Action HR Services’ Post

There has been lots of commentary concerning the Government's new Auto Enrolment Pension Scheme with its main purpose being to provide supplementary retirement income to the approximate 800,000 workers who do not participate in an employer pension plan. However what level of retirement income will the Government’s Auto Enrolment (AE) Scheme provide? In this article WTW examines the level of projected retirement income that the new AE Scheme might provide and contrasts that to a typical employer DC Plan. Quite an interesting read! https://ow.ly/iewE50TnVVF #WTW #AutoEnrolment #Pension #Retirement #EmployeeEngagement

This article is worth a read. As well as estimating the projected level of retirement income that might emerge from the Government's proposed Auto Enrolment Scheme it also contrasts that with what might emerge from a typical company DC plan. We also consider some of the key projection assumptions including the proposed gradual increase in the mandatory contributions to the new AE Scheme. We'd love to hear feedback on this. Brian

Interesting article here from Brian Mulcair on the level of retirement income the Government's Auto-Enrolment scheme is likely to provide to employees of various age cohorts.

Is your business ready for #AutomaticEnrolment? Our Employee Benefits partner, Trust Matters Financial Planning, has compiled the "need to know" points for you and your workforce. #employeebenefits #pensionplanning #retirementplanning

Exciting news for Ireland's workforce! 👨💼 👩💼 👨🍳 👩💻 Minister Humphreys has unveiled the publication of the landmark legislation for the Automatic Enrolment Retirement Savings System (auto-enrolment). Labelled as one of the most significant pension reforms in Ireland's history, this move aims to reduce reliance on the State pension in #retirement. We've outlined the main points for employers below. #RetirementSavings #PensionReform #AutomaticEnrolment Fionán Lisa Monica

The concept of ‘Two Pot Pension Funds’ is transforming the retirement savings landscape in South Africa. Designed to provide greater flexibility and financial security for retirees, this system addresses the limitations of traditional pension structures and offers a balanced approach to retirement planning. However, with the deadline approaching, about 40% of retirement funds have not yet applied for the necessary changes to adopt the Two Pot system. Failure to meet the 1 September deadline will prevent funds from integrating the system and restrict members from accessing their retirement savings. #retirement #financialplanning #tax #retirementfunds #accounting #tax #financialadvice Expect more than just numbers... www.galbraithrushby.co.za info@galbraithrushby.co.za

Budget 2024: How will the increased NPS tax deduction impact your retirement savings? - Budget 2024 has introduced significant changes to the National Pension System (NPS), aiming to make it more attractive and beneficial for private sector employees. One of the most notable changes i - https://lnkd.in/g5yECXq6

The Supreme Court has on May 8, 2024 said the compulsory retirement is a well-accepted method of removing dead wood from the cadre without affecting his entitlement for retirement benefits, if otherwise payable, while holding that such a punishment is imposable under the CRPF Act. Read more - https://lnkd.in/dKx8NpqM #crpf #crpfconstable #SupremeCourt #compulsoryretirement #sexualassault

On 5 April 2024, the Irish Government published the Automatic Enrolment Retirement Savings System Bill 2024, which aims to address the lack of retirement provisions for approximately 800,000 working individuals in Ireland. It represents one of the biggest reforms of the pension system in the history of the State. In the article below, Niamh Manning sets out a variety of factors that employers should consider in anticipation of the Bill being implemented. https://lnkd.in/dD7rsU37

This week’s seasonal update by the Pensions and Lifetime Savings Association (PLSA) of its benchmark Retirement Living Standards provides a sobering uptick in the required level of retirement savings needed to generate levels of retirement income to cover a UK retiree’s needs, not just to survive, but to live with dignity. https://lnkd.in/gBmnchAT This update is timely in the context of the increasing policy discussion in the UK, in an election year, as to what would be the appropriateness, affordability and timetable for a pathway to increase the existing Auto Enrolment contribution levels, over a measured timeframe, from the existing 8% to a broadly accepted target of ~12%. It will also be very interesting to see if the sort of marked increases in the PLSA’s RLSs are similarly reflected in the next update of the Association of Superannuation Funds of Australia (ASFA)’s largely equivalent benchmarks for Australians.