Defined Benefit Archives - Page 2 of 11 - Pension Policy International

29OctOctober 29, 2024

UK. Research reveals ‘clear need’ for greater DB support at retirement

More than a third (38 per cent) of pre-retiree defined benefit (DB) pension scheme members do not feel confident about planning their retirement, according to research from Just Group, which highlighted a "clear need" for greater support at retirement. In addition to this, the survey found that one in five pre-retired DB members over the age of 50 are yet to start planning for life after work. Given this, Just Group argued that there is a "clear need" to help private...

October 29, 2024

NewsDefined Benefit, UK

09OctOctober 9, 2024

US. A Little Bit of Everything in September for DB Plans

September is a little bit of everything. It’s summer, it’s fall. Baseball season, football season. In like manner, the funding status of private-sector pension plans showed slight progress — or slight decline — this September, depending on the analysis. But the common theme is that there was relative stability. This marks the second consecutive month in which the funding of private-sector pension plans had mixed results. They fared similarly in August, when a number of analyses diverged on whether private-sector pension...

October 9, 2024

NewsDefined Benefit, Funding, US

02OctOctober 2, 2024

Canadian defined benefit pension plans show decreased funded levels in Q3: Aon

- Aon plc (NYSE: AON), a leading global professional services firm, announced today that the aggregate funded ratio for Canadian pension plans in the S&P/TSX Composite Index percent compared to 106.9 percent at the end of the second quarter, according to the Aon Pension Risk Tracker. The Aon Pension Risk Tracker calculates the aggregate funded position on an accounting basis for companies in the S&P/TSX Composite Index with defined benefit plans. To access Aon's interactive tracker, which dates to 2013, click here. Key findings for the quarter...

October 2, 2024

NewsCanada, Defined Benefit, Funding

25SepSeptember 25, 2024

UK. TPR data shows improvements in DB pension funding

The statistics show that overall, 47% of schemes reported a surplus on the Technical Provision (TP) funding basis in tranche 17 – schemes with effective valuation dates from 22 September 2021 to and inclusive of 21 September 2022 – a significant increase on the 32% in surplus in their previous valuation cycle (tranche 14). The average funding level had increased by 5% (97% in tranche 17 (median: 99%), compared to 92% in tranche 14 (median: 93%)) and recovery plan lengths...

September 25, 2024

News2024, Defined Benefit, Funding, Regulation, UK

10SepSeptember 10, 2024

Study Suggests Reforming U.S. Retirement System with Modern Framework

After studying international retirement systems, researchers from the TIAA Institute are proposing a new U.S. model featuring a “hybrid” system consisting of the best elements from defined contribution (DC) and defined benefit (DB) plans. In noting that the average retiree can now expect to spend about two decades in retirement, roughly double the time from 50 years ago, the study (The Future of Retirement Security) looks at how seven countries have adapted their retirement systems to account for these extended...

September 10, 2024

NewsDefined Benefit, Defined Contribution, System sustainability, US

26AugAugust 26, 2024

India approves assured pension scheme for federal government employees

The Indian government approved on Saturday a pension scheme which will guarantee federal government employees 50% of their base salary as a pension, moving away from a current scheme where the payout is linked to market returns. The Modi government has been forced to reassess the current pension system, adopted after a significant fiscal reform in 2004, as some states switched back to the older, fiscally straining system of fully funding a guaranteed pension. The Unified Pension Scheme (UPS) for India's...

August 26, 2024

NewsDefined Benefit, India, Pension design, Public Pensions

22AugAugust 22, 2024

US. Reduction in Pension Benefits Leads to Wider Income Inequality, Study Finds

The continuing decline of the number of defined benefit pension participants in the U.S. is widening America’s income equality gap, which in turn is stunting economic growth, according to a recent study from the National Conference on Public Employee Retirement Systems. The study also found that public policies aimed at cutting public costs by reducing pension benefits or switching to defined contribution plans may actually increase the need for public spending due to “the dynamic interrelationship between pension reforms, income inequality, the...

August 22, 2024

NewsDefined Benefit, Equality, Occupational Pensions, US

25JulJuly 25, 2024

US. A Philly Small Business Network May Have an Answer to America’s Retirement Crisis

Americans are woefully underprepared for retirement. So it's no surprise that employer-sponsored retirement programs are a high priority for all workers. Fifty-five-year olds in the U.S. currently have median retirement savings of less than $50,000, and two-thirds fear they will outlive their savings, a Prudential report recently revealed. However, only around one-third of small employers offer retirement savings plans, according to Fidelity Investment's 2023 Small Business Retirement Index, which cited time and cost as the biggest barriers small-business owners face in offering retirement benefits. First, employers must pay...

July 25, 2024

News2024, Defined Benefit, Pension design, US

16JulJuly 16, 2024

Pensions Have ‘Critical’ Role in Strengthening Public Safety Workforce

For states and municipalities, offering public safety workers a sufficient defined benefit pension benefit is key to maintaining a healthy public safety workforce, according to new research, with a knock-on effect on both public safety and protecting property. For states and cities, offering pension plans to police officers and firefighters—particularly—is critical to sustain a robust public safety workforce to fight fires and maintain public safety, according to a National Institute of Retirement Security paper, “The Role of Defined Benefit Pensions in...

July 16, 2024

NewsDefined Benefit, Labor Market

24JunJune 24, 2024

Americans Want Pensions To Make a Comeback. Will They?

It’s financially challenging to comfortably retire in the U.S. and many Americans work, without necessarily “wanting” to, well into their golden years. Though not being able to save enough for a secure retirement isn’t a particularly new crisis, the struggle has become more widespread in recent decades. One of the factors fueling the problem is the mass decline of the traditional pension plan. Americans want pension plans to make a comeback. According to a recent report from the National Institute for Retirement Security, 83%...

June 24, 2024

NewsDefined Benefit, US

October 2024

UK. Research reveals ‘clear need’ for greater DB support at retirement

US. A Little Bit of Everything in September for DB Plans

Canadian defined benefit pension plans show decreased funded levels in Q3: Aon

September 2024

UK. TPR data shows improvements in DB pension funding

Study Suggests Reforming U.S. Retirement System with Modern Framework

August 2024

India approves assured pension scheme for federal government employees

US. Reduction in Pension Benefits Leads to Wider Income Inequality, Study Finds

July 2024

US. A Philly Small Business Network May Have an Answer to America’s Retirement Crisis

Pensions Have ‘Critical’ Role in Strengthening Public Safety Workforce

June 2024

Americans Want Pensions To Make a Comeback. Will They?