Africa Talks Business’ Post

Swiss Pension Reform Voted Down. In the United Kingdom, government budget decisions significantly influence employee benefits, largely due to the country’s reliance on the National Health Service (NHS) and a state pension system that contributes substantially to workers’ retirement income. Read more - https://lnkd.in/dpFJF4fZ #swisspension #OccupationalPension #PensionBenefits #financialburden #pensionsystem

Recent legislative changes have made PRSAs more attractive than ever for business owners and company directors. The Finance Act 2022 removed benefit-in-kind implications for employer contributions to PRSAs, and increased contribution limits provide greater flexibility in pension funding. These updates make PRSAs a powerful tool for tax-efficient retirement planning. Ensure your pension strategy is up to date. Explore expert pension advice for business owners in Ireland and make the most of these changes: https://lnkd.in/dxnGt4Ww

The Senate Help committee has expressed interest in improving the delivery of lifetime income. Some members however see the traditional defined benefit plan as the optimal approach. Whether they are correct or not is not the issue. The issue is whether private sector employers are willing to go back to them. Assuming that is not the case (which I believe is accurate) Congress needs to focus on how best to have the private pension system deliver on the need for reliable retirement income with out relying on the traditional defined benefit plan. Good options exist, how do we get Congress to consider.

💰 Urgent action is needed to address the looming retirement crisis, with ministers urged to increase minimum pension contribution rates immediately. 📉 According to a report from the Pension Policy Institute, current contribution rates of 5% for employees and 3% for employers should both rise to 6% to combat insufficient savings among millions of people. Read the full article 👉 https://buff.ly/4b8IdyH

With the introduction of the Unified Pension Scheme (UPS) in response to demands for a return to the Old Pension Scheme (OPS), has the pension system for government employees achieved a balance between addressing employees' concerns about lower pension returns and maintaining sustainable public finances? Watch me discuss the timeline of pension reforms for government employees with Dr. Jayaprakash Narayan We also discuss the dangers that poor state finances can pose to the entire society! Foundation for Democratic Reforms (FDR) | Devana Varshith Arjunsreenathreddy Thumma Santhoshini Karanam Sai prudvi Raisa Syal #pensionsystem #pensionreform #socialsecurity #publicpolicy https://lnkd.in/gDpSWPZA

Companies exposed by two-pot retirement system for not paying employee pensions. As stated in the linked article always check your benefit statement which you should receive on an annual basis. Additionally as a fund member you can contact the pension fund directly to ascertain the status and balance of your pension fund. The offending employers along with their Finance/HR departments should be held accountable for these actions. https://lnkd.in/dm9_zQh3

Employer’s bid for retirement benefit denied: Adjudicator rules AOD signed under duress. The Office of the Pension Funds Adjudicator has blocked an attempt by an employer to be paid a retirement benefit after finding that the member signed an acknowledgement of debt (AOD) under duress. Naheem Essop, the Deputy Pension Funds Adjudicator, set aside the decision by the Fundsatwork Umbrella Provident Fund to withhold the benefit, to pay R359 826.12 to FPG Foods (Pty) Ltd. Get further insights in the full article: https://buff.ly/4cylw84 Share your thoughts in the comment section! #acknowledgmentofdebt #determination #FundsatworkUmbrellaProvidentFund #OfficeofthePensionFundsAdjudicator #PensionFundsAct #PreventionandCombatingofCorruptActivitiesAct section37D

📊 How Do Pension System Returns Affect a Public Agency's Budget?📊 🔍 Short Term: Pension system returns can significantly influence your cash flow management. For instance, a 1% change in pension returns can impact agency budgets by up to 10% in the short term! This means a poor return could strain your resources. 📈 Long Term: Effectively preparing for these fluctuations year after year can be the key to unlocking transformative projects that benefit your town or city. PARS | Public Agency Retirement Services #PublicPensions #PublicPensionSystems #FinancialHealth

Employer’s bid for retirement benefit denied: Adjudicator rules AOD signed under duress. The Office of the Pension Funds Adjudicator has blocked an attempt by an employer to be paid a retirement benefit after finding that the member signed an acknowledgement of debt (AOD) under duress. Naheem Essop, the Deputy Pension Funds Adjudicator, set aside the decision by the Fundsatwork Umbrella Provident Fund to withhold the benefit, to pay R359 826.12 to FPG Foods (Pty) Ltd. Get further insights in the full article: https://buff.ly/3Y11Gy4 Share your thoughts in the comment section! #acknowledgmentofdebt #determination #FundsatworkUmbrellaProvidentFund #OfficeofthePensionFundsAdjudicator #PensionFundsAct #PreventionandCombatingofCorruptActivitiesAct section37D

👛📜 The Pension Scheme Bill will tackle underperforming funds and streamline small pension pots, aiming to boost growth and secure better retirement outcomes. Learn more about when this comes into effect ⬇️