Voluntary Savings Archives - Pension Policy International

27FebFebruary 27, 2025

India. Voluntary Pension Scheme On The Cards; Open To All, No Job Or Employment Needed: Report

To provide financial stability outside of conventional job-based plans, the Centre is developing a Universal Pension Scheme. The scheme aims to streamline current pension plans and increase their accessibility, especially for unorganized workers, traders, and self-employed people, according to an ET report. The scheme will be available to everyone, regardless of their job or business. The ET report states that the Labour Ministry has initiated talks on the voluntary and contributory pension plan that would enable people from all backgrounds to...

February 27, 2025

News, SliderIndia, Voluntary Savings

25FebFebruary 25, 2025

India. Voluntary pension scheme for all on cards: Won’t be tied to employment, will be open for all

The ministry of labour and employment has started deliberations on the umbrella pension scheme. "The scheme, which would be voluntary and contributory, will not be tied to employment and hence will be open for everyone to contribute and earn a pension," a senior government official told ET. The broad contours of the scheme under the Employees' Provident Fund Organisation (EPFO) are being worked on, said the people cited. Pooling of Cess Once this exercise is over, the ministry will hold stakeholder consultations to...

February 25, 2025

News, SliderCoverage, India, Voluntary Savings

24JanJanuary 24, 2025

China: Expansion of voluntary personal pension system

Employer Action Code: Act In 2022, China’s central government piloted new tax incentives in 36 cities and regions to encourage employees to make voluntary contributions to individual retirement accounts to complement social security pension benefits and help address the challenges of a rapidly aging population. After a successful pilot, the system is now fully implemented nationwide as of December 15, 2024. Key details The following changes to the individual accounts under the pilot program have been made: Money may be withdrawn in...

January 24, 2025

News, SliderAdequacy, China, Voluntary Savings

18DecDecember 18, 2024

AI and machine learning to help pension plan governance, says CFA report

The CFA Institute Research and Policy Center has released new research exploring how AI and machine-learning technology can address critical issues facing the global pensions industry. Demographic shifts, underfunding of defined benefit pension plans, inflation, rising inequalities, and gaps in financial literacy, are creating an increasingly complex pensions environment and more risk of pension inadequacy for retirees. The research, ‘Pensions in the Age of Artificial Intelligence’. explores whether technology can offer solutions to address key issues across various parts of the value...

December 18, 2024

News, SliderNigeria, Voluntary Savings

17DecDecember 17, 2024

Nigeria. Voluntary pension savings rise as workers prioritise future

Workers are voluntarily increasing their contributions to the pension scheme as they focus on the future in the face of economic uncertainties. Data from the National Pension Commission (PenCom) shows that Additional Voluntary Contributions (AVCs) under the Contributory Pension Scheme (CPS) have more than tripled in the last two years. The total AVCs rose from N1.08 billion in second quarter 2022 to N3.46 billion in second quarter 2024, indicating a 220.4 percent increase over the two-year period. This sharp increase in voluntary...

December 17, 2024

News, SliderNigeria, Voluntary Savings

10SepSeptember 10, 2024

Ghana. NPRA press releases on informal sector pensions: Matters arising

There are two press releases circulating on Informal Sector Pensions dated 26/08/2024 and 30/08/2024 issued by the National Pensions Regulatory Authority (NPRA), bringing to the attention of the general public that informal sector pensions already exist. In the 30/08/2024 press release, the NPRA directly linked informal sector workers to self-employed persons, stating: “…the new Pensions law has offered opportunities for self-employed persons (informal sector workers) to voluntarily contribute towards their pensions. Additionally, the NPRA associated Personal Pension Schemes with the informal...

September 10, 2024

NewsGhana, Informal Sector, Voluntary Savings

21JunJune 21, 2024

Russia. Putin suggests using oil windfall for pensions

Russia's President Vladimir Putin suggested on Thursday to use a part of the accumulated oil wealth to support voluntary pensions saving and capitalise development institutions. "Part of the money in the National Prosperity Fund should be used to co-finance voluntary pension savings," Putin said in his annual address to both houses of parliament. Putin suggested the state should contribute 1,000 roubles for each 1,000 roubles contributed by private individuals in voluntary pension savings schemes. "Part of the money should be used for...

June 21, 2024

NewsFunding, Russia, Voluntary Savings

03AprApril 3, 2024

Serbian voluntary pension funds’ assets rise 11.5% y/y at end-2023

The net assets held by voluntary pension funds (VPFs) in Serbia rose 11.5% on the year to 53.8 billion dinars ($495 million/461 million euro) at the end of 2023, the country's central bank, NBS, said. The volume of net assets was up 2.7% compared to the end of September, NBS said in a statement on Monday. At the close of December, the majority of VPF assets were allocated to government securities, comprising 70%, with balances in custody accounts and bank time...

April 3, 2024

News2024, savings, Serbia, Voluntary Savings

18DecDecember 18, 2023

UK. Voluntary NI contributions surge 85% as people boost state pension

Voluntary contributions, also known as class 3 national insurance contributions, stood at £391.9mn for the year ending March 31, 2023. According to Hargreaves Lansdown, this is an 85 per cent surge on the £212.3mn paid the previous year. Class 3 contributions are voluntary contributions that can be used to fill gaps in national insurance records to boost state pension entitlement. Individuals can fill gaps going back six tax years though there is an opportunity for some people to fill gaps going back...

December 18, 2023

NewsUK, Voluntary Savings

29SepSeptember 29, 2023

Motivated Saving: The Impact of Projections on Retirement Contributions

By George Smyrnis, Hazel Bateman, Loretti Dobrescu, Ben R. Newell & Susan Throp Projections of future benefits can assist pension plan participants prepare for retirement. Here we measure the effects of projections of retirement incomes and lump sum balances on voluntary contributions and plan interactions of retirement savers. Data from a two-year field trial in a large Australian pension plan show that the frequency and average amount of participants’ voluntary contributions and interactions with the plan rose significantly in the...

September 29, 2023

Articles, Savings2023, Australia, Behavioral Science, Voluntary Savings

February 2025

India. Voluntary Pension Scheme On The Cards; Open To All, No Job Or Employment Needed: Report

India. Voluntary pension scheme for all on cards: Won’t be tied to employment, will be open for all

January 2025

China: Expansion of voluntary personal pension system

December 2024

AI and machine learning to help pension plan governance, says CFA report

Nigeria. Voluntary pension savings rise as workers prioritise future

September 2024

Ghana. NPRA press releases on informal sector pensions: Matters arising

June 2024

Russia. Putin suggests using oil windfall for pensions

April 2024

Serbian voluntary pension funds’ assets rise 11.5% y/y at end-2023

December 2023

UK. Voluntary NI contributions surge 85% as people boost state pension

September 2023

Motivated Saving: The Impact of Projections on Retirement Contributions