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Do the Tories or Labour Pension policies meet what your needs? What are your thoughts on the Pension debate? Check the article out. T - 0207 220 4774 E - [email protected] #generalelection #pensions #pensionadministration #paraplanning #paraplanner #reed #reedinsurance Ian BullJaspar ReadLeanne AppletonRoss AltanKate Shaffi

The Swiss refused to raise the retirement age and approved the 13th pension. In a referendum organized by trade unions, the Swiss opposed increasing the retirement age and approved a 13th pension for themselves. The authorities have not ruled out raising VAT to implement the initiative, which will cost 4.1 billion Swiss francs annually. The Swiss, at a referendum held on March 3, opposed raising the retirement age to 66 years and approved the initiative of the Swiss Association of Trade Unions (SGB) to pay pensioners a 13th pension in addition to 12 monthly ones. According to the voting results, the SGB initiative for the 13th pension was supported by 58.2% of citizens. In turn, the proposal of the youth wing of the right-wing Free Democratic Party Liberals (SDPL) rejected the proposal to raise the retirement age to 66 years by 74.7% of referendum participants. Currently, Switzerland's minimum old-age and survivors' pension (AHV) is CHF 1,225 per month and the maximum is CHF 2,450. For married couples it is limited to 3675 francs. Swiss voters since 1848 have never approved plans to increase state-paid social benefits. The initiative, which will increase pensioners' incomes by around 8%, was brought forward by the SGB due to "rising costs of living which have led to a decline in the purchasing power of pensions". According to political analyst Georg Lutz, the approval represents a "watershed moment for Switzerland." “Just ten years ago, when bourgeois parties and business associations were against it, such a proposal would have had no chance,” he told Bloomberg before the vote. Sotomo poll director Michael Herrmann linked the pension decision to the Credit Suisse "bailout" last year. “Many people think that entrepreneurs and managers have violated the unwritten Swiss social contract: managers are modest in bonuses and debauchery, and people are modest in social demands,” he said, adding that people have long been unhappy with the behavior of corporations and tax evaders. Pensions should be increased from 2026, says the text of the SGB initiative. The unions have not presented a plan to finance the expected additional annual costs of 4.1 billion Swiss francs, “so the vote will leave the government, which recommended rejecting it, scrambling to find the money.” Finance Minister Karin Keller-Sutter previously noted that since Switzerland already has a budget deficit of 4.3 billion francs for 2022, approval would likely require an increase in value added tax (VAT).

With a new government taking office today and holding a significant majority in the House of Commons, the Labour administration has the opportunity to address the challenges affecting the DC pension saving landscape. In this blog, LCP's George Currie PhD looks at the current 'five great evils', which include inadequacy, inequality, irretrievability, inefficiency, and insecurity. George explains that automatic enrolment has been a huge success, enabling millions of people to save for their retirement for the first time. However, it is no secret that it is 'inadequate' for income in retirement. To address this, the government could do the following: - Enact the principal recommendations of the 2017 Automatic Enrolment Review to enable saving from the first Pound of earnings and from 18 years of age. - Increase minimum contributions from the current rate of 8% of qualifying earnings to 12% of total salary. Learn more about how the other challenges can be addressed here: https://bit.ly/4cPMIPk #GeneralElection #Pensions

It’s time for bold action to tackle the five great evils that afflict the DC pensions landscape. With a massive majority, the new Labour government has the opportunity to reshape our DC pensions system to solve the challenges posed by Inadequacy, Inequality, Irretrievability, Inefficiency, and Insecurity. The question is: will they take the initiative? For the sake of DC pension savers, let’s hope they do.

Economists and analysts say that if France really wants to tackle its bloated public spending, the baby-boom generation - those born between 1946 and 1964 - must take a hit to their pensions, which account for more than a quarter of annual French government spending. #PensionsFrance #PublicSpending #Boomers

The new full state pension is set to rise by over £400 next April. However, this increase may be balanced out by the removal of the winter fuel payment for many pensioners, which could amount to up to £300 this winter. #StatePension #Pensioners #RetirementPlanning https://lnkd.in/e7RHNRpX

Ministers have been urged to increase minimum pension contribution rates immediately to prevent a potential retirement crisis. According to a new report from the Pension Policy Institute, current contribution rates of 5% for employees and 3% for employers should both rise to 6% due to insufficient savings among millions of people. The institute predicts that the number of pensioners renting could be doubled by 2041, which could lead to an additional 145,000 people in poverty and add a £3.5bn increase in housing benefit expenditure. Between 2012 and 2021, the automatic enrolment into workplace pensions has boosted the number of contributions from 55% to 88% with £33bn more saved in real terms. However, some warn that without immediate Government action, many will face poverty in retirement due to inadequate savings. They suggest a gradual framework to increase contributions. Further concerns have been raised by the delay in implementing a 2017 review recommendation to lower the eligibility age to 18 and remove the lower wage limit, potentially costing future retirees significantly. Additionally, the cessation of the dividend tax credit in 1997 has led to substantial deficits in pension funds, exacerbating the shift from final salary to less secure defined contribution schemes. This shift forces many to rely solely on defined contribution schemes, heightening financial insecurity for future pensioners. Ready to secure your financial future? Get in touch with me and let’s talk about your finances today. #pensions #pensioncontributions #pensioncontributionrates #businessnews #tax #taxsure #accountant #ukbusiness

When you look at the facts it’s simple. Women live longer than men so they need a larger pension pot as it will need to last longer. But why then do women's pensions tend to be on average 35% less than men's and what can we do to address this? This excellent article takes a deep dive into these questions. https://lnkd.in/eUeXxY_S #searingpointwealthmanagement #forgingabrighterfuture #financialplanning #wealthmanagement #pensions #protection #investments #retirementplanning #ad

Interesting findings on the state pension: A recent survey shows a divide among age groups, with younger voters more inclined to scrap the triple lock system. This highlights differing perspectives on pension policies. As discussions around the future of state pensions continue, it's essential to consider the implications for both current and future retirees. Click on the link below to read the full article ⬇️ https://lnkd.in/eFwS-gYJ #StatePension #TripleLock #PensionPolicy #GenerationalDivide

Considering Delaying Your CPP and OAS? Here's Why It Might Be Worth It! Delaying your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits can significantly increase your retirement income. This article dives into the benefits and considerations of waiting to claim these pensions. #RetirementPlanning #FinancialAdvice #CPP #OAS #PersonalFinance https://lnkd.in/gsjuRfdZ