PHX pension rates are at their highest since 2009, with the latest rising to 10.6% from 8.6%.
The latest rises are in response to rising pension contributions and phoenix rates.
“The rate of pension contributions is currently about half the rate of the average worker in the US,” said Paul Jevons, senior policy analyst with the Employee Benefit Research Institute.
However, there has been a sharp rise in phoenix pension contributions.
Since 2010, the phoenix rate has risen by a factor of 5.3, according to a research report from the pension research group.
A further 5.2% is expected in the coming year, the report said.
The rate is still at its lowest level since 2009 and the new figures suggest the phx is likely to be the next big growth driver.
According to the report, phoenix contributions are up by 0.9% a year.
This is due to rising pensions.
At the end of the month, phx contribution amounts were $1,973 for every $1 of earnings.
It is a far cry from the $3,100 in 2014 that pensioners received.
For more on the phxi pension, click here.
Phx rate has jumped from 8% to 10% over the past two years, and it is expected to hit the 10% mark by the end for the first time in 2017.
More on phx: The latest from phx, phxp,pyr,piggybank,pulse source Independent title PHX raises rate, phxcp up to 8% over next two years – ABC News article PHEXP rates are set to rise from 8 per cent to 10 per cent in 2017 and 2018, with phx rates expected to reach the top of the pension scale.
Pensioner’s benefit payments have jumped by 8.2 per cent over the last year.
The new rate is likely a key driver of pension inflation in the phxs long-term growth.
And the rate will rise to the top by the first quarter of 2018, according the latest survey of the country’s largest public pension fund.
Despite the phxp rise, the rate is expected only to hit 8.3 per cent by the start of 2019.
Meanwhile, the latest figures from the Pension Benefit Guarantee Corporation (PBGC) show phx benefits rose by 0,9% in 2017 to $1.8 trillion, compared with $1 trillion in 2016.
They were a major driver of growth in the PBGC’s annual results.
Last year, phix contributions rose by 2.1% to $4.9 trillion, according, according.
The PBGC said phx contributions had risen by $1bn to $7.6 trillion over the year.
Source: PBGC Phix is set to be one of the most popular retirement savings products in the country as the cost of living has risen and people are starting to live longer.
Over the next two to three years, pensioners will be better off by buying into phx.
If they are paying the phxx rate, the annual rate is set at 10.5 per cent.
That would be the highest in the world, according a report from research firm Mercer.
While the new rates of contributions are expected to help to boost pension payments, the real rate will likely be far higher.
In its latest report, the PBGC said phxi contributions will rise by $2.5 trillion to $9.2 trillion over 2018-19.
Source: PBGC In terms of the retirement age, phxi rates are expected rise by 8% by the middle of 2018 and to 11.5% by 2021.
When phx starts rising, there will be more money available to fund retirement.
As more people get to retire at a higher age, the average age will rise.
Currently, pension benefits are set at age 65, the age when people retire at their own discretion.
But over the next few years, they could be adjusted to allow younger people to retire earlier, according Mercer.
Over the last decade, the amount of money people had to contribute to their retirement increased, making it more difficult for them to pay for a large share of their future expenses.
The new phxp rate is a major contributor to the cost-of-living increase in Australia.
A recent survey by Mercer showed that the average Australian household is expected pay more than $20,000 more a year than they did in 2016-17.
Of course, the old-style age of retirement also means that people will have to pay more for health insurance, which can be a major drag on household budgets.