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Retirement Pensions

This series of pictures seeks to address current topical issues relating to Retirement Pensions,viz., their funding, their reporting ,the rise in longevity,government funding issues,pension options.


Increasing human longevity

It was reported in the Financial Times on 17 November 2005 that Adair Turner's UK Pension Commission Report , due out later this month will recommend

  • more generous state pensions
  • state pension age to rise from 65 to 67 after 2020, then linked to life expectancy
  • individuals automatically enrolled in new savings plan, but given the right to opt out
  • aim to resolve pension funding problem with higher taxes, more saving and longer working lives


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Retirement pension funding solutions for governments
There are a number of economic ways in which the Pensions "time bomb" can be addressed. These include:

  • delay retirement age
  • increase contributions
  • increase fertility
  • increase immigration
  • reduce benefits
  • increase private contributions
  • establish pension funds

On 25 Mat 2005 the Financial Times Reported that the World Bank has expressed the view that Governments need to consider mandatory investment accounts in reforming unsustainable pension systems that do not meet the needs of 21st century workforces.

This suite of graphics addresses these issues ( these graphics are under construction)

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UK Independent Pensions Commission

Following publication of the UK pensions Green Paper in December 2002 , an Independent Pensions Commission was established to keep under review the regime for UK private retirement pensions and long-term savings, taking into account the proposals in the Green Paper, assessing the information needed to monitor progress and looking in particular at current
and projected trends in:- the level of occupational pension provision;the level of personal pension savings;the levels of other saving. The Commission made its Interim Report, without policy recommendations, on 12 October 2004, with its full report, including policy recommendations, in autumn 2005

It was reported in the Financial Times on 12 may 2005 that the Commission is poised to reject the idea of a single, simple basic state pension, based on a New Zealand model.. The Commission is undecided whether to prodeed with a voluntary contribution system or to introduce compulsion.

See Paul Cummins' artilcle dated 13 October 2004 and article of 3 /4 and 5 November on the Published Turner Report.

This suite of 6 graphics addresses the make-up, members, remit and reporting timelime for the Commission.


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Funding your retirement / 401(k) Plans

A 401(k) is a type ofUS retirement plan that allows employees to save and invest for their own retirement. Through a 401(k), an employee can authorize his employer to deduct a certain amount of money from his paycheck before taxes are calculated, and to invest it in the 401(k) plan.

A recent report in May 2005 in the Financial Times quoted UBS Global Asset Management as estimating that UK pension money would reach nearly £2,100bn by 2014.

This suite of graphics addresses the issue of the need for employees to start saving for their retirement at an early stage in their careers.

401K image
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Pensions Reform

It was reported in the Financial Times on 1 November 2005 that new proposals have emerged from the UK Pensions regulator requiring companies to eliminate their pensions deficits over a 10 year period.

See Paul Cummins article dated 11 October on Pensions Reform