This tag is associated with 42 posts

Canada – Increases in the compulsory CPP contribution rate were followed by decreases in the private savings research finds

In recent years, there has been a strong push to expand the Canada Pension Plan (CPP). Ontario has already set out a plan to create an additional mandatory provincial program mirroring the CPP called the Ontario Retirement Pension Plan (ORPP), which is slated for implementation on January 1, 2017. Yet the debate about expanding compulsory … Continue reading

UK – The highest proportion of employees with a workplace pension on record

Workplace pension reforms The Pensions Act 2008 put in place a framework for workplace pension reform designed to increase private pension saving in the UK. This framework was amended slightly by the Pensions Acts 2011 and 2014. One of the key reforms was that, from October 2012, all eligible employees are to be automatically enrolled … Continue reading

OK – Old displace young on income ladder

When I was a kid old people weren’t very well off. The words poor and pensioner often went together. I remember a poster (presumably by one of the age charities) which I used to pass on the way to my swimming lesson. It said something like, “Poverty and loneliness, the punishment for old age.” That would have … Continue reading

Workplace pension scheme membership in UK – Up to record 59% in 2014, from 50% in 2013 ONS finds

Workplace pension scheme membership has increased to 59% in 2014, from 50% in 2013, driven by increases in membership of occupational defined contribution and group personal and group stakeholder schemes.The increase is likely to be driven by automatic enrolment. Occupational defined benefit pensions schemes represented less than half (49%) of total workplace pension membership in … Continue reading

Pension coverage in Canada – Covered men fell from 52% in 1977 to 37% in 2011, for women, it rose from 36% to roughly 40%

Registered pension plans (RPPs) are a key component of workers’ compensation packages and one of the pillars that Canadians use to build retirement income. As the social and economic landscape evolved over the last three decades, the extent to which Canadians held jobs providing RPP coverage changed substantially. Among employed workers at least 15 years … Continue reading

UK – More than two thirds of employers have now automatically enrolled workers into a pension scheme finds CIPD

More than two thirds of employers have now automatically enrolled workers into a pension scheme, with many contributing substantially more than is legally required, CIPD figures have revealed The average employer contribution is 5.6 per cent of salary, with employees typically contributing 4.7 per cent, the CIPD’s latest Labour Market Outlook report found. The legal … Continue reading

People and Households Without a Private Pension in Great Britain: 45% of men and 49% of women

Key points For those below retirement age, 45% of men and 49% of women in Great Britain did not have any private pension savings in 2010-2012. 95% of men and women working in Accommodation and food service industries did not pay into a private pension in the UK in 2012. In ‘Public administration, defence and … Continue reading

Pension economic impacts in US – 6.2 Million Jobs, $943 Billion

A new economic impact study finds that pension benefit expenditures provide important economic support to the economy, including more than $943 billion in total economic output and 6.2 million jobs in the United States. Pensionomics 2014: Measuring the Economic Impact of Defined Benefit Pension Expenditures reports the national economic impacts of public and private pension … Continue reading

US – The retirement crisis it’s not what some people want you to believe it is

America has a retirement crisis, but it’s not what some people want you to believe it is. It’s not the defined benefit pension plans that public employees pay into over a lifetime of work, which provide retirees an average of $23,400 annually (although some public officials fail to make their required contributions to these and … Continue reading

US – Only 19 percent of lower-income individuals individuals aged 50-58 participated in a pension of any kind at their current jobs

In 2010, only 19 percent of individuals ages 50-58 whose household incomes were less than 300 percent of the poverty line participated in a pension of any kind at their current jobs, compared to 56 percent of those above 300 percent of poverty.  This paper investigates this pension gap.  In particular, we decompose the pension … Continue reading

US – What can be done about the rampant underfunding of public pension systems? 

Improving Public Pensions: Balancing Competing Priorities  by Patten Priestley Mahler, Chingos, and Whitehurst makes a significant contribution to the public pension discourse by providing policymakers and stakeholders with a framework for evaluating proposed reforms to pension systems – even in light of the frequently competing objectives of such systems. The authors begin by defining three … Continue reading

Pension in UK / Introduce a ‘collective defined contribution’ plan says a report

Reform is underway to encourage people to work for longer and to save into a pension. However, contributing at the rates required by auto-enrolment across a full working life will give the current generation of employees a less than 50:50 chance of a decent income in retirement. New pension products and strategies are urgently needed … Continue reading

A worldwide retirement crisis is coming

A global retirement crisis is bearing down on workers of all ages Continue reading

Benefits Overview in US / 68 % of workers have access to a pension plan

The National Compensation Survey (NCS) provides comprehensive measures of compensation cost trends, as well as incidence and detailed provisions of employee benefit plans. This bulletin presents estimates of the incidence and key provisions of selected employee benefit plans. Estimates presented are on benefits for civilian workers—workers in private industry and in state and local government—by … Continue reading

From Defined Benefits To Defined Contributions / Firms save 2.7-3.6% of payroll per year research finds

Since the early 1980s, there has been a shift from defined benefit (DB) to defined contribution (DC) pension arrangements in the U.S. corporate sector. This shift has continued markedly over the past decade. In the late 1990s, assets in private sector DB and DC plans were each around $2 trillion. By the end of 2010, … Continue reading

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