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Categories: Pension Service Tags: Auto, http//bit.ly/hPuaW0, Increases, Made, major, National, Pension, purchase, Service, Stakes, Stocks
Dorsa Consulting Launches Asset/Liability Modeling to Pension Plan Sponsors
PONTE VEDRA BEACH, FL (PRWEB) January 30, 2007
One of the nation’s premier pension administration services companies can now help pension plan sponsors explore a pension plan’s risks and possible future outcomes.
Dorsa Consulting is offering Asset/Liability Modeling, a tool used to help pension plan sponsors consider a range of future outcomes but can be used to help them make more solid short-term decisions.
“Put in the simplest terms, Asset/Liability Modeling is very similar to a roadmap,” said John McCrary, CRA, CRC, principal and managing partner of Dorsa Consulting. “We have a team of actuaries who not only can show pension plan sponsors how to use these roadmaps, but give plan sponsors options when dealing with pension plan contributions, asset allocation and plan amendments.”
Asset/Liability Modeling cannot guarantee an employer-funded pension will reach its goals, but it can point to a path or provide a set of strategies that will help the pension become successful. Asset/Liability Modeling can be a helpful tool for pension managers in both the public and private sector.
“We suggest every pension manager, at some point, go beyond a simple actuarial valuation and look to more in-depth long-term strategies,” McCrary said. “Asset/Liability Modeling can also be used as a tool to strengthen communication between the plan sponsor, the senior management and the investment managers and from there, senior managers can set plan policy using risk measures that makes sense and can be executed by investment managers.”
With revenues in excess of $ 1.5 million, Dorsa Consulting currently provides pension plan administration support to more than 75 professional firms that represent more than 500 plans, as well as to more than 250 individual plan sponsors.
ABOUT DORSA CONSULTING: Dorsa Consulting, founded in 1994 as Lorraine Dorsa and Associates, provides pension administration and actuarial services. Its services range from plan design, consulting, actuarial, non-discrimination testing and administration services for all types of plans. Reach them at (800) 361-4635 or on the Web at www.dorsaconsulting.com.
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Categories: Pension Service Tags: Asset/Liability, Consulting, Dorsa, Launches, Modeling, Pension, Plan, Sponsors
The Baby Bounce – Mothers Drop the Ball on Pensions Savings Says Scottish Widows
Edinburgh, UK (PRWEB) October 30, 2008
The Scottish Widows Women and Pensions Report “What Women Think”*, now in its fourth year reveals that while the nation is beginning to save more, women are still falling far short of men.
This ‘pensions gender gap’ reveals that 55% of men (up from 54% in 2007 who could and should be saving for retirement are saving adequately – compared to just 46% of women (up from 41% of women in 20071.)
The outlook doesn’t look like it will get any brighter for women over the coming months, with 60% claiming they will be unlikely to save more for the long term over the next year as the credit crunch takes hold. 40% of women say they felt financially better off five years ago than they do now. Over a third of women (35%) can’t save anymore than they currently are and almost half of women (44%) don’t think they will ever save into a private pension. For those women that are saving, 38% are mainly saving for the short term.
What stops women saving?
For many women, having children and inconsistent working patterns are a major barrier to saving consistently into a pension. Around a third of women (34%) have financially dependent children and over a quarter of mothers (27% – 2.2 million)3 have stopped or reduced contributions to their retirement savings. Many women’s working patterns are inconsistent as well, with only 37% of
women working full time.
Ian Naismith, head of pensions market development at Scottish Widows comments: “Although women are slowly beginning to catch up with men, the gap in pension provision is still too high and there still needs to be a dramatic shift in women’s attitudes to pensions saving. While having children and irregular working patterns hugely affect pensions savings, there is more that women can do to save for the long term and they should start saving consistently, early in their working lives to make up for the time that may be lost should they have children.
“With the rising cost of living impacting on people’s savings habits, it is going to be even harder for women to save for retirement and we believe the Government should be doing more to incentivise saving such as the rebadging of tax relief to make it simpler to understand. For example, by making it clear that for every £4 an individual contributes the Government will add in £1.”
The Scottish Widows report also reveals that there are many women who are financially dependent on their spouses. Almost a third (30%) of people have a dependent spouse or partner. Men are also much more likely to have a dependent spouse or partner (33%) than women (13%). In addition, 6.2 million women4 (25%) believe their partner’s income will help to keep them comfortable in retirement, though 40% of women who have no private pension scheme and are married/co-habiting also acknowledge they will need to generate income from other sources.
Whilst divorce rates have fallen, many marriages still fail before retirement5. Despite the rules being changed back in 2000 to enable pension splitting on divorce, an astonishing 81% of divorcees still do not consider the pensions assets when discussing a divorce settlement. For those women getting divorced aged 51 plus, 79% do not take into account pensions as an asset, and these women will have less time than younger women to make alternative arrangements.
Ian Naismith, head of pensions market development, Scottish Widows continues: “We believe it is particularly important that women should build up pensions in their own name, rather than relying on their partners. For many women their partner’s pensions will not be enough and if they did ever get divorced then they will not have sufficient savings to fund them through retirement. From 6 April 2009 the Government intends to relax the rules applying to pensions arising from a pension sharing order on divorce making them more flexible, but it remains to be seen if this will result in an increase in sharing orders.”
Men vs women – the pensions savings facts
Amongst those with a private pension scheme, men are more likely to be building up a Defined Benefit (DB) pension than women (42% compared to 34%);
Among younger people with a private pension (aged 18-29), the gap in DB provision reduces to 2%, probably because both sexes are less likely to have access to a DB pension than those closer to retirement;
Amongst those with a private pension scheme, 20% of women have access to a Defined Contribution (DC) scheme compared to 24% of men;
A third of people can’t afford to increase their monthly contributions to long term savings;
Men could afford on average to add £122 to their long-term savings contributions per month compared to women who could add £79;
23% of men who have a pension have a personal pension scheme compared to just 17% of women.
Scottish Widows provide a wide range of products and services related to personal pensions, retirement income and stakeholder pensions.
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Categories: Pension Service Tags: Baby, Ball, Bounce, Drop, Mothers, Pensions, Savings, says, Scottish, Widows
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Categories: Pension Service Tags: Blast4Traffic.com, Marketing, Services
UK Government News Proposes to Force 3% Pension Contribution on Small Business Whilst UK Banks Reap Record Profits
(PRWEB) July 7, 2006
As the pension crisis is developing in UK, alarming proposals are headlining in UK press. The headline causing public outcry has suggested increasing pensionable age to 68. The new proposal has been welcomed by some spectators, but appears harsh in the light of record profits earned by banks in 2005.
The new proposal to introduce a compulsary 3% contribution on employers, including small businesses, made headline news in the FSB June/July newsletter. It appears even more unreasonable when it is publically recognised that some very small businesses may be forced to cut down on staff or even shut their doors. It may increase barriers to entry in many markets, strengthening the competitive position of established businesses and making life harder for new entrepreneurs.
The top rate of corporation tax is still 30% at profits of £1.5m, lower than the top rate of personal income tax at 40% at income of £33,300 per annum.
Employers’ National Insurance contributions are slightly higher at 12.8% than 11% contributed by salaried employees, but this rate is charged on the total income of employees, whilst businesses receive a tax deductible expense for their contribution, taking relief from reduced wage increases and corporation tax bills.
Employees are hard hit by the current tax regime, and first time buyers are having a difficult time getting on the property ladder.
In stark comparison, HSBC reported awards for record pre-tax profits of £11.5bn in 2005. The combined pension deficit of FTSE 100 companies was in the region of £37bn in mid 2005, around £0.37bn on average per company. A £0.37bn contribution from HSBC to the pension deficit would hardly be felt.
It is interesting that no new proposals have been raised to increase the rate of tax on ‘super-profits’ that could directly be applied to reduce the pensions deficit. A top tax rate at profit levels of £1.5m appears absurd in the face of profits of £11.5bn which have been achieved.
They can ‘adjust prices, offer lower wage increases and absorb costs through profits’, quoting the response from the DWP spokesperson to a statement by Sir Digby that £500m would be needed to help small businesses meet the cost of the proposed compulsary contribution of 3%. Small change for HSBC.
Investing in UK pension plans appears to be on par with the safety net provided by sports betting in the present climate.
The free online audit and accounting service website www.easybooks.741.com has published an article in July 2006 to assist individuals with total retirement planning, which can be viewed at www.easybooks.741.com/pension.html.
The guide takes a look at the pension market, exploring possible reasons for pension deficit. It proposes solutions to grow capital that individuals can add to occupational pension payouts to reduce pension shortfalls. New guidance on managing debt via refinance has been published at www.easybooks.741.com/debtindex.html to supplement guidance on increasing wealth to plan for retirement.
In the light of government attitude that employees in business are responsible for the pension crisis when they do not take part in business profit sharing, it seems the only option is for individuals to take full responsibility for their own pension planning.
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Categories: Pension Service Tags: Banks, Business, Contribution, Force, Government, news, Pension, Profits, Proposes, Reap, Record, Small, Whilst
CATALOG OF REVOLUTIONARY WAR PENSION & SERVICE RECORDS
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Categories: Pension Service Tags: CATALOG, Pension, RECORDS, REVOLUTIONARY, Service
Pension Specialists, Inc. Opens Chicago Office
Folsom, CA (PRWEB) July 29, 2006
Pension Specialists, Inc., a leading provider of retirement plan services to employers of all sizes, today announced the opening of a Chicago-area office. The new office will allow California-based Pension Specialists to better provide sales and communication services for new and existing clients throughout the Central and Eastern United States.
“Companies throughout the country are turning to us because of our investment option independence, low cost, and excellent service,” said Michael Walker, President of Pension Specialists. “We are very pleased to expand our operations into the Chicago-area to continue to build and support deep relationships with our clients and service partners. We already see this new office as a key component of our future growth and success.”
Newly appointed Regional Vice President, Jeff Hockenbrock, will lead the Chicago office. Hockenbrock has been an integral part in the growth and success of Pension Specialists and is charged with expanding the office to eventually provide a full suite of client services, in addition to its current sales and communications capabilities.
“I am excited for the opportunity to better serve our Central and Eastern based clients, advisors and service partners,” said Hockenbrock. “My goal is to continue the growth and success of Pension Specialists, and at the same time, ensure client service remains our top priority. The office will initially handle sales and communications services, but our strategic goal is to add comprehensive account management services within a few years.”
About Pension Specialists, Inc.
Pension Specialists, Inc. was founded in 1985 with the vision of providing the highest quality services to retirement plan sponsors, while remaining independent of any investment products or affiliations. Our staff of retirement plan professionals provides services to approximately 1,000 client plan sponsors located throughout the country. Our clients range in size from small businesses to large publicly traded corporations with thousands of employees.
Pension Specialists, Inc. offers bundled retirement plan programs that provide clients with a full range of services including plan design and document services, compliance support, administration support and consulting, as well as open architecture recordkeeping services. Pension Specialists also provides plan sponsors with Section 125 flexible spending account administration.
Contact:
Jeff Hockenbrock
Regional Vice President
Pension Specialists, Inc.
1560 Sherman Avenue, Suite 860
Evanston, IL 60201
(847) 332-2191
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Categories: Pension Service Tags: Chicago, Inc., Office, Opens, Pension, Specialists
Life & Pensions Magazine Launches the First Risk Management Awards for the Insurance and Pensions Industry
(PRWEB) May 10, 2007
Life & Pensions magazine today announces the launch of the Life & Pensions Awards, the first awards to recognise excellence and superior performance by the leading insurance and pensions providers in the field of risk, capital and financial management.
Winning a Life & Pensions Award is recognition of achievement in the complex and important field of risk and capital management in the trillion dollar international insurance and pensions market.
“For some years the life and pensions industry has been tested by changing regulation, challenging market conditions and increasing longevity,” says Nicholas Dunbar, Editor, Life & Pensions.
Dunbar goes on to say “The Life & Pensions Awards are a mark of success and the leading insurance companies and pensions funds that win them will have demonstrated innovation, excellence and endeavor in response to these challenging times.”
The awards are divided into both institutional and individual awards and the winners will be selected using journalistic and financial performance criteria. Nominations for awards are invited from insurance companies and pension funds as well as banks, vendors or service provider companies that have worked with the nominee.
The awards will be presented at prestigious ceremony in London on the evening Tuesday 3rd July and the closing date for submissions is 1st June 2007. Visit www.life-pensions.com/awards2007 for more information on categories and an entry form.
For further information on Life & Pensions magazine please contact:
Nicholas Dunbar, Editor
T: +44(0)20 7484 9819
Simon Drury, Marketing Manager
T: +44(0)20 7484 9953
Notes to editors:
About Life & Pensions:
Life & Pensions is a monthly subscription based magazine published by Incisive Media that responds to the need for a greater understanding of risk management by insurance and pensions providers, a diverse community ranging from chief risk officers at multinational life companies to pension fund trustees and actuaries. Life & Pensions has quickly established a reputation for excellence through its unique and top-quality editorial coverage along with in-depth analysis of the latest risk management techniques to the industry.
For more information visit www.life-pensions.com.
About Incisive Media
Incisive Media is a fast growing specialist business information provider operating in four markets: financial services, risk management, professional services and marketing services. The Company delivers key information to defined target audiences across a variety of platforms in print, through magazines; in person via conferences, exhibitions and training programmes; and online through its various websites. Incisive Media’s market leading brands include Investment Week, Professional Pensions, Your Mortgage, Post Magazine, Risk, Unquote, Search Engine Strategies and Legal Week.
For more information visit www.incisivemedia.com.
Source: Incisive Media
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Categories: Pension Service Tags: Awards, First, Industry, Insurance, Launches, Life, Magazine, Management, Pensions, Risk
Enron: Selected Securities, Accounting, and Pension Laws Possibly Implicated in its Collapse (Congressional Research Service)
Enron: Selected Securities, Accounting, and Pension Laws Possibly Implicated in its Collapse (Congressional Research Service)
Enron: Selected Securities, Accounting, and Pension Laws Possibly Implicated in its Collapse
Congressional Research Service Report for Congress
…OnDecember 2, 2001, Enron Corporation filed the largest corporate bankruptcy
in United States history. Both the Congress and the Executive branch have begun
investigations into whether Enron may have defrauded investors by deliberately
concealing important information about its finances and whether it may have violated
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Categories: Pension Service Tags: Accounting, Collapse, Congressional, Enron, Implicated, Laws, Pension, Possibly, Research, Securities, Selected, Service