The Benefits of Automatic Enrolment and Workplace Pensions for Older Workers PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Benefits of Automatic Enrolment and Workplace Pensions for Older Workers PDF full book. Access full book title The Benefits of Automatic Enrolment and Workplace Pensions for Older Workers by Melissa Echalier. Download full books in PDF and EPUB format.
Author: Melissa Echalier
Publisher:
ISBN: 9781906284282
Category : Older people
Languages : en
Pages : 80
Get Book Here
Book Description
Author: Melissa Echalier
Publisher:
ISBN: 9781906284282
Category : Older people
Languages : en
Pages : 80
Get Book Here
Book Description
Author: Great Britain: Department for Work and Pensions
Publisher: The Stationery Office
ISBN: 9780101795425
Category : Business & Economics
Languages : en
Pages : 214
Get Book Here
Book Description
Current policy is that new duties will be staged in between 2012 and 2016, requiring all employers to designate a pension scheme into which all of their employees, aged between 22 and state pension age, should be automatically enrolled, so long as they are earning above an annual earnings threshold (the Pensions Act 2008 sets this at £5,035, equivalent to £5,732 in today's terms). Upon automatic enrolment, a minimum of eight per cent of earnings within a band would be contributed to the pension, with at least three per cent coming from the employer. This policy is designed to maximise private pension saving by individuals without imposing compulsion. The right to opt out will remain. This review looks at the scope of automatic enrolment and whether a new national pension scheme (National Employment Savings Trust or NEST) needs to be put in place for it to work. One of the most significant recommendations that it makes is that people should only be automatically enrolled once they reach the income tax threshold (which will increase to £7.475 in 2011) but that contributions should be on earnings in excess of the National Insurance earnings threshold (£5,715 in today's prices). There should be no changes to age thresholds and automatic enrolment duties should apply to all employers, regardless of size, as now. Employers should be given three months before auto-enrolment to ease the burden on companies. If staff choose to enrol before the three month period then companies will have to make contributions
Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee
Publisher: The Stationery Office
ISBN: 9780215042972
Category : Business & Economics
Languages : en
Pages : 238
Get Book Here
Book Description
The Government established NEST as a low-cost pension scheme to help deliver the auto-enrolment programme and to address a market failure in the pensions industry which meant that many employers and employees were unable to access low-cost, good quality pension provision. However, the Committee believes that certain restrictions placed on NEST will create complexity for employers and will disadvantage some employees. The Committee's report recommends that, if state aid rules allow, the Government should remove the following restrictions: the cap on the annual contributions an individual can make to a NEST scheme; and the ban on individuals transferring existing pension pots into NEST. The Committee further urges the Government to proceed with its plans for State Pension reform, introducing a flat-rate State Pension and reducing the level of means-testing without delay. The report also highlights the difficulties and complexity employers and employees currently face in comparing the fees and charges applied by pension providers and recommends that, from 2013 onwards, if some auto-enrolment schemes still have hidden charges, or charges that represent poor value for money, the Government should use its powers to intervene. Auto-enrolment will impose new costs and may be particularly challenging for small employers however the Committee considers that the Government has taken appropriate steps to minimise the impact on businesses through its gradual and flexible approach ("staging and phasing") to implementation. Exempting small employers would create significant complexity, as well as excluding many employees from the benefits of workplace pension saving
Author: Jeffrey R. Brown
Publisher: University of Chicago Press
ISBN: 0226076504
Category : Business & Economics
Languages : en
Pages : 473
Get Book Here
Book Description
Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264222685
Category :
Languages : en
Pages : 205
Get Book Here
Book Description
This book looks at pension reform, the role of private pensions and retirement savings. Population ageing and longevity risk is examined as are the means of increasing coverage and providing automatic enrolment.
Author: Per H. Jensen
Publisher: Edward Elgar Publishing
ISBN: 1789907799
Category : Business & Economics
Languages : en
Pages : 199
Get Book Here
Book Description
This is an open access title available under the terms of a [CC BY-NC-ND 4.0] License. It is free to read, download and share on Elgaronline. This prescient book provides a theoretical and empirical analysis of retirement practices in Denmark, Germany and the UK. Per H. Jensen interrogates the factors behind rapidly increasing retirement ages in these countries between 2000 and 2018.
Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee
Publisher: The Stationery Office
ISBN: 9780215054128
Category : Political Science
Languages : en
Pages : 256
Get Book Here
Book Description
Author: Great Britain: Department for Work and Pensions
Publisher: The Stationery Office
ISBN: 9780101818421
Category : Social Science
Languages : en
Pages : 68
Get Book Here
Book Description
The UK pension landscape is undergoing a transformation. Automatic enrolment will result in millions of people saving for their retirement for the first time. We will see employers taking on new duties to enrol their workers into a pension and contribute to this scheme. Membership of defined contribution (DC) pension schemes will also increase. But the onset of automatic enrolment and the changing pension landscape also brings challenges. To successfully achieve a cultural shift so that pension saving becomes the norm, we need to make sure that money put into pension saving stays there. The short-service refund rules for DC occupational pension schemes work against this principle. It is therefore planned to abolish these rules retain £70 - 130 million per year in pension saving. This will hopefully happen as soon as 2014 provided it is possible to implement an accompanying solution for small pension pot transfers at the same time. This paper presents three broad approaches to initiate debate about how best to address the problem of small pension pots: relatively minor changes to the current voluntary transfer system; automatic consolidation of small pensions in an aggregator scheme; and pensions automatically moving with people from job to job.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264876103
Category :
Languages : en
Pages : 224
Get Book Here
Book Description
The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.
Author: Great Britain: National Audit Office
Publisher: Stationery Office
ISBN: 9780102983791
Category : Social Science
Languages : en
Pages : 56
Get Book Here
Book Description
Government measures to reduce the liability of the state for supporting people in their retirement are being managed separately, without adequate consideration of their combined impact on the overall objective of increasing retirement incomes. There is no overarching programme or single accountability for encouraging people to save for retirement. The Treasury leads on overall savings strategy, and DWP on workplace saving but, without a whole system view there is a risk that individual, but co-dependent interventions may not be effective in increasing saving for retirement. Spending on the state pension and pensioner benefits increased from 5.5 per cent of GDP in 1990 to 6.9 per cent in 2011-12, in part because of the growing pensioner population, but also because of increased spending per capita on pensioner benefits. The Government expects to reduce the potential long-term spending liability by increasing the future state pension age, introducing automatic enrolment into workplace pensions and changing the state pension. However the existing initiatives to manage this problem face challenges. Government does not have a formal published strategy to influence employers. The success of encouraging saving for retirement through automatic enrolment into a pension also depends on the responses of individuals, pension providers and employers - in particular on the proportion of employees who remain with the schemes. The value of the UK state pension, as a proportion of pre-retirement earnings, has historically been low compared to other developed countries, and projections for future spending on state pensions and pensioner benefits may prove too optimistic
