, the Financial Express reported. The proposed scheme is likely to be based on individual contribution. The government, through this scheme, seeks to ensure a minimum pension of Rs 3,000 a month after reaching 60 years...

September 12, 2022
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June 2022
21Jun

UK. LCP launches state pension NICs calculation tool

Consultants LCP have launched a tool to help the public calculate if they can benefit from topping up the new state pension by paying voluntary national insurance contributions. The amount of state pension an individual receives depends on their record of NICs and for those who reached pension age after April 5, 2016, the full flat rate pension is currently £185.15. However, for various reasons some people may receive less than this amount, and, in some cases, they may be able to...

June 21, 2022
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May 2022
04May

UK. DB schemes with DC AVCs will need to comply with ‘stronger nudge’ regs

Defined benefit (DB) pension schemes with a defined contribution (DC) additional voluntary contribution (AVC) facility will need to comply with the government’s ‘stronger nudge’ regulations that are coming into force from 1 June. LCP noted that as the new rules apply at the benefit level rather than at scheme level, occupational schemes that are mainly DB but have DC AVCs will also be impacted. The stronger nudge to pension guidance will require pension schemes to offer to book a Pension Wise...

May 4, 2022
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August 2020

05Aug

Belarus to promote system of voluntary pension savings

We will promote a system of voluntary pension savings, Belarus President Aleksandr Lukashenko said as he delivered his annual address to the Belarusian people and the National Assembly on 4 August, BelTA has learned. “The average pension will be maintained at 40% of the national average wage. In order to increase pensions, we will be promoting a system of voluntary pension savings with the participation of citizens and businesses” the head of state said. He is confident that some...

August 5, 2020
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