The Hollywood Reporter’s Post

🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰 🔰𝐁𝐏 𝐬𝐚𝐢𝐝 𝐭𝐡𝐢𝐬…  🔰 🔰…𝐚 𝐜𝐥𝐨𝐬𝐞𝐫 𝐥𝐨𝐨𝐤 𝐚𝐭 𝐰𝐡𝐚𝐭 bp 𝐬𝐚𝐲𝐬 𝐚𝐛𝐨𝐮𝐭 𝐩𝐞𝐧𝐬𝐢𝐨𝐧𝐬 🔰 🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰🔰 58,000 retired employees loose 11% purchasing power on their pensions and when 3,000 of them speak up the company paints them as rebels for the benefit of current employees, but what has the company actually said themselves? 🔰bp said this… David Nicholas, VP Media Relations, asked the, “…heartbreaking stories about pensioners who are struggling and who are unable to make ends meet…” …and was told by Kate Thomson, Group CFO, “…David, they're incredibly upsetting…”. Some of these stories are shown in the attached video, but remember that BP’s blocking of affordable cost-of-living increases, recommended by the Pension Trustee and at zero cost to BP, is instrumental in contributing to this hardship with a real-terms reduction of 11% on Pension income compounded for life. 🔰bp said this… About BP Pensioners having to apply for a charitable grant to cope with cost-of-living increases and the reduced spending power of their pensions in a February 2024 press release … “Around 4,000 pensioners have applied to date, that’s a little under 10% of our UK pensioners”. 🔰bp Said this… Kerry Dryburgh Executive Vice President People & Culture & Chief People Officer publicly stated, “I know how important it is for people to be able to get help when they need it most. We've heard some say though, I think they're a bit proud, too proud, to use the fund. I know my parents would likely have been like this too…”, This confirms that the 10% that applied is not the full picture. It is now clear that more like 15%, possibly more, of bp UK DB pensioners in payment of their pension (around 6,000 pensioners) have had to rely on charity to get them through the inflationary times of the past 3 years with many more struggling, but too proud to apply for grants. More importantly, 100% of bp pensioners are 11% (compounded for life) worse off on the pension that they worked hard for over many decades. Are the former employees having to fight a just cause or are they the rebels that they have been made out to be? For more personal, verified, true pensioner stories visit: https://lnkd.in/g9GuxsPy  - pensioner stories. https://lnkd.in/en9PhQXa  - the campaign website. https://bit.ly/bppg-join  - how to join the campaign. #BPpensions

Tomorrow's (16 April) Second Dail Reading of the Auto-Enrolment Bill is vital in my ongoing efforts to prevent Ireland sleepwalking into a form of auto-enrolment based on financial "technology" (i.e., "lifestyling") that is 20 years outdated. I hope that enough TD's (MP's) will support me. I am also trying to get the Pensions Council to adopt a balanced approach. The following is my email to its chairperson, Roma Burke. Dear Roma Pension Council’s February letter to Minister Humphreys about my AE pension proposal (Note 1) was extremely unbalanced: 1. It didn’t mention that the independent expert (appointed by Council) concluded that workers’ pensions under my proposal would be MORE THAN DOUBLE those under the government’s proposal. Was that not a relevant consideration in advising the Minister whether to reject my proposal?  2. Neither did the letter mention that, under my proposal, members’ pension accounts would look like high-interest deposit accounts, with minimal risk of negative “interest rates” at any time, thereby engendering in workers a sense of safety and security, leading in turn to high persistency. This is in sharp contrast with the insecurity they’ll experience under the scheme proposed by government, where young (and not-so-young) workers will see the value of their pension accounts fall rather than rise in the space of a month more more frequently than one month in every three.  They will see monthly falls of more than 10% about once every two years.  This type of volatility, which the UK’s NEST scheme is experiencing, and which contributes to NEST’s high dropout rate - more than 60% gone within five years - is the model chosen by the Irish government. Given the Pensions Council’s statutory role, has it advised government of expected dropout rates under the scheme it proposes and contrasted them with the likely dropout rates under my proposal? The letter rejected my proposal on a number of subjective grounds, none of which was evidence-based.  I could have refuted every one of them if I had been given a right of reply to the allegations - but I wasn’t.   If a jury appointed by the Institute and Faculty of Actuaries, which was chaired by the world-renowned economist John Kay, had seen the same flaws in my proposal as the Pension Council purportedly saw, it would not have awarded my entry first place in the prestigious Frank Redington Prize competition. The Pensions Council has refused to engage with me for the last three years, despite repeated efforts on my part.  Therefore, I am forced to go public with this letter, including to the media. Regards Colm Note 1: The Pensions Council’s letter was dated for February, but I didn’t get sight of it until April, following an FOI request. PS: If anyone who reads this knows a TD who'll be voting on the Bill tomorrow, could you please bring the post to their attention?

🌟 Major Update: Pension Bonus Scheme Now Official in Belgium! 🌟   Exciting developments in the realm of social security: as of 4 March 2024, the entire House of Representatives has unanimously green-lit the Pension Bonus Scheme, marking a significant leap forward. This initiative, set to kick off on 1 January 2025, is designed to incentivize employees across the board — from the self-employed to civil servants — to extend their careers past the standard retirement age of 66.   ⏳ Reading Time: Approx. 2 Minutes   🔍 Why This Matters The unanimous adoption of this scheme is more than just a policy change; it's a nod to the invaluable contributions that seasoned professionals make to the workforce. Opting to stay on post-retirement age now comes with a tangible benefit — a tax and social contribution-exempt bonus, payable either in a lump sum or as a recurring addition to the statutory pension.   📈 Promoting Extended Careers This tiered bonus system directly rewards the dedication of those choosing to work beyond retirement, framing extended employment as not just an economic boon but a pillar of personal and communal growth.   📝 A Fresh Chapter in Pension Policy This legislation is a bold stride towards rejuvenating our pension framework, underscoring the importance of elder expertise in enriching our economy and societal fabric.   🏢 Forging a Collective Path to Sustainability The rollout of the pension bonus beckons us all to reevaluate the advantages of prolonged employment. Let's acknowledge and bolster the enduring impact of our elder workforce. See : Parl. Doc. 55K3808 #pensionbonus #majorupdate #combattingageism #sustainablefutures #extendedcareers #socialsecurityreform #labourlaw

An official document, PS/RTI/01/2023/205, obtained from the Presidential Secretariat, by Ceylon Today, reveals that former Presidents, namely #GotabayaRajapaksa, #MaithripalaSirisena, #MahindaRajapaksa, #ChandrikaBandaranaikeKumaratunga and #HemaPremadasa, the widow of Ranasinghe Premadasa, receive secretary allowances, fuel allowances and retirement benefits totalling a staggering Rs #3,715,350 monthly. According to the information, former President Gotabaya Rajapaksa receives a monthly secretary allowance of Rs100,000, a fuel allowance of Rs 679,950, along with a retirement benefit of Rs 97,500. Similarly, former President #MahindaRajapaksa is entitled to a secretary allowance of Rs 50,000, a fuel allowance of Rs 679,950 and a retirement allowance of Rs 97,500. Sirisena receives secretary allowance of Rs 100,000, fuel allowance of Rs 679, 950 and the retirement benefits of Rs 97,500. Former President Chandrika Bandaranaike Kumaratunga, receives a secretary allowance of Rs 100,000, a fuel allowance of Rs 500,000, and a retirement benefit of Rs 97,500. In a related context, Hema Premadasa, the widow of former President Ranasinghe Premadasa, currently receives governmental allowances. She is granted a secretary allowance of Rs 25,000, a fuel allowance of Rs 100,000, and a retirement allowance of Rs 65,000. The disclosure also highlights specific anomalies in the allowances distributed. It notes that during October 2023, Bandaranaike received a substantial fuel allowance of Rs 500,000, while Premadasa was allocated Rs 250,000, raising questions about the allocation discrepancies. According to the RTI application, dated 11 October 2023, based on the Article 36 (1) of the Constitution, Mahinda Rajapaksa and Maithripala Sirisena both who served as presidents of the country, are entitled for the retirement payment only for their tenure as presidents and are being excluded from receiving a prime ministerial retirement payment as well as their Member of Parliament salaries. According to the Presidents’ Entitlement Act No. 4 of 1986, every former President and the widow/widower of a former President are entitled to a pension, fuel allowance and secretarial allowance during his or her lifetime. Moreover, they are provided with a suitable house to live in during their lifetime without any rent. #xpresidents #salaries #SriLanka

Does the State Have the Right to Forfeit Pension After Conviction? The issue of whether a state can legally forfeit the pension of a convicted public official or employee is a complex and contentious one. It raises questions about the nature of public service, accountability, and the appropriate consequences for criminal behavior by those entrusted with governmental responsibilities. This topic has gained significant attention in recent years as cases involving public corruption or misconduct have come to light. The Controversy - When a public servant is convicted of a crime, especially one related to their official duties or involving public trust, it often sparks debate over what penalties or sanctions should follow. Among these debates is the question of whether the state should have the authority to seize or forfeit the pension benefits earned by the individual during their tenure. Property Rights - Pensions are often considered earned benefits, akin to property rights. Forfeiture without due process or under broad statutes may be seen as a violation of these rights. Disproportionate Punishment - Critics argue that pension forfeiture can be a disproportionate punishment, affecting not only the convicted individual but also their dependents who rely on these benefits. The debate over whether the state should have the right to forfeit pensions after conviction encapsulates broader discussions around the responsibilities of public officials, the consequences of criminal behavior, and the balance between accountability and individual rights. Finding the appropriate balance requires careful consideration of legal principles, ethical considerations, and the need to maintain public trust in government institutions. As cases continue to shape this area of law, it remains a dynamic and evolving aspect of governance and public policy.

My thoughts. I want to bring to your attention some anticipated changes regarding pension funding for company directors in the upcoming budget. Currently, legislation permits company directors to allocate a modest annual salary to themselves while contributing substantial amounts (up to €2 million) to their pensions. However, based on information from multiple sources, including Brokers Ireland, who have met with Revenue, it appears that this provision is expected to change. Given this, if you have clients who are company directors with available company funds, there is a limited window of opportunity for these directors to make significant pension contributions and claim full tax relief under the current regulations. Looking ahead, it is anticipated that pension funding for company directors will revert to the previous Revenue calculations. This will necessitate directors paying themselves a higher salary to make larger pension contributions. These are my thoughts. PM me for a chat.

I have been an old age pensioner since February. When I was younger, I couldn't conceive of finally getting to this age. OAPs were white haired, doddery, leisurely, elderly. 👵 Retirement is defined as: the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons. I looked at the history of the pension in the UK. The first state pension in the UK was the Old Age Pension. The law was passed in August 1908 and the first pensions paid on 1 January 1909 to around 500,000 people aged 70 or more. It was 5/= (five shillings or 25p) a week and was paid in full to individuals aged 70 or more with an annual income of £21 a year or less reducing to nothing at an annual income of £31 a year. A higher pension of 7/6 (62.5p) was paid to a married man. At the time only one in four people reached the age of 70 and life expectancy at that age was about 9 years. In 1925 a new kind of pension was introduced based on contributions paid at work by employer and employee. It was paid from age 65 without a means-test. In 1940 pension age for women was cut to 60. In 2010, women’s pension age started to rise. By 2011, proposals to raise both men’s and women’s pensions to 66 were approved, and further plans to raise this again to 67 and 68 were also passed. (Lewis, 2011). It annoys me that the bulk of the benefits bill often quoted includes pensions - the biggest slice. After all, we have all paid our NI contributions for this. (We have also paid contributions for the other benefits too). The receipt of benefits has been framed in the current "skivers vs strivers" rhetoric - implying that if you are "on benefits", you are lazy rather than in need of help. People often seem surprised that I am "still" working, as if the receipt of £11,500 a year is all one needs to survive. Apart from the financial consideration, what would I do with my time? I still manage to sing, swim, dance, read, see friends, publish books, go on holiday, and now explore with the campervan. I know that many pensioners are not so fortunate. When we were in Kerala last year, we saw this woman working in the laundry in Cochin. Our guide told us she was 85. He declared that she wanted to keep working. Several of the men in our party tried to lift the iron she was wielding, with varying levels of success. I am not sure she looks particularly happy in her work. 🤔 What do you feel about "retirement"? Is this something to be looked forward to or dreaded? #menopauseawareness #menopauseatwork #retirement

UK's company pension plan were empty promises...... Although similar types of pension plans are not on offer for expats working in the the private sector in the UAE.....are the rules for End of Service Benefit known? Below is what you need to know:   Foreign workers working in the private sector will be as follows: The worker is entitled to a gratuity for the served fraction of a year, provided that he completes one year of continuous service. The end of service gratuity is calculated on basis of last wage which the worker was entitled to, namely the basic salary. Hence, it will not include allowances such as housing, conveyance, utilities, furniture etc. If the worker owes any money to the employer, the employer may deduct the amount from the worker's gratuity. All end of service entitlements must be paid within 14 days from the contract’s end date.   Calculations for gratuity pay A worker who has spent one year or more in continuous service shall be entitled to an end of service gratuity upon the termination of his service. The days of absence from work without pay shall not be included in the calculation of the period of service and the gratuity shall be calculated as follows: If a worker has served for less than 1 year, he is not entitled to any gratuity pay. If a worker has served for more than 1 year but less than 5 years, he is entitled to full gratuity pay based on 21 days' salary for each year of work. If a worker has served more than 5 years, he is entitled to full gratuity of 30 days' salary for each year of work following the first five years. In all cases, the total gratuity shall not exceed the wage of two years. https://lnkd.in/eFtcg7FM

As we draw closer to the end of the 2023/24 tax year, it's an opportune time for doctors to review their pension planning strategies, especially for those with incomes over £100,000 https://lnkd.in/eY2e5375 #TaxPlanning #Doctors

🚨 Pension News: Governor Pritzker Unveils New Budget...with pension funding updates... "Pritzker’s budget team is also aiming to hasten the state’s pension funding ramp with an eye toward landing another credit upgrade from Wall Street ratings agencies. Since 1994, the state has been on a slog toward filling the gap in the grossly underfunded system to 90% by 2045. Pritzker’s team is adjusting that goal to reach 100% funding by 2048 — closer to pension goals set by many other states. Pritzker will need legislative approval for the pension proposal." https://loom.ly/SIqc0F4