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Choosing how and when to receive pension benefits

Choosing how and when to receive pension benefits

Finance
Pensions were common when it was typical to work for a company for 20 or 30 years and then retire with a gold watch and a full package of retirement benefits. When speaking about retirement savings, there was the “three-legged stool” of retirement income: personal savings, Social Security benefits and a pension. In this retirement-saving strategy, pension and Social Security benefits provided a guaranteed monthly income for the rest of the retiree’s life. Times have changed quite a bit over the last couple of decades. Driven mostly by employers’ desire to reduce their long-term liability exposure, pens...
Facing pension related problems? Here's how to complain to the government

Facing pension related problems? Here's how to complain to the government

Finance
If you are a central government pensioner who has been facing issues related to your pension and your grievances are not being resolved by the bank or government department despite your repeated complaints, then you can lodge your complaint on the www.pensionersportal.gov.in. This portal helps pensioners to raise their grievances with senior people in the concerned department in case they have received unsatisfactory responses so far or if they do not know who to approach regarding their pension related issues. To file a complaint on the portal, you must keep your Pension Payment Order (PPO) number handy to ensure that your complaint is quickly answered by the government. Follow the steps below to lodge your pension grievance. 1. Go the website, www.pensionersportal.gov.in and click on CPE...
How to build your own pension with annuities

How to build your own pension with annuities

Finance
In the past, workers often could rely on having two sources of retirement income: Social Security and the pension their employer paid them. Having two reliable monthly checks coming in made it possible to have a financially secure retirement without necessarily having a lot of outside savings. Now, though, most companies don't offer pensions, and it's critical to save money for retirement in order to supplement Social Security payments that, in nearly all cases, are inadequate to cover your living expenses. If you have a retirement nest egg, one thing you can do with a portion of your savings is purchase what's known as an immediate annuity. By doing so, you can essentially build your own pension and get a guaranteed income to supplement Social Security for the rest of your life. Wha...
Carillion tried to 'wriggle out' of pension contributions

Carillion tried to 'wriggle out' of pension contributions

Business
Carillion "wriggled out" of payments into its company pension schemes as its troubles grew, while it carried on paying shareholder dividends and bosses' bonuses, say MPs.The Work and Pensions Committee is questioning the way pension investments were managed at the collapsed outsourcing giant.The schemes overall are in deficit.But last year contributions to the pension funds were deferred until 2019, to help shore up the firm's finances. The committee has published a letter from Robin Ellison, chairman of trustees of Carillion's pension scheme, giving an account of the last few years and suggesting they have been left with a funding shortfall of around £990m.The letter shows that pension trustees were "kept in the dark" about the state of Carillion's finances until late last year, the commi
UK railway pension fund investing millions in music

UK railway pension fund investing millions in music

Finance
Of the many alternative investments outside stocks and bonds that pension funds can buy, a few are putting retirement money into music copyrights.RPMI Railpen, the manager of one of the largest and oldest UK pension funds, is leading a $ 345 million investment in a fund rolled out Monday by Kobalt Capital, the subsidiary of music royalties collection and technology company Kobalt."With low expected returns from many traditional asset classes, we are prepared to allocate in alternative investments that can help us to pay members' pensions well into the future," Craig Heron, deputy investment director, RPMI Railpen, told CNBC this week in an email. Through the fund, Railpen buys music copyrights and receives royalties collected by Kobalt."This is an innovative investment opportunity that off...