#pension plan

[head-post]

A group of British women born in the 1950s are seeking compensation after the government raised the state pension age, leaving many financially vulnerable as the cost of living remains high.

The group Women Against State Pension Inequality (WASPI) is seeking compensation, arguing that women affected by the changes received minimal notice, unlike men, and were therefore unprepared for today’s high cost of living.

WASPI began campaigning in 2015, seeking redress for the UK government’s sudden change to the retirement age, which increased the retirement age for women from 60 to 65 in 1995 and then to 66.

Unlike men, who received six years’ notice of the increase, many women born in the 1950s had only one or two years to prepare for the six-year increase. They argue that this discrepancy leaves them financially vulnerable and unprepared for retirement.

In March, the Parliamentary Health Service Ombudsman (PHSO) admitted that the government had failed to properly inform women about the changes. But despite this finding, the government has yet to introduce a compensation scheme.

WASPI held a rally in Parliament Square in London last week to coincide with the Labour Party’s first budget announcement since coming to power, and called on the government to address their grievances.

Lynne Ruddock, WASPI co-ordinator, said the ombudsman’s findings should be the basis for compensation. She told media, emphasising that the movement intends to continue its campaign:

They’ve been given a varying amounts of compensation that each WASPI woman should be given.

Ruddock criticised the previous Conservative government for skirting the issue, saying they ignored it knowing “they would not be re-elected” in elections earlier this year.

She also accused the new Labour government of not supporting the WASPI case in the past now that it was in power. she said:

Before Labour were re-elected, in opposition, they were massive, massive supporters of our cause. Now they’re in government, they’re not interested.

Barbara Parker, another local WASPI coordinator, emphasised the financial hardship the changes have led to, especially amid the rising cost of living.

For many of the women affected, the financial losses are significant, totalling around £40,000 to £50,000 per person.

Read more HERE

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National Pension System (NPS) is one of the best retirement planning tool available in India today. NPS is a voluntary pension scheme, regulated by PFRDA.

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National Pension System (NPS): A Retirement Solution with New Flexibility and Long-Term Potential

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Boeing's Pension Plan Controversy Sparks Union Strike

Boeing’s Pension Plan Controversy: A Decade in the Making A decade ago, Boeing made a pivotal decision to discontinue its gold standard pension plans, which provided guaranteed payouts to retirees. This change has left a lasting impact on many members of the company’s largest union, igniting frustration and disappointment. On Wednesday, union members decisively voted against an improved contract…

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Retirement Plans are a category of life/annuity plans that are specifically created to cover living and medical expenditures that you may have after retirement.

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Pension plan - Oak Pensions

Navigating the Future

In the realm of personal finance, a Pension Plan stands as a cornerstone of financial security and stability. As we embark on the journey of financial well-being, it's imperative to understand the significance of a Pension Plan—an essential roadmap that safeguards your future and secures your retirement dreams.

Pension Plan Defined

A Pension Plan is a systematic financial arrangement designed to provide a steady stream of income to individuals upon their retirement. These plans offer a structured approach to savings, ensuring that individuals set aside a portion of their income during their working years to support their financial needs post-retirement.

The Inner Workings of a Pension Plan

A Pension Plan involves a series of intricate processes and mechanisms designed to accumulate and manage funds for an individual's retirement. Here’s a closer look at these processes:

Contributions

Individuals, and in some cases their employers, regularly contribute a portion of their income. These contributions can be made through payroll deductions, direct deposits, or periodic transfers, depending on the specific plan and its rules.

Accumulation of Funds

The contributions collected from participants are pooled together to create a fund. This fund serves as the financial reservoir that will support individuals in their retirement years.

Investment and Growth

The funds within a Pension Plan are actively managed to promote growth. Pension Fund Administrators, like OAK Pensions, employ various investment strategies, including a mix of asset classes such as stocks, bonds, and real estate. The goal is to generate growth through capital appreciation, interest, and dividends. Over time, the initial contributions, combined with the returns generated from investments, result in substantial fund growth. Compound growth plays a crucial role in ensuring the fund's ability to support individuals during their retirement.

Tax Benefits

One of the key attractions of a Pension Plan is the tax advantages it offers. In many countries, contributions to such plans are tax-deductible, lowering the contributor’s taxable income and providing potential tax savings.

Access at Retirement

Pension Plans typically restrict access to the accumulated funds until the participant reaches a certain age, often referred to as the retirement age. This restriction ensures that the savings remain preserved for their intended purpose: providing financial security during retirement.

Payout Options

When a participant reaches the eligible retirement age, they have various options for accessing the funds. These options may include receiving regular pension payments, taking a lump-sum distribution, or a combination of both, depending on the terms of the plan and the participant’s preferences.

Summary

The inner workings of a Pension Plan involve systematic contributions, professional investment management, and the accumulation of funds over time. The plan operates under the premise of consistent savings and prudent investment strategies, with the ultimate goal of securing a financially stable and comfortable retirement for its participants.

CONTACT US:

Call: +234 700 225 5625 / 01-2953095

Whatsapp: +234 818 692 6760

Mail to: info@oakpensions.com

Website: www.oakpensions.com

Address:

266, Murtala Muhammed Way,

Alagomeji, Yaba, Lagos

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Pension Plan in India

In India, a pension plan is a crucial financial instrument designed to provide individuals with a steady income after retirement. These plans are typically offered by government bodies, private companies, or through personal savings schemes like the National Pension System (NPS). The objective is to ensure financial security for retirees by encouraging regular contributions during one's working years. Pension plans in India often come with tax benefits, making them an attractive option for long-term savings. They play a vital role in supplementing post-retirement income, offering individuals peace of mind and stability during their golden years.

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Pension Plan in India

Retirement & Pension Plan in India: Start your retirement plan that can provide an efficient income even in your old age. Get your retirement policy now @SBI Life!

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What is pension plan?

What is pension plan? Retirement is a time for you to focus on yourself after years of working hard to advance your profession and take care of your children. If you were wise with your financial management while you were younger, your post-retirement years can be a joyful and exciting new chapter of life. You can choose a pension plan to make sure you won't have to make lifestyle compromises after retirement.

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Auto-Enrolment Pension Contributions UK

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