GREECE - The conservative government has called for the amalgamation of 155 separate pension funds down to 20 in order to improve economies of scale and reduce waste, according to reports in Greek newspaper Kathimerini.
Greece’s retirement system threatens the financial stability of the country, as it consumes an ever-increasing amount of tax revenue in order to service the payments made to its increasingly ageing population.
The full reform proposals are to be announced in early December, but details of what these will likely include have already been made public.
The government committee has proposed an increase in the retirement age to 67, fewer people allowed to take early retirement (with specific exemptions for health reasons and work in arduous or dangerous occupations) and incentives to remain in employment coupled with counter-incentives to opting for early retirement
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Two consultancies have reported decreases in defined benefit (DB) transfer quotation requests in Q3, and said guaranteed minimum pension (GMP) equalisation could impact transfer activity.
The Association of Consulting Actuaries (ACA) and Royal London have proposed a "pensions pound" to "radically simplify" defined benefit (DB) pensions rights.