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How much to put aside for retirement is one of those issues that many working age people do not like to think about very much. With the last seven years dominated by Brexit, dealing with a pandemic and recovery from it, supporting households and businesses with energy bills and the cost of living crisis, it is also fair to say retirement saving has not been front and centre in the mind of policymakers either. While there was a lot of policy...
WAM: The General Pension and Social Security Authority (GPSSA) has said that insured members under the GPSSA's umbrella who opt to join “Shourak” must do so within six months of their end-of-service date and merge their end-of-service benefits within one month when joining a new entity. “Shourak”, which means “preference” in English, aims to provide Emiratis with a more sustainable insurance return for themselves and their families and a secure pension scheme. The programme's procedures do not apply to employment years...
India's national pension scheme offers "exceedingly good" returns of 9-12%, compared to most benchmarks, a top official at the pension fund regulator said on Tuesday. The National Pension Scheme, adopted in 2004, has recently come under criticism for inadequate returns, leading to a few state governments reverting to an earlier pension plan considered fiscally unviable. Following this, the federal government set up a committee to review the country's pension system. "The equity scheme, since inception, has given an annual return of close...
Everything You Ever Wanted To Know About Annuities But Were Afraid To Ask If your well-rounded financial portfolio is a meal, then annuities should be part of the main course. Annuities are technically insurance products, but many people view them as investments—because, for all intents and purposes, they are treated similarly. There are many different types of annuities, but the main type is what people refer to as Lifetime Income Annuities, which work like a “Personalized Pension Plan.” These provide...
PPG Industries Inc., Pittsburgh, purchased a group annuity contract in March to transfer $309 million in U.S. pension plan liabilities to insurance companies. The chemical company disclosed the transaction in its 10-Q filing with the SEC on April 21. The filing did not disclose the number of insurers or their names. It is at least the third pension risk transfer transaction completed by the company in the past seven years. In 2016, PPG Industries purchased two group annuity contracts to transfer $1.6...
By PensionBee PensionBee is a leading online pension provider in the UK, with a mission to make pensions simple, so that everyone can look forward to a happy retirement. We are a direct-to-consumer financial technology company with approximately 183,000 Invested Customers and £3.0bn of Assets under Administration (‘AUA’) as at 31 December 2022 (2021: 117,000 Invested Customers and £2.6bn of AUA). We deliver a leading customer proposition to pension holders in the UK defined contribution pensions market, catering for the mass...
China's latest attempt at launching a personal pension system will result in the leapfrogging development of securities firms both in terms of additional income and business models, said experts. In mid-April 2022, the State Council, China's Cabinet, rolled out a plan to introduce the personal pension system. Thereafter, the multilayered system has begun to develop in China, comprising basic pension insurance, annuities and personal pensions. The plan officially kicked off in late November, with people in 36 Chinese cities and regions...
Savers hoping to retire early with a “comfortable” income will need a pension worth £1m – and to save more than £11,000 a year throughout their career to build up the pot. Early retirement is currently in vogue, with 565,000 workers having left the workforce since the start of the pandemic, according to the House of Lords. While the reasons behind the exodus are unknown, the primary driver is thought to be early retirement among those aged between 50 and...
By Linda Sandris Larsen, Ulf Nielsson, Mara Nutu & Jesper Rangvid Using rich register data from Denmark, we study whether people save enough to maintain their pre-retirement level of consumption during retirement. We find that 77% of retirees do. This high fraction is driven by mandatory labour market contributions. The 23% of individuals who do not save enough to maintain their pre-retirement level of consumption are less likely to have mandatory pension schemes and do not compensate for the lack...
Government, through Ghana Cocoa Board (COCOBOD), has rolled out the Cocoa Farmers Pension Scheme (CFPS) to ensure a decent pension for cocoa farmers, improve their welfare, and also make farming attractive to the youth. This comes after the Cocoa Management Systems (CMS) recorded some momentous strides after piloting the scheme for three weeks in August 2021 in New Edubiase and some other districts in the Ashanti Region. Just as government and private sector workers contribute during their working life, it has...
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