International retirement, savings plans grow in popularity
International retirement and savings plans for participants working outside their home country have continued to grow in popularity around the globe, with assets increasing 8.9% in 2020 to $17.2 billion.
These plans are finding new cohorts of participants, research by Willis Towers Watson found. Originally aimed at expatriates who were unable to remain enrolled in their home country arrangements, international pension plans — known as IPPs — and international savings plans — ISPs — are also growing in popularity among foreigners employed under local contracts and other employee groups, a study of the research said.
Willis Towers Watson recorded 988 IPPs and ISPs in 2020. The plans are sponsored by 932 companies. Nineteen percent were set up in the past three years, with 35 plans added in 2020.
The research also showed a 13% increase in the number of IPPs that are offered by employers as a “safer option” for those working in challenging economic locations, such as those facing political and economic instability, currency devaluation or sovereign debt default.
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