June 2022
24Jun

UAE entities should register GCC employees in pension, insurance system: GPSSA

The General Pension and Social Security Authority (GPSSA) called on the UAE-based entities to register their employees from the Gulf Cooperation Council (GCC) countries in the unified system for extending insurance protection. The authority explained that it includes those employed in the government and private sectors, free zones, and the hotel and tourism sector. Registering the GCC employees in the UAE is mandatory according to Law No.18, the UAE Cabinet issued on 22nd July, 2007, to regulate the provisions of insurance...

June 24, 2022
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08Jun

UK. Women Need Extra 18 Years of Work to Equal Pension Savings as Male Peers, Survey Finds

Women would need to work an additional 18 years full-time to save the same amounts of money into their pensions as men, research suggests. Women aged 65 will typically have accumulated £69,000 in private pension wealth, compared with average men's savings of £205,800, according to workplace pension provider Now: Pensions and the Pensions Policy Institute (PPI). With women living on average four years longer than men, they need to save more throughout their lifetime to accommodate longer periods in retirement, the...

June 8, 2022
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08Jun

Nigeria. ‘Pension fund assets rise by N1.53 trillion in one year’

The National Pension Commission (PenCom) has released its First Quarter One 2022 Report, showing strong growth in pension fund assets and scheme memberships. The report shows that the total value of Pension Fund Assets under the management of Pension Fund Administrators (PFAs) increased by N1.53 trillion yearly from N12.34 trillion recorded as of the end of Quarter One 2021 to N13.88 trillion as of the end of Quarter Two of 2022. Quarterly, total pension assets rose by N46 billion from the...

June 8, 2022
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07Jun

UK. Work and Pensions Committee to question Pensions Regulator, FCA, MaPS and former pensions ministers

The Work and Pensions Committee will question former pensions ministers and representatives from the Pensions Regulator, Financial Conduct Authority (FCA) and Money and Pensions Service (MaPS) as part of its inquiry into saving for later life. The inquiry is examining whether households have adequate pension savings for retirement and how the Government can improve outcomes for savers. Purpose of the session The first panel will feature former ministers Sir Steve Webb and Baroness Ros Altmann along with Baroness Jeannie Drake, a former member of the...

June 7, 2022
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02Jun

Pension Withdrawals Drain Savings in Chile and Peru

Peru, Chile and Bolivia have allowed early withdrawals from their funds as a source of relief for households and to support recoveries during the pandemic and the global price shock. But these have had negative financial and confidence ramifications, contributing to downgrades of Peru in 2021 and Chile in 2020. Longstanding private pension funds have been important supports for sovereign creditworthiness where they exist in Latin America. Read also China: National pension insurer’s first annuity product approved Pension fund assets have...

June 2, 2022
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01Jun

Today’s Pensions Just Don’t Favor Millennials and Gen Z

Even in 2022, pensions still command an aura of reverence. A benefit where you work for one company for 30 years and then retire with a livable wage? And you don’t have to fret about picking investments? What’s not to like? Although pensions are increasingly rare in the U.S., they’re not obsolete. About 38% of the private workforce had access to a defined benefit plan in 1980. By 2008, that had fallen to 20%. In spring of 2020, it was...

June 1, 2022
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May 2022
30May

UK. DWP shares how people can boost State Pension payments if they reached retirement age on certain dates

The Department for Work and Pensions (DWP) has released new guidance to help certain people increase their State Pension income. If you reached State Pension age between April 6, 2010 and April 5, 2015, but are not receiving or expecting to receive a full basic State Pension, then you may be able to increase the amount you get by paying up to six additional years of voluntary Class 3 National Insurance voluntary contributions for years going back to 1975. This is...

May 30, 2022
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25May

A Comfortable Retirement Appears Out of Reach for Most in the U.S.

American workers say it will take $1.1 million on average to retire comfortably — but less than one in four figure they’ll be able to save that much. Just 22% of people approaching retirement age said they’ll have enough money to maintain a comfortable standard of living, according to the 2022 Schroders US Retirement Survey, down from 26% a year ago. The survey of 1,000 workers was conducted in mid-February, when the S&P 500 Index was higher than it is...

May 25, 2022
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19May

The Economic Well-Being of LGBT Adults in the U.S. in 2019

By CLEAR The Federal Reserve Board has conducted the Survey of Household Economic Decisionmaking (SHED) since 2013. In 2019, the survey included LGBTQ people by asking U.S. adults about their sexual orientation and gender identity (SOGI), enabling for the first time the creation of a picture of the economic well-being of LGBT households using the SHED data. Analysis of the data shows that in 2019: • LGBT adults were more often struggling to get by. Fewer than two-thirds of LGBT adults reported...

May 19, 2022
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19May

The 2022 Pension Answer Book

By Stephen J. Krass A standard in its field, The 2022 Pension Answer Book discusses in detail the full spectrum of pension topics—from qualification requirements to taxation of distributions, from minimum distribution requirements to 401(k) plans. It covers the most up-to-date and significant legislative, regulatory, and case law developments affecting these plans. As a decision-making tool, combining theory and practice-based guidance, The 2022 Pension Answer Book offers insight and clarification on the critical issues affecting pension administration and compliance. In...

May 19, 2022
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