Tuesday, April 25, 2017

The HakiPensheni

 I found a very interesting blog called HakiPensheni which I encourage you to read. To read the posts, you have to move down past the ads they have at the top of the page. Once you get to the actual blog posts, you will find them interesting and informative.
The following is from their Blog page "About Us" The HakiPensheni is a non-profit generating organ and its main objective is to protect and promote the pension rights of workers, retirees, and their families. We inspire to become a leader in East Africa region in providing accessible information about social security rights, entitlements, obligations and responsibilities among the contributors so as to make sure they have enough money to live on when they are too old to work. The aim is to become the east Africa’s leading pension educator, targeting at the forefront of efforts to reform the regional's pension programs, targeting inequities in pension laws, providing policymakers with reasoned analyses of pension issues, and proposing workable solutions to pension problems. 

Our vision is to make pensions accessible and we do this by explaining and resolving pension issues for everyone and to ensure that every retirement system simultaneously meets the needs of employers and workers.

The following is from an article about women and retirement that is on the site.

There are ways for pension providers and employers to optimise women’s engagement with pension plans, including:
        Encourage women to start saving into their pensions early to make up for any missed contributions
        Engage women at key points in their lives, such as during maternity leave or a career break, and explain the impact it will have on their pension
        Improve communication through face-to-face and personal interaction (this could include hosting savings bootcamps, which is a common practice in the US)
        Auto-escalation schemes that encourage a savings increase to make up for missed contributions
        ϖ Student loan payments or childcare voucher payments defaulting into pension payments once they are no longer required
        Provide greater support to improve financial knowledge and confidence.
The challenge for the industry is to come up with easily accessible, flexible vehicles that allow people to save for a variety of differing retirement needs.

In addition to industry guidance, solutions such as auto-escalation of contributions increased contributions for set periods of time on return from career breaks and well-designed, diversified investment options also need to be considered.

Addressing women’s retirement needs requires a multi-dimensional approach at all levels, from government policy, pension providers, employers and women themselves.


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