Trésorier/Treasurer magazine - N°93 - Apr/May/Jun 2016 - (Page 48)

A full and balanced r u o y r o f " l a e m " retirement? LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°93 - APR / MAY / JUNE 2016 Coluche* said: have "With their retirement, the guystil the enough dough to have it easycourse if end of their days. Except of" they want to buy something Does this quote sound right or wrong to you? *French humorist 48 Don't wait until your actual retirement time to find out about it, and build your own so-called pension scheme "menu" using the different "course" options at your disposal. For every pension scheme "meal" you can find three different courses: Staple ingredient, available in increasingly limited quantities. If that is your only course, you will certainly face food deprivation. "State legal pension" or 1st Pillar: · The "state legal pension" or 1st Pillar: This is the pension provided by the government, which is paid to those of you who fulfil the conditions to its entitlement. The origins of the "legal pension" in Europe dates back to the 19th Century. Its development is at its peak in the 20th Century as life expectancy increases. · The "extra-legal pension" or 2nd Pillar: This is the pension resulting from the occupational pension schemes sponsored by your different employers. To fund it Economists and Actuaries of the time devised two systems: The funded (through collective capitalisation) and the pay-as-you-go systems. · The "personal pension" or 3rd Pillar: This is your own personal saving plan, which you build directly, independently from your employers. In the former system, the pension amount is proportional to the contributions paid during the working life of the pensioner. While this system did exist in the past, it became obsolete due to currency depreciations between 1910 and 1918. Nowadays in Luxembourg as in France or Germany and Belgium, the "legal pension" funding is based on a pay-as-you-go system: The social contributions paid by the working population are the source of funding for pensions in payments. There is therefore no direct relationship between the amount contributed by the pensioner during his working life and the retirement payments he/she receives.

Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°93 - Apr/May/Jun 2016

Cover
Table of contents
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW David Blair - How should we set up an efficient KYC Process?
FOCUS
IFRS 9: Hedging - Treasurers will love it
From 17 to 16 reLEASE of the new LEASE accounting standard
Block chain - Is this buzz word turning into a reality?
Bank Single Gateway, the Plumbing of Bank Connectivity
FORUM
Geopolitical threats for the year ahead
Treasurers proceed with caution
Des difficultés en série pour les nouveaux entrants
Easing the Burden - Is a global KYC standard needed?
European trade repository of the year
La dette senior Européenne, un regard nouveau sur l'obligataire
CORPORATE FINANCE
Stay connected with cloud treasury technology
From stone age to straight through processing
Differentiators for treasury management systems
Complete securities financing solutions for corporates
A full and balanced "meal" for your retirement?
15 MINUTES WITH FinMetrics
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS

Trésorier/Treasurer magazine - N°93 - Apr/May/Jun 2016

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