IOPS COUNTRY PROFILE: EGYPT
|
|
- Morgan Simmons
- 7 years ago
- Views:
Transcription
1 IOPS COUNTRY PROFILE: EGYPT DEMOGRAPHICS AND MACROECONOMICS GDP per capita (USD) Population (000s) Labour force (000s) Employment rate 90.3 Population over 65 (%) 4.5 Dependency ratio 1 14 Data from 2010 or latest available year. 1. Ratio of over 65-year-olds / labour force. Source: OECD, various sources. STRUCTURE OF THE PENSION SYSTEM EGYPT: COUNTRY PENSION DESIGN Source: OECD Global Pension Statistic January
2 EGYPT: PENSION FUNDS DATA OVERVIEW Assets Total investments (National currency millions) ND ND ND ND ND ND ND 21,847 Total investments, as a % of GDP ND ND ND ND ND ND ND 2.43 Of which Assets overseas, as a % of Total investment: Issued by entities located abroad ND ND ND ND ND ND ND ND Issued in foreign currencies ND ND ND ND ND ND ND ND By financing vehicle (as a % of Total investments) Pension funds ND ND ND ND ND ND ND Book reserves ND ND ND ND ND ND ND ND Pension insurance contracts ND ND ND ND ND ND ND ND Other financing vehicule ND ND ND ND ND ND ND ND By pension plan type Occupational assets ND ND ND ND ND ND ND 21,847 % of DB assets ND ND ND ND ND ND ND % of DC (protected and unprotected) assets ND ND ND ND ND ND ND 0.00 Personal assets ND ND ND ND ND ND ND ND Structure of Assets (as a % of Total investments) Cash and Deposits ND ND ND ND ND ND ND Fixed Income ND ND ND ND ND ND ND Of which: Bills and Bonds issued by the public and private sector ND ND ND ND ND ND ND Loans ND ND ND ND ND ND ND 1.20 Shares ND ND ND ND ND ND ND 2.07 Land and Buildings ND ND ND ND ND ND ND 0.39 Other Investments ND ND ND ND ND ND ND 1.44 Contributions and Benefits Total Contributions, as a % of GDP ND ND ND ND ND ND ND 0.28 Employer Contributions, as a % of Total contributions ND ND ND ND ND ND ND Employee Contributions, as a % of Total contributions ND ND ND ND ND ND ND Total Benefits, as a % of GDP ND ND ND ND ND ND ND 0.30 % of benefits paid as a Lump sum ND ND ND ND ND ND ND % of benefits paid as a Pension ND ND ND ND ND ND ND 3.21 Membership (in thousands of persons) 1 Total membership ND ND ND ND ND ND ND 4,660 % of Total active membership ND ND ND ND ND ND ND Of which: % of Deferred membership ND ND ND ND ND ND ND ND % of Passive membership ND ND ND ND ND ND ND ND Other beneficiaries ND ND ND ND ND ND ND ND Number of Pension Funds/Plans Total number of funds ND ND ND ND ND ND ND 593 Total number of plans ND ND ND ND ND ND ND ND 1. Membership figures reflect membership rather than people. Therefore a person may be a member of more than one types of plan at any one time, particularly if the person has a number of employments in the year. ND = data not available NA = data not applicable Source: OECD, Global Pension Statistics January
3 PUBLIC PENSION EGYPT: THE PENSION SYSTEM S KEY CHARACTERISTICS In Egypt, public pensions are provided through three mandatory social insurance schemes: Government Employees Pension Fund, Pension Fund for military personnel, Public and Private Enterprises Employees Pension Fund (PPEEPF). The PPEEPF also manages special schemes for employers and self-employed, individuals working abroad, as well as casual and informal sector workers. The schemes, depending on category of workers covered, also provide health, disability, death and other social welfare benefits. Alternative social insurance schemes could be established on a voluntary basis by companies employing at least of 100 workers and with total capital of EGP 10 million. The schemes are required to provide higher pension benefits than the PPEEPF with the contribution rates not exceeding the levels of the later. Egyptian banks, affiliated to international financial groups, operate most of such schemes. Egyptian public pension schemes operate as defined benefit schemes financed largely on a pay-as-you-go principle. The public pension schemes are managed by the government according to the pooling principle (i.e. the pension funds of the three schemes are pooled together). All pension reserves and accumulated surpluses are deposited and invested through National Investment Bank (which finances most of the government investment programmes). Coverage The public pension system provides coverage to almost all types of workers in the public and private sectors. The coverage rate is estimated to be more than 80 percent of the employed population, representing one of the highest levels among developing countries. Contributions In Egypt, contributions to the PPEEPF by public and private sector employees are paid on the basis of two different salaries: the basic salary (base pay of up to EGP 650) and the variable salary (base pay over EGP 650, plus various types of compensations). The monthly ceiling on earnings (basic and variable wages combined) for contribution and benefit purposes is set at the level of EGP Contributions rates to the scheme vary depending on each category of workers within the following limits: 13 percent of basic wage/ 10 percent of variable wage for insured persons; 17 percent of basic wage/ 15 percent of variable wage - for employer; with matching contributions made by the government at the rate of 1 percent (holding responsibility for any deficit).contributions for self-employed are calculated on the basis of 15 percent of the monthly income determined by the self-employed within the income range of EGP 50 to EGP 900. Benefits Eligibility conditions and the basis for calculating pensions vary depending rules governing each social insurance scheme. Usually, pension benefits are paid at age 60 after 120 months of contributions (basic wage pension) and at age 50 with 240 months of contribution (variable wage January
4 pensions) 1. Early retirement pension is authorized after at least 240 months of contributions entailing the reduction of pension benefits. The pension benefits in each scheme are calculated in accordance with pre-determined formulas. The maximum pension is equal to 80 percent of the average earning, including basic and variable wages, during the last year before retirement or 920 EGP a month, whichever is less. The minimum pension of 100 EGP a month is paid to all citizens, including the unemployed. Public pensions are periodically adjusted on the basis of Government orders. One of the reform measures currently debated may include the proposal to develop a fixed formula to calculate the annual pension increase instead of increasing it each year by an arbitrary amount. OCCUPATIONAL VOLUNTARY Overview Voluntary occupational pension plans have been established in Egypt since 1975 known as Special Insurance Funds (SIF). In addition to pension payments, SIFs could provide a range of other benefits (marriage disbursement, disability, decease of the member, etc.) in accordance with the decision of a Fund s board of directors and approval by the Egyptian Insurance Supervisory Authority (EISA). All schemes have to obtain license from the EISA in order to legally operate in Egypt. Private pension schemes are established with no capital requirement and operate under the terms of internal rules set in line with the established regulations. The SIFs should be fully funded. The private pension schemes are managed by the board of directors, who are elected amongst scheme members at the annual general assembly. In case if an employer, partly or fully finances the pension scheme, the employer can also nominate, in line with the fund charter, members of the board. In addition, almost all trade unions in Egypt may sponsor occupational plans which provide flat-rate pensions (and under certain condition lump sum payments) to adherent members after the attainment of retirement age. The amount of pension paid varies among trade unions depending on resources accumulated (contributions paid and investment income) and the number of adherent members. The eligibility condition for trade union pension is regular contributions made on behalf of members until the attainment of retirement age. Coverage The law prescribes voluntary membership in SIFs, however, in practice, participation becomes quasi mandatory due to related mode of financing of most pension funds through specific allocations from companies activities surpluses. Membership in the pension fund is open 1 Different qualifying conditions for Egyptians working abroad pension could be claimed at age 60 with 180 months of contributions; and casual workers are entitled to receive pension at age 65 after 120 months of contribution. January
5 to the employees belonging to the same occupation or company and respecting defined age limits (often between 18 and 45 years). Contributions The sources of financing of SIF consist of allocations determined by the establishing pension fund company, as well as members contributions, investment returns and any other sources decided by the fund s board of directors. Allocations to pension fund come out from a company s budget surpluses or other revenues related to its activities. Usually, a minimum amount allocated annually from the company resources to the pension fund is indicated in the regular actuarial reporting statement. Members contributions are determined either as a percentage of a basic salary (in both cases if the pension funds are established by an individual company or on industry basis) or can take form of a premium- usually paid on an annual basis which rate depends on the age of contributor (case of pension funds set by some trade unions or syndicates). Pension fund assets should be invested according to prescribed investment regulation. Of total fund assets: at least 25 percent must be invested in the securities guaranteed by the government; at least 60 percent must be invested in one of the following instruments: real estate, securities listed on the stock market (within the limit of 50 percent of accumulated reserves), bank deposits with fixed rate of return, providing loans to the members according to the Fund s internal rules, or any other investments with fixed return if approved by the EISA; no more than 50 percent should be invested in bank deposits. Benefits Benefits are paid mainly in a form of lump sums upon retirement and in case of decease and disability (periodic pension payments remain limited practice with the SIFs). Withdrawals prior to retirement are authorised under special circumstances (i.e.: marriage, medical treatment, relatives decease, etc.). Loans can also be offered to members by the SIF. Taxation The SIFs are exempted from all duties related to the registration and documentation of real estate transactions that a fund may conclude, as well as stamp duties related to funds activities. Real estate owned by a pension fund is tax free. Capital gains on funds investments in securities, loans and all type of deposits are tax-free; pension benefits paid to beneficiaries are tax exempted PERSONAL VOLUNTARY Information N/A January
6 MARKET INFORMATION In Egypt, the government has comprehensively encouraged the development of occupational pension funds considered as an efficient vehicle to accumulate long-term domestic savings and extend old-age income protection beyond the prevailing public pay-as-you-go system. Over the years, the pension fund industry has been gaining in importance, registering progressive increase in number of funds and their adherents. As of beginning of 2009, the total assets under the management by private pension schemes were estimated to be reach EGP 23.9 billion. The total number of retirement plans in Egypt was 737, provided and managed by insurance companies. Total number of private pension schemes was 638, of which the dominant part (605) was operating as DB schemes and only 25 schemes were DC arrangements 2. POTENTIAL REFORM Over the past years, the Egyptian government has embarked on the pension reform process aiming to improve public pension funds performance and reinforce the administration and management capacity of private pension industry, as well as strengthen supervisory control over pension schemes. Recently two draft legislations, relating to social insurance and private pension funds, have been elaborated by relevant authorities and are currently awaiting the approval by the Parliament. A new social insurance draft law was introduced to the Parliament in November 2008, but is still under review process. The draft law aims to ensure sustainability of social security system by introducing more flexible regime governing the investment of public pension funds surpluses. The draft legislation proposes to allow investment up to 25 percent of pension fund surpluses in equities and other traded securities. Pension fund surpluses accumulated over the past years and deposited with the government National Investment Bank (NIB) in 2008 amounted to EGP 250 billion. Currently less than 1 percent of pension funds surpluses (about EGP 2 billion) has been invested in the stock market. Besides, a new pension draft legislation was prepared by the government and is expected to pass through the parliament in The proposed legislation requires the governing board of directors of private pension funds to acquire higher levels of expertise in the management of pension schemes, especially in relation to the asset management process. The new legislation further aims to reinforce the role of auditors and qualified actuaries in the pension risk management process and to strengthen reporting requirements by private pension entities. As a part of reform measures, innovative risk based approach to supervision of pension funds is expected to be introduced which further development should take into account international experience and agreed international guidelines elaborated in the area. KEY LEGISLATION REFERENCE INFORMATION 1954: Law N _ introduced the legislative framework for operation of public pension scheme in Egypt, covering permanent civil servants. 2 Presentation of Dr. Ali Al-Ashry at the OECD/IOPS Workshop on pension regulation and supervision, 2-3 February 2009, January
7 1975: Law N 79 and its amendments govern the establishment and operation of the social insurance scheme for civil servants, employees in the private sector and employees in the public enterprises. 1975: Law N 54 and its amendments govern the establishment and operation of occupational voluntary private pension plans in Egypt and regulates their tax treatment. A separate bylaw within the legislative frame of the Law N 54 regulates asset management of pension funds. 1976: Law N 108 governs the establishment and operation of a special scheme for employers and self-employed persons 1978: Law N 50 prescribes regulations governing social insurance scheme for migrant workers 1980: Law N 64 governs the operation of special/alternative social insurance systems, under the supervision of the Ministry of Insurance and Social Affairs. 1980: Law N 112 regulates social insurance provision to casual and informal workers. KEY REGULATORY AND SUPERVISORY AUTHORITIES Ministry of Insurance and Social Affairs, responsible for efficient operation of social insurance system, manages some pension programmes within social assistance system and being parts of national poverty alleviation programme. National Social Insurance Authority, responsible of managing the pension and insurance system of both public (including government) and private sector s subscribers. The General Authority for Health Insurance oversees the provision of health care and treatment in cases of injury and sickness. Egyptian Insurance Supervisory Authority, responsible for licensing, supervision and control of the private pension funds, January
DEMOGRAPHICS AND MACROECONOMICS
1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency
More informationDEMOGRAPHICS AND MACROECONOMICS
1 FRANCE DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 1 950 GDP per capita (USD) 44 550 Population (000s) 62 277 Labour force (000s) 28 415 Employment rate 92.6 Population over 65 (%) 16.7 Dependency
More informationIOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO. Update as of 15 February 2013
IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO Report 1 issued on September 2011, validated by the Central Bank of Trinidad and Tobago Update as of 15 February 2013 1 This
More informationDEMOGRAPHICS AND MACROECONOMICS
1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Data from 2008 or latest available year. 1. Ratio of over 65-year-olds the labour force. Source: OECD, various sources. COUNTRY PENSION DESIGN STRUCTURE
More informationOECD/IOPS Global Forum Session 2 African Pensions Roundtable Mauritius. Ahmad Lallmahomed
OECD/IOPS Global Forum Session 2 African Pensions Roundtable Mauritius Ahmad Lallmahomed PENSION SYSTEM IN MAURITIUS Three-tiered pension system Structured as follows: First tier - a universal non-contributory
More informationCOUNTRY PROFILE - MAURITIUS
COUNTRY PROFILE - MAURITIUS DEMOGRAPHICS AND MACROECONOMICS 2011 2012 Gross Domestic Product (GDP) at market prices (MUR Million) 322,773 344,550 GDP per capita at Market Prices (MUR) 250,924 266,816 Population
More information60M/55F subject to a minimum participation of 1 year.
Prepared by TransGlobe Life. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Labour Insurance Programme (LI) applies to companies with 5 or more staff above age 15 and under
More informationTHE ROLE OF NSSF IN THE WELFARE AND DEVELOPMENT OF THE KENYAN SOCIETY
THE ROLE OF NSSF IN THE WELFARE AND DEVELOPMENT OF THE KENYAN SOCIETY Said Chitembwe National Social Security Fund, Kenya Paper Presented at the Mijadala on Social Policy, Governance and Development in
More informationIntroduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years...
Table of Contents Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years... 2 3 4 Statutory/Mandatory Programs... 5... 5 Retirement Benefits... 6 Death Benefits...
More informationThe CAO s Experience in Auditing Public Debt
The CAO s Experience in Auditing Public Debt Introduction :- The state general budget comprises of : administrative body budget, public service entity budget and local administration units budget. This
More informationFirst and current law: 1965 (social security fund), with amendments.
Page 1 of 6 Social Security Programs Throughout the World: Africa, 2009 You are here: Social Security Online > Research, Statistics, & Policy Analysis > Program Descriptions > Social Security Programs
More informationCivil Service Retirement System Reform in Taiwan- Viewpoint from Public Service Pension Fund Operation
Civil Service Retirement System Reform in Taiwan- Viewpoint from Public Service Pension Fund Operation Presented by Chang, Che-Shen Minister, Ministry of Civil Service April 24, 2012 1 Agenda 1 Introduction
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES SWEDEN
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions SWEDEN Sweden: pension system in 2008 The
More informationPENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2011
PENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH March 8, 2012 Independent Auditor s Report To the Board of Governors We have audited the accompanying financial statements
More informationAugust 10, 2015. Many of these principles will be familiar to U.S. readers, but these are global principles that would be new to many countries.
August 10, 2015 Author: David W. Powell If you have questions, please contact your regular Groom attorney or one of the attorneys listed below: Louis T. Mazawey lmazawey@groom.com (202) 861-6608 David
More informationYour Guide to Retirement Options
Your Guide to Retirement Options Contents Introduction 3 Overview 4 Personal Pension Plans/PRSAs 5 Defined Contribution Company Pension Plans 8 Additional Voluntary Contributions (AVCs) 11 Retirement Bonds
More informationThe Thrift Savings Plan (TSP): The US Experience with Complementary Pension Funds for Federal Civil Servants
The Thrift Savings Plan (TSP): The US Experience with Complementary Pension Funds for Federal Civil Servants James Petrick General Counsel Federal Retirement Thrift Investment Board May 6, 2015 1 Outline
More informationR. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs,
R. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs, SOCIAL SECURITY SYSTEM IN THE USA: GOOD OR BAD EXPERIENCE FOR UKRAINE? Analyzing the process of implementation of the pension
More informationMinistry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)
Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES
More information- on termination due to redundancy
The Increased Tax on Lump Sum Termination Payments By Ray Stevens (USA) INTRODUCTION In May, 1983, the Government announced increases in the taxation payable on lump sum superannuation benefits and on
More information5. Defined Benefit and Defined Contribution Plans: Understanding the Differences
5. Defined Benefit and Defined Contribution Plans: Understanding the Differences Introduction Both defined benefit and defined contribution pension plans offer various advantages to employers and employees.
More informationSweden. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Sweden: Pension system in 2012
Sweden Sweden: Pension system in 212 The earnings-related part is based on notional accounts and there is a small mandatory contribution to individual, defined-contribution funded pensions. There is also
More informationIBN Glossary - Benefit Definitions. Accidental Death and Dismemberment
IBN Glossary - Benefit Definitions Accidental Death and Dismemberment Actuary - (Pension) Added Years Additional Voluntary Contributions (AVC) AVCs in house AVCs - FSAVCs AD&D provides coverage for death
More informationThank you for your invitation to comment on proposals announced in the recent Federal budget to simplify and streamline superannuation.
General Manager Superannuation, Retirement and Savings Division The Treasury Langton Crescent PARKES ACT 2600 Dear Sir/Madam A PLAN TO SIMPLIFY AND STREAMLINE SUPERANNUATION Thank you for your invitation
More informationHow To Pay For Pension And Disability Insurance
LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS (the Official Gazette no. 84/04, 61/05, 62/06 and 5 / 09) Revised text ended with the Amendments from the Official Gazette of the Republic of Serbia
More informationNovember 9, 2011 James Petrick, CFO
Civil Service Pension Reform in the United States November 9, 2011 James Petrick, CFO Federal Retirement Thrift Investment Board Part I. Antecedents Reasons for Federal Pension Reform Cost of old system
More information2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES. The Local Government Pension Scheme Regulations 2013
S T A T U T O R Y I N S T R U M E N T S 2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES The Local Government Pension Scheme Regulations 2013 Made - - - - 12th September 2013 Laid before Parliament
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES GERMANY
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions GERMANY Germany: pension system in 2008 The
More information1 What is the role of a financial planner when advising a client about retirement planning?
Questions with Guided Answers by Graeme Colley 2013 Reed International Books Australia Pty Limited trading as LexisNexis. Permission to download and make copies for classroom use is granted. Reproducing
More informationThe Unemployment Insurance System of Myanmar. 20-11-2012 Manila,
The Unemployment Insurance System of Myanmar 20-11-2012 Manila, Labour Statistics, 2011 Population over 60.38 million. 10% of labour force working abroad working age population about 37.44 million working
More informationPOLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11)
POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits General
More informationAct on the old-age pension scheme. The National Council of the Slovak Republic has adopted the Act as follows: SECTION I PART ONE GENERAL PROVISIONS
Act on the old-age pension scheme The full text of Act No 43/2004 Coll. of 20 January 2004 on the old-age pension scheme, as amended by Act No 186/2004 Coll., Act No 439/2004 Coll., Act No 721/2004 Coll.,
More informationNORTHERN TERRITORY OF AUSTRALIA ADMINISTRATIVE INSTRUCTIONS UNDER SUPERANNUATION GUARANTEE (SAFETY NET) ACT
NORTHERN TERRITORY OF AUSTRALIA ADMINISTRATIVE INSTRUCTIONS UNDER SUPERANNUATION GUARANTEE (SAFETY NET) ACT Consolidated Working Document Prepared by the Northern Territory Superannuation Office As in
More informationYour Guide to Retirement Options
Your Guide to Retirement Options Contents Introduction 3 Overview 4 Personal Pension Plans/PRSAs 5 Defined Contribution Company Pension Plans 8 Additional Voluntary Contributions (AVCs) 11 Retirement
More informationBrock University Pension Plan
Brock University Pension Plan Contents Part 1: Your future is worth the investment 3 For more information 3 Part 2: Welcome to the pension plan 4 A hybrid plan 4 More than a retirement benefit 4 Who pays
More informationFiscal independence of the health insurance system. Anneli Ratnik State Budget Department, Chief specialist
Fiscal independence of the health insurance system Anneli Ratnik State Budget Department, Chief specialist Main sources of health financing Estonian health system is largely publicly financed through an
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES BELGIUM
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions BELGIUM Belgium: pension system in 2008 The
More informationSTAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme
STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme The Stakeholder scheme is a money purchase scheme - this means it does not offer guaranteed benefits related
More informationChina. Old Age, Disability, and Survivors. China. Exchange rate: US$1.00 = 6.78 yuan. Regulatory Framework. Coverage. Qualifying Conditions
China Exchange rate: US$1.00 = 6.78 yuan. Old Age, Disability, and Survivors First law: 1951. Current laws: 1953 (regulations); 1978, 1995, 1997, 1999, and 2005 (directives); and 2009 (guideline on rural
More informationFORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN
F I N A N C I A L S T A T E M E N T S For CANADIAN FORCES NON-PUBLIC FUNDS EMPLOYEES PENSION PLAN For year ended DECEMBER 31, 2009 AUDITORS' REPORT To the Chairperson and Members of the Employee Pension
More informationInformation. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview
Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,
More informationAct on the Supervision of Financial Institutions etc. (Financial Supervision Act)
FINANSTILSYNET Norway Translation update January 2013 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.
More informationAnnuities in Denmark: Risk-Sharing in Accumulation and Payout Phases
Annuities in Denmark: Risk-Sharing in Accumulation and Payout Phases Peter Skjødt Executive Director, Msc Econ. Agenda The Danish pension system background information Risk Sharing active workers and pensioners,
More informationSOCIAL SECURITY AND PENSIONS IN INDIA
SOCIAL SECURITY AND PENSIONS IN INDIA PRESENTATION APRIL 2-3, 2003 COLOMBO (SRI LANKA) U.KSINHA MINISTRY OF FINANCE, GOI, NEW DELHI FRAMEWORK OF THE PRESENTATION BASIC FACTS ON INDIAN ECONOMY COMPONENTS
More informationApril 2005 Overview of Korean Retirement Pension Plan
April 2005 Overview of Korean Retirement Pension Plan Myoung Jin Koh Chief of Pension Supervision Team Financial Supervisory Service of Korea Major Contents - Overview of current pension systems in Korea
More informationYour guide to the Universities Superannuation Scheme
Your guide to the Universities Superannuation Scheme February 2016 02 Contents The document contains the following sections: Contents 02 About this guide 03 Your USS at a glance 04 Joining the scheme 05
More informationRetirement Benefits in Hong Kong
Retirement Benefits in Hong Kong Introduction In Hong Kong, there are several types of retirement benefits sponsored by different parties as shown below. Government-sponsor - Old Age Allowances from the
More informationSelf Directed Personal Retirement Bond. Personal Retirement Benefits Brochure
Self Directed Personal Retirement Bond Personal Retirement Benefits Brochure Contents Section 1: What is a Personal Retirement Bond? 2 Section 2: Definitions 3 Section 3: Contributions 4 Section 4: Charges
More informationCash Balance Plan Overview
Cash Balance Plan Overview A Cash Balance Plan is a type of qualified retirement plan that is a hybrid between a traditional Defined Contribution Plan and a traditional Defined Benefit Plan. Like traditional
More informationLAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET
LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...
More informationActuarial Speak 101 Terms and Definitions
Actuarial Speak 101 Terms and Definitions Introduction and Caveat: It is intended that all definitions and explanations are accurate. However, for purposes of understanding and clarity of key points, the
More informationLIFE INSURANCE MARKET DEVELOPMENT IN BALTIC COUNTRIES: PENSION REFORMS POTENTIAL MARKET FOR LIFE INSURERS. By Janis Bokans
LIFE INSURANCE MARKET DEVELOPMENT IN BALTIC COUNTRIES: PENSION REFORMS POTENTIAL MARKET FOR LIFE INSURERS By Janis Bokans The process of significant political and economical reforms in the Baltic States
More informationAnnuities - A Brief Guide
Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel 01 613 1900 Fax 01 631 8602 Email info@pensionsboard.ie www.pensionsboard.ie The Pensions Board has prepared this booklet to help people understand
More informationApril 27, 2005. China Pension Update. Prepared for OECD/IOPS Conference on Private Pensions in Asia. Stan Feng Mercer, Beijing
April 27, 2005 China Pension Update Prepared for OECD/IOPS Conference on Private Pensions in Asia Stan Feng Mercer, Beijing Contents Overview of China Social Security Fund Overview Asset Allocation Outsourcing
More informationUnion College 457(b) Deferred Compensation Plan
457(b) Deferred Compensation Plan Plan Description is pleased to offer the 457(b) Deferred Compensation Plan (the "457(b) Plan") which was amended and restated as of January 1, 2016. The 457(b) Plan is
More informationSTATE OF NEW JERSEY SUPPLEMENTAL ANNUITY COLLECTIVE TRUST. Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic Financial Statements:
More informationSocial Security Agreements
Social Security Agreements Chapter 13 Social Security Agreements Veena Gopalakrishnan and Vikram Shroff Vikram Shroff is the head of Nishith Desai Associates International Human Resources Law (Employment
More informationConsolidated Act on Arbejdsmarkedets Tillægspension
Consolidated Act on Arbejdsmarkedets Tillægspension Consolidated Act no. 767 of 8 June 2008 This is an Act to promulgate the Act on Arbejdsmarkedets Tillægspension, cf. Consolidated Act no. 848 of 21 July
More informationARC Centre of Excellence in Population Ageing Research. Working Paper 2011/9
ARC Centre of Excellence in Population Ageing Research Working Paper 2011/9 Civil Services and Military Retirement Income Provision in Australia Hazel Bateman and John Piggott* * Bateman is Associate Professor
More informationMACQUARIE LIFETIME INCOME GUARANTEE POLICY
MACQUARIE LIFETIME INCOME GUARANTEE POLICY series 1: Product disclosure statement issued 8 march 2010 Important NOTICE This Product Disclosure Statement ( PDS ) is dated 8 March 2010 and together with
More informationA brief guide to the pension provisions of the Family Law Acts
A brief guide to the pension provisions of the Family Law Acts www.pensionsauthority.ie The Pensions Authority Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel: (01) 613 1900 Locall: 1890 65 65 65
More informationYour Pension Benefit Payments. The Standard and Optional Forms of Payment Available to you
Your Pension Benefit Payments The Standard and Optional Forms of Payment Available to you Your Pension Benefit Payments The Standard and Optional Forms Available to You Table of Contents Your Pension Benefit
More informationThe Definition of a Social Insurance Scheme and its Classification as Defined Benefit or Defined Contribution. John Pitzer.
The Definition of a Social Insurance Scheme and its Classification as Defined Benefit or Defined Contribution I. Introduction John Pitzer June 30, 2003 1. In an interview posted on this electronic discussion
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES PORTUGAL
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions PORTUGAL Portugal: pension system in 2008
More informationSocial Security System in Thailand Policy and Planning Division Social Security Office
Social Security System in Thailand Policy and Planning Division Social Security Office Outline Social Security Scheme in Thailand: Introduction and Historical Background Administration of the SSO Social
More informationGlobal Retirement Update
Global Retirement Update May 2013 This Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation
More informationOECD GUIDELINES ON PENSION FUND ASSET MANAGEMENT. Recommendation of the Council
DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS OECD GUIDELINES ON PENSION FUND ASSET MANAGEMENT Recommendation of the Council These guidelines, prepared by the OECD Insurance and Private Pensions Committee
More informationCHAPTER 23 APPROVED RETIREMENT FUNDS. Revised July, 2013
CHAPTER 23 APPROVED RETIREMENT FUNDS Revised July, 2013 Introduction 23.1 Flexible options on retirement for pension arrangements were introduced by Finance Act 1999. Rather than purchase an annuity or
More informationHuman Resources A GUIDE TO THE SHELL CANADA PENSION PLAN INITIAL DC AND DB/DC DUO
Human Resources A GUIDE TO THE SHELL CANADA PENSION PLAN INITIAL DC AND DB/DC DUO October 2015 INTRODUCTION Each of us has a responsibility to plan and save for a financially secure retirement. The primary
More informationMarket Update from Associated Insurance Consultants - UAE
Market Update from Associated Insurance Consultants - UAE New unemployment insurance benefits for employees in the GCC Despite rapid economic growth over the past decade, the unemployment rate of nationals
More informationBonds Market Development Plan. Ministry of Investment November 2009
Bonds Market Development Plan Ministry of Investment November 2009 1 Financial Sector Reform Program Phase I: 2005 2008 Phase II: 2009-2012 2 Financial Sector Reform Program Reform Objective Phase I: 2005-2008
More informationPENSION REFORM IN NIGERIA
PENSION REFORM IN NIGERIA TEAM MEMBERS YUSTO ESEKO TONGOLA TANZANIA Julius Tedunjaiye- Nigeria Adesina Balogun Nigeria Danatus Ogah - Nigeria General Information Location- West Coast of Africa Population-
More informationPENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES ICELAND
PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions ICELAND Iceland: pension system in 2008 The
More informationTOWBOAT SEAMEN PENSION BOOKLET. - Questions and Answers - Illustrations
TOWBOAT SEAMEN R E T I R E M E N T P L A N PENSION BOOKLET - Questions and Answers - Illustrations April 2013 MISSION STATEMENT The Trustees of the Towboat Seamen Retirement Plan shall use all their individual
More informationSocial Security & Retirement Fund Reform in South Africa
Social Security & Retirement Fund Reform in South Africa The Financial Planning Institute of Southern Africa s Position Paper November 2007 Financial Planning Institute of Southern Africa (FPI) Technical
More informationThe Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK
The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional Voluntary Contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including
More informationState Retirement System Defined Contribution Plans Ronald Snell September 2009
State Retirement System Defined Contribution Plans Ronald Snell September 2009 Defined contribution retirement plans differ from the plans traditionally covering most state employees and members of state
More informationCONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION
CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW 5765-2005 2 CONTENTS CONTROL OF FINANCIAL SERVICES
More informationClerical Medical s Individual Stakeholder Plan is a personal pension a tax-efficient investment designed to help you save for your retirement.
1of6 FutureProof INDIVIDUAL STAKEHOLDER PLAN Product information Clerical Medical s Individual Stakeholder Plan is a personal pension a tax-efficient investment designed to help you save for your retirement.
More informationG4S Personal Pension Plan Employee Guide
G4S Personal Pension Plan Employee Guide Expiry 05/04/16 Section Page number Introduction 1 Contacts 1 What the Plan can offer you 2 How does the Plan work? 3 Contribution levels 4 Contribution limits
More informationSynopsis of Qualified Retirement Plan Options
Synopsis of Qualified Retirement Plan Options 401(k) Salary Deferral Only No contribution cost for employer Subject to ADP non- discrimination test under 401(k) o Failure of test means highly compensated
More informationTABLE OF CONTENTS. Introduction... 1. Membership... 1. Defined Benefit Portion of the Hybrid... 2. Retirement Benefits for Public Safety Officer...
TABLE OF CONTENTS Introduction... 1 Membership... 1 Defined Benefit Portion of the Hybrid... 2 Retirement Benefits... 4 Retirement Benefits for Public Safety Officer... 5 Cost-of-Living Adjustments after
More informationCHAPTER 1. GENERAL PROVISIONS
UNOFFICIAL TRANSLATION Adopted on 22.12.2010 LAW OF THE REPUBLIC OF ARMENIA ON FUNDED PENSIONS CHAPTER 1. GENERAL PROVISIONS The purpose of this Law is to establish opportunities for receiving pension
More informationMember s Right to Information: Annual Statements, Termination Statements, Notices. PBA, 1990, s. 25-30, 42, O. Reg. 909 s.
Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: Access to Information INDEX NO.: I150-800 TITLE: Member s Right to Information: Annual Statements, Termination
More informationEPF SAVINGS AND YOUR RETIREMENT. Employees Provident Fund
EPF SAVINGS AND YOUR RETIREMENT Employees Provident Fund 3 Content Are Your Retirement Savings Sufficient? Why Is It Important To Diversify Your Source Of Retirement Income? What Are The Benefits Of EPF
More informationTrust Deed for National Provident Lump Sum Cash Accumulation Scheme
Trust Deed for National Provident Lump Sum Cash Accumulation Scheme as amended by Deeds of Amendment dated: 30 September 1991 29 May 1992 30 March 1993 21 July 1993 18 November 1993 21 December 1995 29
More informationTABLE OF CONTENTS: PART A: EXAMPLES
TABLE OF CONTENTS: PART A: EXAMPLES Compound interest calculations Example 1: Determine the future value of a single payment (lump sum)... 3 Example 2: Determine the annual rate of interest earned by an
More informationSuperannuation. A Financial Planning Technical Guide
Superannuation A Financial Planning Technical Guide 2 Superannuation Contents Superannuation overview 4 Superannuation contributions 4 Superannuation taxation 7 Preservation 9 Beneficiary nomination 9
More informationFAQ 3. Non Contributory Pension Scheme for Non-Established State Employees (as applicable to Non-Established Civil Servants)
FAQ 3 Non Contributory Pension Scheme for Non-Established State Employees (as applicable to Non-Established Civil Servants) Introduction: A member s entitlement to information annually. 1. Who is eligible
More informationSRF 330.0 must be completed for each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF).
Reporting Form SRF 330.0 Statement of Financial Performance Instructions These instructions assist completion of Reporting Form SRF 330.0 Statement of Financial Performance (SRF 330.0). SRF 330.0 collects
More informationQANTAS SUPERANNUATION PLAN Formerly the Qantas Airways Limited Staff Superannuation Plan TRUST DEED AND RULES
Trust Deed QANTAS SUPERANNUATION PLAN Formerly the Qantas Airways Limited Staff Superannuation Plan TRUST DEED AND RULES Please note that the Trust Deed is a legal document. A detailed knowledge of superannuation
More informationMethods of financing health care
International Social Security Association Fifteenth International Conference of Social Security Actuaries and Statisticians Helsinki, Finland, 23-25 May 2007 Methods of financing health care Finnish national
More informationPUBLIC SECTOR PENSION SCHEME OF VBL Country: Germany. Database Update: June 2009
Database Update: June 2009 Name of Scheme: Versorgungsanstalt des Bundes und der Länder (VBL), Pension Institution of the Federal Republic and the Federal States (Länder) Managing Institution: Supplementary
More informationCIVIL SERVICE RETIREMENT SYSTEM
CIVIL SERVICE RETIREMENT SYSTEM CSRS ELIGIBILITY TYPES OF RETIREMENT: AGE YEARS OF SERVICE OPTIONAL 55 30** 60 20 62 5 DISABILITY ANY 5 DEFERRED 62 5 EARLY OPTIONAL 50 20* (Agencies must have approval
More informationThe Pension Benefits Regulations, 1993
1 The Pension Benefits Regulations, 1993 being Chapter P-6.001 Reg 1 (effective January 1, 1993) as amended by an Errata Notice (published in The Saskatchewan Gazette August 27, 1993) and by Saskatchewan
More informationEmployee: 9.75 % of gross monthly salary Employer: 12.25% of gross monthly salary depending on type of industry No salary ceiling.
Prepared by Mapfre Panama. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Disability All private and public employees. 62M/57F Employee: 9.75 % of gross monthly salary Employer:
More informationv02979gl.doc PUBLIC EMPLOYEES RETIREMENT SYSTEM OF NEW JERSEY FORTY-EIGHTH ANNUAL REPORT OF THE ACTUARY PREPARED AS OF JULY 1, 2002
v02979gl.doc PUBLIC EMPLOYEES RETIREMENT SYSTEM OF NEW JERSEY FORTY-EIGHTH ANNUAL REPORT OF THE ACTUARY PREPARED AS OF JULY 1, 2002 March 12, 2003 Board of Trustees Public Employees Retirement System of
More information1. Understand the nature of the group risk market 2. 2. Understand the nature and purpose of the different types of employee benefits 3
Group risk At the end of this unit, candidates should understand the: nature and purpose of employee benefits; main elements of the State benefits system in the UK; legislative and regulatory context in
More informationHealth Systems: Type, Coverage and Financing Mechanisms
Health Systems: Type, Coverage and Mechanisms Austria Belgium Bulgaria (2007) Czech Republic Denmark (2007) Estonia (2008). Supplementary private health Complementary voluntary and private health Public
More informationGuidance Notes and Circulars
Guidance Notes and Circulars Superannuation Circular No. I.A.1 Contribution and Benefit Accrual Standards for Regulated Superannuation Funds September 2006 www.apra.gov.au Australian Prudential Regulation
More information