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Pensions – Are They Worth It?
Pensions – Are They Worth It?
It is predicted that a single person’s state pension will be worth just 106 per week by 2012, which will not be adequate considering inflation and an increased cost of living. Now more than ever, it is recommended that you save for your own retirement, since state pensions will become so small they will be insignificant. But how does a personal pension compare with other financial investments?
More than 14bn is invested in personal pensions every year, with tax relief on these contributions being heralded as the main attraction. In fact only a quarter of the contributions will escape being taxed, meaning upon payout, a pension is worth much less than savers might have expected. An average pension pot in 2012 could be around 34 thousand, which would only equate to an income of around 2, 400 per year depending on circumstances.
Benefits
To make matters worse, many are not inclined to take up personal pension plans since they could affect their eligibility for means tested benefits such as housing benefit and pension credits. Despite claims on the contrary, the government seems to be encouraging middle to low earners not to take up personal pensions for their retirement, by placing people’s benefits in jeopardy.
In 2012 the government will introduce Personal Accounts, auto enrolling employed people into pension plans where they contribute 4% of their income, with employers contributing 3% and the government 1%. The Personal Accounts are proposed to encourage everyone to save for retirement, but if they reduce the income and benefits of low to moderate earners then the effectiveness of this policy could be in jeopardy.
Shortcomings – How does it compare to an ISA?
So how does an investment in an independent saver account (ISA) compare with investment in a personal pension plan? Both promise tax benefits, with interest gained on an ISA being completely tax free.
There are two types of ISAs, maxi and mini, and you can save with cash or stock market based investments.
The perceived value of both depend on how you intend to use the money, through income in retirement or access to a lump sum. Whilst contributions to a pension will create a larger sum, ISAs are available as tax free cash at anytime, whereas pension fund rules say only 25% can be taken as tax free cash.
If you are in the higher tax bracket and want access to tax free cash, ISAs allow you to save without being taxed at 40%, and also allows for reduced Inheritance tax liability.
John McE writes on behalf of The Pensions Regulator, the UK regulator of work-based pension schemes.
Working to improve confidence in work-based pensions by protecting members’ benefits and encouraging high standards and good practice
Article from articlesbase.com
Categories: Pension Credit Tags: Pensions, They, Worth
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Pre-Budget Report: Festive Cheer or a Tale of Woe for Pensioners?
Pre-Budget Report: Festive Cheer or a Tale of Woe for Pensioners?
Has the pre-budget report brought festive cheer for pensioners, or has it done little to make a difference to the recession-hit retired population? Organisations such as Age Concern, Help the Aged and the National Pensioners’ Convention think the Chancellor is giving with one hand and taking with the other.
State Pension Rise
In April 2010 the full state pension is set to rise by 2.5% from £95.25 to £97.65 for a single pensioner and from £152.30 to £156.16 for couples. However, Dot Gibson, general secretary of the National Pensioners’ Convention, said: “One in four pensioners still lives in poverty and rising costs of food and fuel, combined with record lows in savings returns and underperforming pensions, mean that pensioners continue to suffer a disproportionate increase in the cost of living.”
It is believed that the cost of living in retirement is increasing more than amongst other sectors of society. Charities say this is because more money is spent by pensioners on food, heating and lighting. This, combined with the substantial drop in retirement income over the past 12 months due to low interest rates and the fact that the VAT rate will revert back to 17.5% on 1 January, spells financial concerns for the over 60s.
Andrew Harrop, Head of Public Policy at Age Concern and Help the Aged said: “Many older people will be relieved that the Basic State Pension and Pension Credit will both increase above planned indexation. Yet the Government has missed a golden opportunity to promise to restore the link between Basic State Pension and earnings by 2012. Sliding beyond this date will plunge an additional 70,000 pensioners into poverty, saving relatively little for the Government – an estimated £250 million a year after 2012.”
Working beyond Retirement Age
The Chancellor says he will make it easier for people to continue working beyond retirement age by reducing the number of hours they need to work before claiming working tax credit. Hours will be cut from 30 to 16 a week from April 2011; however this announcement may well be met with mixed feelings too.
Geoff Charles of Bower Retirement Services feels that whilst some older people may welcome the news, many others won’t necessarily want to work later on in life and would prefer to enjoy a retirement free from financial concern. He says: “If you work hard throughout your life, you deserve to enjoy your retirement years by resting, spending time with your family and doing the things you always looked forward to. And what’s more, as you get older, managing a day’s work is likely to become physically difficult.”
Free Travel Cutback
Free travel is currently available to all from the date of their 60th birthday. Eventually, however, due to changes in the age limit from April 2010, passengers will find themselves waiting until their 65th birthday to qualify for free travel.
As of April, there will be an extra month’s wait before qualifying for a bus pass and the threshold will rise by a month every two months until 2020 by which time three million over 60s will no longer be eligible for a bus pass. Even next year some 92,000 people will be denied the bus pass they were expecting as they reached their 60th birthday.
Bingo Tax Lowered
Strange it may be, but bingo is subject to a tax of its own. Currently this stands at 22% but is set to be cut to 20%. However, according to one leading online bingo news resource, this is yet another one of the Chancellor’s give and take moves and whilst they welcome the news, they are quick to point out that it was only recently the tax was increased by 7% from 15%.
So, does the pre-budget report bring festive cheer for pensioners? Or is it more a tale of continued woe? A quote from Mervyn Kohler, spokesman for Help the Aged, summarises: “The Government has turned a blind eye on older people. Squeezed by high inflation on basic goods and services, especially fuel, older people were desperately looking for substantial help this winter – but the chilling message from the Chancellor is ‘keep struggling’.”
Geoff Charles is the Managing Director of Bower Retirement Services, an Essex-based FSA regulated independent financial advice company that offers specialist advice on equity release throughout the south of England and free on-going, lifelong customer support. For more information visit http://www.brsequity.co.uk, telephone 01277 262724 or e-mail info@brsequity.co.uk.
Article from articlesbase.com
Categories: Pension Credit Tags: Cheer, Festive, pensioners, PreBudget, Report, Tale
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The Path to Pension Freedom
The Path to Pension Freedom
This article will help illustrate the issues surrounding pensions for the Canadian worker. I will first answer the necessary questions that have been given to me. This will allow me to form a foundation for my argument. Once I have answered the necessary questions, I will be able to build conclusions on the effect of the recent macro-economic recession on pensions, labour force participation and labour supply in Canada. This will help me conclude about the kind of challenges retirees and canadian workers face in the future.
“The impact of the recession has exacerbated the straining pensions of many companies with aging work forces and growing numbers of retirees, and has left private-sector pensions under-funded by an estimated -billion.” After fully understanding the issue I will be led to find solutions on the pension dilemma. The kind of options that are available and what can be done to fix the issue. What experts have concluded to help solve the pension problems behind the recent recession.
A retirement decision involves an older person choosing not to participate in the labour force anymore. This means the person is willing to collect a benefit to compensate for the retirement. This benefit is referred to as a pension. The structure of Canadian pensions involves 3 types. These types are Universal Old Age Security Pension Plan, Canada/Quebec Pension Plan, and the Employer-Sponsored Occupational Pension Plans. The Universal Old Age Pension Plan (OAS) is considered to be a grant given to citizens above the age of 65 years old. Typically the pension comes with an income supplement, which depends on various factors. The guaranteed income supplement (GIS) is different for each person. The government looks at whether the spouse receives the OAS benefit as well. This factor determines how much GIS should be given. According to the July 1st 2009 figures, the recipient with a spouse that also receives OAS will receive a GIS from the government of 0.90 per month, on top of the 6.96 for the OAS. For a recipient that has a spouse not receiving OAS, the GIS benefit will be 2.51.
The Social Insurance Pensions include both the Canada Pension Plan and the Quebec Pension Plan. These publicly funded plans are dependant on contributions made by workers from the payroll tax. Each worker over the age of 18 is expected to contribute, the worker is allowed to contribute until he or she reaches the age of 70. Contributions can only be made between the minimum and a given maximum. The minimum level is always set to be at 00, the maximum adjusts every year based on average wage. The recipients’ entitlement is determined by the amount contributed and the length of time contributions were made for. The amount of contributed results from the earnings made by the worker. “Pension credits” are accumulated based on the participants’ earnings and contributions made. Higher credits generally result in bigger pension benefits.
Sponsored Occupational Pensions involve contributions made by the employees and the employer. In the past 30 years there has been tremendous improvement in the popularity of these plans. This growth is sourced from women. This is due to the dramatic increase in labour force participation rate, and pension laws changed in the late 1980s which favoured part-time workers. There are 2 types of occupational pensions. With defined benefit, most or all the coverage comes from the employers. Defined contribution plans focusses on employee contributions. The responsibility of finding return is left up to the employee. The employees can mould their pension accounts towards their own preferences. This saves time and money for the employers.
The government maintains pensions through policies. This is to help satisfy all pension holders. Age credits are given out to those that make less than the adjusted amount. In 2002, if anyone made less that C,749 then a credit of 16% (C78) would be given. When the person exceeds the average, then the credit is reduced by 15% on income that is in excess. The minimum frozen level has remained at C00, where anyone making less than that amount per year does not have to contribute to the CPP. Public policies regarding pensions have found to be changing consistently. This holds true for ceilings that restrict contribution and benefits. Price ceilings that were C,100 in 2002 are now standing at C,900 for 2009. These price ceilings are adjusted according to the annual averages in wage and salaries. A person making more than the ceiling is not expected, nor allowed to make any contributions to the public pension.
A major predicament caused by the macro-economic recession was the impact on the stock market. The Dow-Jones Industrial Average fell by of 18.1% in October 2008. There were plenty of companies with pensions plans that were hit hard. Along with the stock market crash, interest rates decreased. This effected the returns on borrowing in the long run. The combination of the stock market crash and low interest rates left companies with a decrease in value of pensions holding stocks, mutual funds, bonds etc. Assets fell to 80% of liabilities, the private sector of the economy was left with a deficit of about C billion.
The impact on labour supply was negative because Companies were in a position to lay-off workers. Since the manufacturing sector was not doing well, companies based in Ontario were in a position to cut down labour. Jobs based in Alberta were also lost because of the impact the recession had on the oil industry. This hurts the confidence of people looking for jobs, which negatively effected the labour force participation rate.
We have understood that the implications on the labour force are not good, and there is a big problem for retirees. It is known that about three quarters of canadians working in the private sector have no plan at all, and the canadians that have defined benefit plans have pensions declining in value. Many canadians are left in a situation where they haven’t saved enough funds for their retirement. These people are facing harsh circumstances because the job market recently suffered a decline. This leaves many people with insecurities about the future. The CPP/QPP has offered some support, but not enough. Only 25% of preretirement income is contributed from the CPP/QPP.
Credible solutions are needed to assist retirees and future pension plan holders. Senior citizens need better cushioning towards retirement. One solution suggested by experts is the concept of having hybrid pension Plans. These plans involve some aspects of defined contribution, yet the pensions are regulated and insured similarly to the way defined benefits would be. This plan would lead companies towards the eventual, gradual shift towards defined contribution plans. Most companies use defined benefit plans at this point. Hybrid plans are shown to have better returns in the short-run. The plan is built to be more appealing to the young worker that may switch jobs in the near future. The loyal worker won’t reap benefits because as time proceeds he will find less pension benefits than the defined benefit plan. The defined benefit plan is structured so that workers will receive low returns if the pension if growth is disrupted before the age of 55. However, as soon as the 55 age mark hits, the returns are much greater compared to hybrid plans. Since pension is a part of the package, companies would become competitive when offering lucrative salary deals to potential hires.
Hybrid plans uses different elements of both defined benefit and contribution. Defined benefit involves companies contributing more heavily. Many companies are beginning to insist on the shift towards direct contribution, where companies start to contribute less towards retirement. The pension experts and provincial financial ministers meeting in Whitehorse (Yukon) in December 2009 will have to consider the effects of moving away from defined benefit plans. The benefits retirees anticipating at the end of their careers would be lessened by moving way from defined benefit plans. This could lead to workers extending employment, which in many cases is beneficial to companies. Workers are being retained. Also, offering defined contribution pension packages will attract young workers. These young workers want to accumulate benefits as early as possible, so switching companies is never an issue. Hybrid plans are looked at as short term solutions, the middle ground between defined benefits and defined contribution. Once the shift to hybrid plans have been made, companies could start considering the movement towards defined contribution. Where most of the responsibility and risks will be faced by the worker.
The paper began with a general introduction on pensions, which then led to the basic structure of pensions. This structure involved 3 basic type of pensions, Old Age Security with Guaranteed Income Supplements, the basic implications of the CPP/QPP, and sponsored occupational plans. Once the structure was established, some of the policies regarding the public pensions were considered. How these policies changed over time. The paper then analysed the impact of the recent recession on pensions. What was it that made pension holders unhappy. This also lead to implications the recession had on the labour force participation rate and labour supply.
Not only were people losing jobs, but they were also losing the value in their pensions. Less money is available to support the retirement dreams of many. Much of the loss was suffered in the defined benefit plans. Companies are left in a position where they are not able to support the decline. Companies and pension holders are looking for a change. Pension plans that are simple, reliable and affordable. Experts are pushing for reform in the pension system. A system that involves a progressive move towards defined contribution plans. Where much of the risks are being shifted away from the company. Finding middle ground means supporting hybrid pension Plans. Where risks and contributions are shared between the employer and employees.
One can say moving away from defined benefit plans is needed. The issue behind this is that changes can’t be made too drastically. There are many workers who are still dependant on this type of pension. The changes have to be gradual and have to be consistent with the goals of current pension holders. This is a matter of solving the problems of senior citizens close to retiring, and those who are in the labour force right now. Sensitive situations such as this require a smooth transition.
Written by Basim Mirza
Sources Used:
Ambachtsheer, K. “Looking across the Abyss: Pension Design and Management in the Twenty-First Century”, The Finance Crisis and Rescue, p.139-148.
Chase, S., McFarland, J., McNish, Jacquie. “Jim Flaherty unveils pension reform” from http://www.cawlocal200retirees.ca/blog/?p=733.
“Canada lost 129000 jobs in January: Statscan” from
http://www.cbc.ca/money/story/2009/02/06/januaryjobs.html
Gale, W., Shoven, J., Warshawsky, M. (2004), “The transition to hybrid plans in the United States: an empirical analysis.”, Private pensions and public policies, p.11-21.
“General Information About The Canada Pension Plan”, Service Canada.
http://servicecanada.gc.ca/eng/isp/cpp/cppinfo.shtml#a1
Keenan, G. “Bankrupt companies, pension promises destroyed”, The Globe and Mail.
Kirby, J. “Downsized Dreams”, Maclean’s, p.39-40.
McFarland, Janet. “Hybrid pension plans: a hard sell”, The Globe and Mail
McNish, J. “Retirement dreams under siege”, The Globe and Mail.
“Old age security benefit rates effective July 1, 2009″ from
http://news.gc.ca/web/article-eng.do?nid=456449
“Pensions at a glance: public policies across OECD countries”, Organization for Economic Co- operation and Development, p.103-104.
Price ceilings for 2008 from http://www.taxes.ca
Price ceilings for 2009 from http://www.canadiantaxresource.ca
Russell, I. “A flexible RRSP to give boomers room to recover”, The Globe and Mail.
“Stock Market Crash of 2008″, from
http://www.money-zine.com/Investing/Stocks/Stock-Market-Crash-of-2008/
Tamagno, E. “Occupational Pension Plans in Canada: Trends in Coverage”, The Caledon Institute of Social Policy, p.1-5.
Wills, Andrew. “No pension safety net for self-employed”, The Globe and Mail.
Yakabuski, C. “Canada’s gathering pension storm”, The Globe and Mail.
Basim Mirza
Business Development Solutions
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Categories: Pension Credit Tags: Freedom, Path, Pension
TXT my REGISTRY Launches Making it The Premier Anytime, Anywhere Mobile Registry Where Cash Gifts Go Directly to You
Orange County, CA (PRWEB) October 2, 2010
TXT my REGISTRY launched in the Spring of 2010, making it the modern day Money Tree. TXT my REGISTRY is the easiest way to create an all cash gift or charitable donation registry where your guests give you cash, and can do it easily from their cell phones! TXT my REGISTRY became the leader in innovative thinking when they created the easiest way to start a registry where you don’t have to go online, or leave your house to receive a gift.
The idea that there must be a more convenient way to handle gift registries came to OC entrepreneur, business woman and founder of TXT my REGISTRY, Naomi Milante. Naomi was trying to find a registry for her own wedding, and after endless hours of looking through many different gift registries, she just couldn’t find what she was looking for. Most were very complicated, time consuming and frustrating to use. They took far too much time to even get started. She wanted something that was simple, easy, fun, convenient, and most importantly, one that would let her decide when, where, what and how she wanted to use the gifts received.
So, she thought, if I can’t find what I want, I can’t be the only one! She decided to create and design her own anytime, anywhere any event mobile registry. Perfect for weddings, fundraisers, charities and special events. Takes just minutes to set-up, you can immediately start inviting guests and donors into your registry. TXT my REGISTRY was designed to work from any smart phone, but it can also be accessed online at TXTmyREGISTRY.com, if the guest does not have a smart phone. The online gift registry even works international. TXT my REGISTRY uses a secured merchant account to prevent any fraudulent activity when your guests enter their credit card information.
The host will register to receive their unique keyword and invite guests. The guests will text the host’s unique keyword to a five digit number (short code), which gives them a link to go to the host’s mobile landing site. Mobile landing sites can be upgraded with photos and information. The guest then enters their name, and how much they would like to give to the host’s event registry along with a special message. The guest enters a secure site where they will enter their credit card info, name, address, and email address. After giving to the registry, the guest will receive a confirmation of their gift. The host then has web access to their account to view who has given to their registry. 24 hours after the event, the registry will close, and the host will be mailed a check within seven days! They get to use the money as they see fit for their honeymoon, wedding, down-payment on a house, or even furniture! The possibilities are endless!
TXT my REGISTRY has had overwhelming positive feedback via beta testing from brides who love how painless and easy TXT my REGISTRY is. It has been one of the biggest hits at Bridal Shows in Southern California and is gaining popularity throughout the bridal world and are excited to launch it officially so that brides and those that run charities and non-profits can make it easier than ever to allow people to contribute to all love based events and causes.
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