WE have recently been examining the challenging situation faced by those in mid-career, when trying to save for retirement. The new report we mentioned last week, Aon's ‘DC and Financial Wellbeing Me[...] You have reached your limit of free articles Registered users get 5 regular articles and 1 free Premium article per week. … [Read more...] about Correct information is key on defined contribution pensions
Defined contribution pension plan transfer to rrsp
Investment must be made a "greater priority" for savers with money in defined contribution (DC) pension schemes, asset managers have warned. In a paper released today, the Investment Association (IA) said that though auto-enrolment on to schemes was a "game-changer" for the sector, there are still issues around transparency and engaging savers involved in DC pension funds. DC pension plans are increasingly popular for companies, and involve an employer, employee or both, making contributions to a fund on a regular basis, in contrast to a defined benefit (DB) plan where the employer promises a specified pension payment on retirement. Read more: Pensioner households paying out nearly £9bn in income tax per year IA argues more needs to be done to engage savers and encourage them to invest in a responsible and sustainable way. It also called for greater transparency of investment costs within pension products and measures to ensure DC schemes can invest easily in the full range of … [Read more...] about Investment must be made a ‘greater priority’ for defined contribution pension schemes, asset managers say
This article is available to Members of The Local. Read more Membership Exclusives here. Whether or not you plan on retiring soon, like many others across Deutschland you may already be saving for your pension. Offshore pension plans differ from usual pension plans in that they specifically allow people who live abroad or frequently move from country to country for work to contribute to a retirement plan outside of their usual place of residence. But how beneficial (if at all) are they particularly for foreigners in the Bundesrepublik? The costs for maintaining an offshore pension plan for foreigners here can be quite high, both on the commissions side and administrative costs side, financial advisor Patrick Ott told The Local. As such, Ott usually advises expat clients in Germany to set up a new pension plan or use one which they have already set up in their own country, such as the 401(k) plan in the US, which is a retirement savings plan sponsored by an employer. Yet … [Read more...] about Is it worthwhile for expats in Germany to have an offshore pension plan?
Staff at major North East employer Formica have been told the firm wants to end its “unsustainable” final salary pension plans in favour of a separate scheme. Bosses at the laminate manufacturer put a halt to new entrants to its Defined Benefit (DB) plan – otherwise known as the final salary pension, which provides a set level of pension at retirement – in 2003. Since then, all new employees have been on the company’s Defined Contribution (DC) scheme, which is determined by contributions and investment returns and is usually worth less than final salary pensions. Now the firm, which has around 500 staff at the North Shields site, is proposing those who had been on the original final salary pensions – the Formica Limited 1998 pension Scheme and the Perstop Pension Plan – move to the DC scheme. Formica directors said the proposed changes to its two legacy final salary pension schemes will impact 133 UK employees, including two directors - … [Read more...] about Formica pension plan changes set to impact scores of North East workers
Poland will allow pension fund managers and life insurers to manage employer-sponsored pension schemes PPK, according to a new draft bill. It also lowers the minimum employee contributions for lowest earners will be reduced to 0.5 percent of the wage base from the previous 2 percent to encourage lowest earners to save. The bill also… This content is for Silver 6 months, Gold 1 Year and Bronze 2 weeks members only.Log In Buy Subscription … [Read more...] about Poland tweaks pension plan draft to allow pension fund managers, life insurers to manage