September 2021
30Sep

UK. Pensions department faces ‘serious questions’ over non-payments

By Kevin Peachey A saga over unpaid state pensions means the Department for Work and Pensions (DWP) should face "serious questions" about its work, a leading MP has said. Thousands of people reaching the state pension age of 66 have applied for their state pension, but have not received any money. The backlog has been blamed on pandemic workload and staffing issues. Stephen Timms, who chairs the Work and Pensions select committee, said the issue would be raised with ministers. "There are clearly serious...

September 30, 2021
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28Sep

How to fix the gender pension gap

By Azka Ali, David Knox, Yvonne Sonsino The gender pension gap is a problem in most retirement income systems around the world. The causes and compounding effects are related to employment and pension design as well as socio-cultural issues. These issues need fixing at a multi-stakeholder level by HR and pension leaders, governments and women themselves. The gender pension gap exists in virtually every retirement income system around the world. The range is remarkable, with Japan having an almost 50%...

September 28, 2021
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28Sep

Puerto Rico Board Agrees to Pension Changes If New Bonds Granted

By Michelle Kaske Puerto Rico’s financial oversight board said it will sign off on island lawmakers’ proposed changes to pensions if officials approve a plan to sell new bonds, a move that could enable the commonwealth to end its record bankruptcy. The panel will agree to raising its proposed $1,500 minimum pension payment to $2,000 and allowing the commonwealth to make up for any of the proposed pension reductions by allocating revenues to retirees in future budgets, the board said in...

September 28, 2021
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27Sep

US. Hidden In The Reconciliation Bill: A Retirement Plan Mandate That Will Take Most People By Surprise

By Elizabeth Bauer Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes, “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic...

September 27, 2021
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27Sep

UK. The trillions in our pension pots could be key to tackling the climate crisis

By Richard Curtis Someone said something really striking to me the other day – that weather used to be the last thing on the news, but now it’s the first. And it’s not good news. Fire, floods, drought – climate change in terrible and obvious action. It made me think of something I’ve been increasingly obsessed by – unexpectedly – which is pensions. Pensions used to be the last thing on our minds, certainly not something to talk about at...

September 27, 2021
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15Sep

South Africa. Micro pensions — a viable alternative to the NSSF

By Petri Greeff Whatever the reasons for the release and subsequent withdrawal of the green paper on comprehensive social security & retirement reform, it has sparked important debate, particularly around its call for a mandatory, contributory state pension fund. The many challenges facing the proposed National Social Security Fund (NSSF) have already been outlined by others. Nevertheless, about 6.2-million workers, primarily low-income in both the formal and informal sectors, are not covered by private pension schemes, according to the paper. So...

September 15, 2021
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08Sep

India. PFRDA proposes changes in premature exit rules for Atal Pension Yojana, facilitates timely payment of money

By Navneet Dubey To increase acceptability of Atal Pension Yojana (APY) scheme among informal sector workers, the Pension Fund Regulatory and Development Authority (PFRDA) has proposed modifications in premature exit processing for the benefit of subscribers. APY is a social security scheme administered by PFRDA through banks and the department of post. The scheme offers guaranteed pension benefits to eligible citizens after reaching the age of 60 years, who subscribe and contribute to the scheme. According to a PFRDA circular issued on...

September 8, 2021
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02Sep

US. Suburban residents risk losing homes over rising pension costs

By Amy Korte Patricia Hill grew up in Chicago’s Hyde Park neighborhood dreaming of one day owning a home. She and her husband accomplished that dream in 2003 when they moved to the suburb of Matteson to raise their two daughters. They bought a two-story home in a quiet neighborhood for $315,000. Her property taxes were $7,800 for 2004. But Hill’s home is now worth less than she paid for it back in ’03. Meanwhile, her property taxes have done anything...

September 2, 2021
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August 2021
31Aug

Does the U.S. have a retirement crisis?

By Alicia H. Munnell At the end of a recent conference, the perennial question arose — once again — as to whether the United States faces a retirement crisis. Read also U.S. corporate pension funding rises in August – 2 reports I’ve never been wedded to the word “crisis,” but the Center’s National Retirement Risk Index (NRRI) suggests that about half of today’s working-age households are at risk of not being able to maintain their standard of living in retirement. While the...

August 31, 2021
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26Aug

US. Retirement Tax Benefits Exacerbate Racial Inequities

By Steve Rosenthal In a recent report co-authored with University of Chicago Professor Daniel Hemel, I described how our retirement tax system favors the rich disproportionately. Read also A New Look at Racial Disparities Using a More Comprehensive Wealth Measure But it’s worse than that: Our system of generous tax subsidies for retirement savings—such as 401(k) plans, other defined contribution plans, and individual retirement accounts (IRAs)—also exacerbates racial inequities. Due in part to these tax breaks, the gap between the average retirement...

August 26, 2021
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