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International Pensions

The United Kingdom’s New Retirement Savings Program

Publication

On October 1, 2012, the United Kingdom launched a new retirement savings program. The new program has two parts. First, all employers will be required to offer retirement plans meeting minimum requirements for their employees and to contribute to those plans.

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Lost Pension Plan Registries in the U.K. and Australia

Publication

In the United States, many retirees face great difficulties in locating their former employers in order to apply for a pension to which they are entitled. At the same time, pension plans have trouble locating prospective pensioners with whom they have lost contact.

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Lost Pensions in Australia

Publication

Sometimes when workers change jobs, they later cannot find the pension plan of their former employer when they are eligible to receive benefits. This problem can occur, for example, if their former firm changes its name or moves to a new location.

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Stakeholder Pensions in the United Kingdom

Publication

In the United Kingdom, employers with five or more employees who do not offer a retirement plan must offer their employees the opportunity to contribute to “stakeholder pensions.” Employers are not required to contribute to these retirement plans.

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Employee Pension Trustees in the UK

Publication

In the United Kingdom, pension law requires that one-third of the trustees responsible for the administration of private retirement plans be chosen by plan participants. These trustees are called Member-Nominated Trustees. The UK government has signaled its interest in raising the number of member-nominated trustees to a minimum of one-half, with that increase taking effect in 2009.

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Inflation Protection for Job Changers in UK

Publication

When workers covered by traditional defined benefit pension plans change jobs before retirement, their benefits are fixed based on their wages at the point they leave their plans. Inflation that occurs from that point until the workers are eligible to receive pension benefits erodes the real value of their pension benefits. Workers are protected against this loss in the United Kingdom.

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Resolving Pension Disputes in the UK

Publication

In the United Kingdom individuals who have problems, complaints or disputes relating to their retirement benefits can contact The Pensions Advisory Service.

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Lost Pensions in the United Kingdom

Publication

When it comes time to collect their pensions, workers may have difficulty finding their retirement plans if their former employers have changed locations, been bought out by other companies, or changed their names. The United Kingdom has established a national pension plan registry so that workers need only contact a single source to trace a lost pension.

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KiwiSaver Program in New Zealand

Publication

The KiwiSaver is a national savings program for workers in New Zealand. This program is designed to help workers save for retirement and the purchase of a first home. The program started on July 1, 2007. Employers are required to offer either a KiwiSaver plan to their employees or an alternative pension plan meeting minimum standards.

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New Plan Design in the Netherlands

Publication

Up until now, workers in the Netherlands have typically been covered by industry-wide defined benefit plans. These plans are administered by boards which include representatives of employers, workers, and retirees.

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