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Credit: ClimbWhenReady / Shutterstock In the UK, home improvement firm Kingfisher’s pension provision comprises a closed final salary section, with 28,000 deferred and pensioner members, and an open money purchase section, with 70,000 active and deferred members.
Need to know: A raft of proposals have been launched to improve value for money in pension schemes. In July, Chancellor of the Exchequer Jeremy Hunt proposed a number of pension reforms in his Mansion House speech, with an overarching focus on value for money for members.
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1, 2030, and to age 75 on Jan. 31, 2022); Modifying the credit for small employer pension plan startup costs (for taxable years beginning after Dec. 1, 2030, and to age 75 on Jan. 31, 2022); Modifying the credit for small employer pension plan startup costs (for taxable years beginning after Dec. Key SECURE 2.0
The plans are protected by federal insurance provided through the Pension Benefit Guaranty Corporation or PBGC. - The PBGC ensures traditional pension plans to ensure that some benefits are paid even if employers go bankrupt. However, the contributions are invested on the employee's behalf on their account.
Globally, Bain & Company has estimated that by 2030, there will be 150 million more older workers (those over 55) in the workforce, accounting for more than one in every four jobs in G7 countries. Germany, for example, is raising its state pension age and leveraging automation to create safer and more elder-friendly workplaces.
Single Employer Pension Plan Provisions. The ARPA contains two funding relief items that benefit single employer pension plans. Arguably the most significant provision of the ARPA from an employee benefits perspective is the creation of the financial assistance program under the PBGC for troubled multiemployer pension plans.
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