National Conference on Public Employee Retirement Systems’ Post

One in four elderly people in the UK are currently living in poverty. This alarming statistic is expected to rise as the cost of living continues to increase. Can you imagine being forced to work until the age of 71, as this report suggests? Not everyone will be mentally or physically capable of working until then. This situation highlights that we cannot rely solely on government support once we are unable to work. Private pensions and personal savings are essential for providing supplementary income when we choose to retire. Contact me if you’d like to learn more about effective financial planning for the future. #RetirementPlanning #SecureYourFuture #WorkLifeBalance

If UK economic growth continues to limp along for decades, how safe is the State Pension in its present form? What are the alternatives? Read more in my latest monthly opinion column for FTAdviser. Coming down the tracks is another review of the state pension age promised to be within the next two years of the new government to consider increasing the state pension age from the current 66 to 67 from April 2026 (confirmed) to age 68 mooted as the next possible rise. Hard decisions lie ahead. Something has to give in a United Kingdom where growth sags. In 2024 to 2025 the UK government is forecast to spend £303.3bn on social security. Some 55% of social security expenditure goes to pensioners including the State Pension, to cost £137.5bn in 2024 to 2025. #pensions #statepension #law #pensionsreform #policy #publicrelations #financialjournalism #actuarial #consultancy #financialplanning #ifas #financialadvice #finance #money #socialsecurity #ukgovernment #dwp #tax #hmtreasury #economics #finance https://lnkd.in/eFJFuU42

We are featured in today's The i Paper talking about the inequalities in pensions incomes, which was highlighted in our State of Ageing report. https://lnkd.in/egDGN4t6

1 in 4 elderly people in the UK are already living in poverty. This is a shocking statistic and only expected to grow as the cost of living continues to increase. Imagine being forced to work until 71 as this report suggests? Is everyone going to be mentally or physically capable of working until age 71? Unlikely, but it proves the point that we simply cannot rely on the government to fund us when we are no longer able to work. Private pensions and personal savings are the only way we can provide supplementary income for ourselves when we want to stop working. Drop me a message if you’d like to understand more about how to effectively plan ahead. #financialplanning #finalsalarypension #definedcontributionpension #definedbenefitpension #fiscaldrag #taxallowances #ukpensiondeficit #ukpensioncrisis #ukinterestrates #financialsecurity #ukpensionplanning #ukpensionsforexpats #brexitoutcomes #retirementplanning  

The continuing decline of the number of defined benefit pension participants in the U.S. is widening America's income equality gap, which in turn is stunting economic growth, according to a recent study. #USPensions #IncomeEquality #PensionBenefits

Policy in Practice’s ongoing research and analysis of benefit levels was recognised by the House of Commons Work and Pensions Committee in their recent report, "Benefit levels in the UK: Second Report of Session 2023-24": https://lnkd.in/eKkhVjKe This report follows the Committee's call for evidence launched in 2023, which aimed to assess the adequacy of current benefit levels for working-age individuals and families. As a leading voice in social policy analysis, Policy in Practice and our director Deven Ghelani submitted evidence which contributed to the report: https://lnkd.in/eCKq9fah Our evidence, drawing on extensive data and analysis, highlighted the significant gap between current benefit levels and the essential costs of living. We demonstrated how this shortfall leaves many households struggling to meet basic needs, even before the recent cost-of-living crisis. The report also cited our research, 'Missing out: £19 billion of support is unclaimed each year', and the impact this has on poverty in the UK. Read our full £19 billion report here: https://lnkd.in/eE89QTqK

💡💬 The new pensions for retired civil servants in the DRC raise questions about social protection and the management of public finances. 🤔💸 What do you think? #Retirement #Development #DRC 🇨🇩👵👴

I am sharing some of the acknowledgements from the Work and Pension Select Committee of Policy in Practice's work in the review of Benefit levels in the UK. While it's great when our work is acknowledged, its even better when it makes a difference to people's lives. While we've made a real difference to practice, helping thousands of individuals access tens of millions in unclaimed support, policy really isn't doing enough to keep up. This is summarised both in the Work and Pensions Committee report, and in the todays HBAI figures which found that: - Household incomes fell in real terms, particular after housing costs reflecting rising rents and mortgage payments. - Inequality grew, with lower income households seeing a larger proportionate drop in their incomes than better off households. - Absolute poverty rose for children, highlighting the impact that policy choices are having on increasing poverty for children and for Pensioners, where Pension Credit and Attendance Allowance remains underclaimed (https://bit.ly/3ozvejf) - The number of people needing support from a food bank grew, with the largest increase coming from families with children While cost of living payments helped in that the picture would have been even bleaker had they not been introduced, todays figures highlight how policy choices, in particularly low levels of out of work support in the context of rapidly rising living costs, have hit the potential of people across the country, and therefore the country as a whole. If you want more detail, you can access the HBAI report here - https://lnkd.in/d8jK3k-3

Europe’s pension system is struggling as populations age, costs rise, and the workforce shrinks. Traditional pensions may no longer be enough, so people need to save more for retirement. Building financial knowledge is key to managing these changes and avoiding risky investments. #HaveYouMetMolly #pensioncrisis #investing

Interested in how labelling can affect individual behaviour? Then have a read of our latest research published in the Journal of Economic Behaviour and Organisation which exploits a reform in Finland which took place in 2004 analysing the 'relabelling' of a disability pension without changing eligibility criteria that lead to a 37% (39%) reduction in applications (successful claims). We find individuals with below tertiary level education and stronger lifetime labour market attachment exhibit a stronger behavioural response to the reform. We also find tentative evidence of individual's bringing forward the age at which they substitute to a competing early retirement pathway designed to keep individuals in the labour market albeit on a part time basis. Our findings highlight the importance of targeted awareness building aimed at particular socioeconomic groups such as those with low levels of education when policymakers seek to consolidate early retirement programmes with differing pre-reform eligibility criteria. Link to the full paper: https://lnkd.in/ex8yf5yU Satu Nivalainen Noora Järnefelt Kuivalainen Susan Eläketurvakeskus – Finnish Centre for Pensions University of Bath #disability #pensions #publicpolicy